MANISH MADNANI Vs. TATA MOTORS FINANCE LTD

JUDGEMENT

(1.) THE Petitioner/Guarantor has challenged the impugned Award passed on 11 August 2009 by the sole Arbitrator, thereby directed Respondent No.2, alleged original borrower, and the Petitioner to pay Rs. 1,23,314/ together with further interest at the rate of 18% per annum on Rs.1,10,704/ from 06.07/2008 till payment/realization and Rs.10,000/ towards cost of the arbitration.

(2.) THE learned counsel appearing for Respondent No.1 makes statement that they took possession of the vehicle from the Economic Offices Wing (EOW) and Mr. Varun Kapoor, who was admittedly neither the borrower nor the guarantor. The learned Arbitrator has dealt with this aspect in paragraphs 5, 6 and 19 of the impugned Award. The learned counsel appearing for the contesting Respondent No.1 submitted that so far as the principal borrower is concerned, there is no challenge to the Award and, therefore, there is no question of interfering with the Award as passed jointly and severally against all. Both these parties have raised various objections even to the execution of the agreement between the parties referring to the vehicle in question. There is clear denial on every aspect.

(3.) THE learned counsel appearing for Respondent no.1 also makes statement that they have already sold the vehicle and case is only for the balance amount.