- (1.) THE petitioner financed Rs. 40,03,772/- to the respondent No. 1 for purchase of the excavator, particulars whereof have been given in the petition. An agreement in writing dated 08. 01. 2008 was duly executed in terms whereof repayments were to be made in 34 monthly instalments.
(2.) IN terms of the said agreement, the excavator is secured to the petitioner and the petitioner becomes entitled to take possession of the excavator, sell the same and realize the sale proceeds thereof towards protanto satisfaction of its dues, upon default in payment of instalments. The said agreement, inter alia, contains an arbitration clause.
(3.) THE respondent No. 1 has paid 7 instalments and part of 8th instalment which fell due on 10. 08. 2008, and thereafter committed defaults. A sum of Rs. 8,54,363/- is outstanding on account of arrears of instalments up to 10. 01. 2009 apart from overdue and/or delayed payment charges.;