EAGLE TRAVEL AGENCY Vs. TATA MOTORS FINANCE LTD

JUDGEMENT

(1.) The present Petitions are filed under Section 34 of the Arbitration and Conciliation Act, 1996 (for short, "The Arbitration Act").

(2.) The Petitioner in all the four Arbitration Petitions, is a borrower Sole proprietor of a titled firm i.e. Eagle Travel Agency, has challenged award dated 16 July 2011 passed by the Arbitral Tribunal constituted under the Arbitration agreements executed, on respective dates between the parties in view of independent and separate loan cum hypothecation Agreements for 4 buses.

(3.) Respondent No.1 is a Company registered under the provisions of Companies Act, and having been doing the business of leasing and finance of vehicle. It is registered as a Non Banking Finance Company with the Reserve Bank of India. Respondent No.1 is, therefore, being a financier, and has provided the loan and as there was consistent defaults in payment, though demanded from time to time, filed the statement of four separate claims for recovery of stated amount.