SUDHAKAR SUTRAVE Vs. L AND T FINANCE LTD

JUDGEMENT

(1.) HEARD finally.

(2.) RESPONDENT no. 2 entered into a Loan cum Hypothecation Agreement and advanced a loan of Rs. 41,55,000/ to respondent no. 1 (the borrower) for purchasing five truc Respondent no. 3, a Guarantor and wife of Respondent no. mortgaged her property. The petitioner cond Guarantor) stood Guarantor for the said loan. As full amount could not recovered, the arbitration clause was invoked. The Arbitral Tribunal was constituted. All respondents participated and appeared before the Tribunal except the petitioner. The Award is pad against the petitioner and Respondents 2 and 3 in favour of Respondent no. 1.

(3.) THE petitioner/second Guarantor only has invoked this petition under section 34 of the Arbitration and Conciliation Act, 1996 (for short, the Act) on 30. 06. 2009. The Award is dated 15. 11. 2007.