SREI EQUIPMENT FINANCE LIMITED Vs. SADHAM MANDAL

JUDGEMENT

(1.) The instant application has been filed under Sec. 36 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the Act') by SREI Equipment Finance Limited (hereinafter referred to as the ('petitioner/award holder') seeking execution of an arbitral award dated August 27, 2021 passed by the Sole Arbitrator Mr. Samrat Mukherjee whereby Mr. Sadhan Mandal ('respondent/award debtor') was directed to pay a sum of INR 65,41,583.12/- (Sixty Five Lakhs Forty One Thousand Five Hundred Eighty Three Rupees Twelve Paise Only) to the petitioner.

(2.) On July 15, 2018, a Master Lease Agreement was entered into by and between the award holder and the award debtor. By virtue of the said agreement, an amount of INR 87,83,410/- (Eighty Seven Lakhs Eighty Three Thousand Four Hundred Ten Rupees Only) was advanced by the award holder to the award debtor in order for the award debtor to hire on lease assets in the form of two vehicles namely Mahindra Balzo 31 Model Vehicles bearing i) Engine No. EDJZD13898 having registration No. WB-53C-1396, and ii) Engine No. ECJZG18865 having registration No. WB-53C-1495 along with their necessary accessories.

(3.) On grounds of the alleged failure of the award debtor to pay either the due amount or make over the possession of the assets, the award holder invoked arbitration on January 24, 2020 and appointed Mr. Samrat Mukherjee as the Sole Arbitrator in terms of the following arbitration clause contained in the agreement between the parties -