KARANSINGH NARSINGH HAJARQ Vs. M/S.KOTAK MAHINDRA PVT. LTD.

JUDGEMENT

(1.) The instant petition has been filed by the petitioner under section 34 of the Arbitration and Conciliation Act, 1996, challenging the Arbitral award dated 27.12.2010, directing the petitioner to pay a sum of Rs. 3,24,660.44/- together with interest and costs and the Arbitrator, has also directed the petitioner to hand over the vehicle MF-FIESTA make of MFIL bearing registration No.AP27M5555 covered under the loan agreement dated 07.03.2008, bearing registration No.AP27M5555, to the first respondent and the first respondent is permitted to sell the vehicle and adjust the sale proceeds towards the award amount.

(2.) The brief facts leading to the filing of the instant Original Petition are as follows:

(3.) According to the first respondent, the petitioner committed default in the repayment of the loan. In view of the default committed by the petitioner, the first respondent invoked arbitral proceedings, wherein, the second respondent was appointed as sole Arbitrator by the first respondent to decide the dispute on merits. The Arbitrator acted upon the reference and has passed an award dated 27.12.2010, in favour of the first respondent against the petitioner which is the subject matter of challenge in the instant petition.