- (1.) Leave granted.
(2.) The core question that falls to be determined in this appeal by special leave is : does the arbitration agreement survive for the purpose of resolution of disputes arising under or in connection with the contract even if its performance has come to an end on account of termination due to breach
(3.) MAGMA Leasing Limited Public United Company (for short, 'MAGMA') is a financial institution engaged in the business of providing funds for purchase of plant and machinery and other assets by way of hire-purchase. Smt. Potluri Madhavilata-respondent No. 1 (hereinafter referred to as 'hirer') entered into an agreement of hire-purchase with MAGMA for purchase of a motor vehicle (Bolero Camper-AP 16 TV 1263) on January 31, 2005. As per the terms of hire-purchase agreement, the hirer was required to pay hire-purchase price in 46 installments. It appears that the hirer committed default in payment of few installments and as a result thereof, MAGMA seized the said vehicle from the hirer on August 6, 2005. MAGMA also sent a notice to the hirer intimating her that hire-purchase agreement has been terminated. Thereafter some correspondence seems to have ensued between the parties.;