[1]

BEFORE THE SOLE ARBITRATOR, Mr. -------------------

ADVOCATE, ----------------------
I.A.No.2094/2022 of 2021
in
ACP No.3351/2021

BETWEEN
M/s.------------------,
Rep by its Legal Manager
------------------
…Applicant/Claimant
And
1. Mr./Mrs./Ms.-----------------------
S/o --------------------------

… Respondent/Borrower

INTERIM APPLICATION FILED BY THE CLAIMANT U/S.17 OF

ARBITRATION AND CONCILATION ACT - 1996

1. The applicant above named is M/s.---------------------- is a Company

incorporated under the Companies Act, 1956 which is carrying on business in granting
loan as a Non- Banking Financial Company and having its registered office at
---------------------------- and represented herein by its Legal Manager.

The address for service of process and notices on the claimant is as stated above.

2. (a) The respondent herein is Mr.-----------------son of Mr.------------- residing at

---------------------------

The service of all notices to the Respondent is their address as stated above.

3. The applicant is a reputed finance company engaged in the business of

extending financial assistance to prospective customers under various schemes including
loans for vehicles.

4. The Applicant submits that the claim petition may be treated as part and parcel
of this application.

5. The Applicant submits that under the Agreement dated --------------------

bearing number: ------------ the respondent availed finance facility in respect of vehicle
––––––––––––––––– bearing Engine No.–––––––––– Chassis No.–––––––––––– and the
vehicle were registered as ––––––––––––––
 [2]

6. The Applicant submits that the Respondent has agreed to repay a total sum of
Rs.–––––––––- in -----------monthly installments as stipulated in the Agreement. Without
prejudice to other rights available, the Respondent was also liable to pay interest charges
at 36% per annum on the outstanding installments in the event of delay or default in
payment of any of the installments.

7. The Applicant submits that the Respondent has been a willful defaulter and
did not pay installments despite the demands and follow up by the Applicant.

8. The Applicant submits that the Claimant has thus suffered and continues to
suffer heavy loss, on account of the continuous default of the Respondent. All efforts to
secure payments were futile as the Respondent did not make payment nor permitted the
Applicant to even inspect the vehicle.

9. The Applicant submits that as per the terms of the Agreement, in the event of
default in payment of installments, the agreement stands determined resulting in the
entire amount outstanding becomes payable immediately and the claimant is entitled to
take custody of the vehicle. Accordingly, as on –––––––––––, the Respondent was due
and liable to pay a sum of Rs.––––––––––––– /- as per the detailed statement of accounts
filed along with the claim statement showing the amount due. Further, the Respondent is
also liable for further interest and other charges until payment in full.

10. The Applicant submits that contrary to the undertaking under the
agreement, the Respondent committed default from payment of installments. Under the
said Loan Agreement, the Applicant has got a right to take custody of the subject
hypothecated vehicle in the event of the Respondent committing default.

11. The Applicant submits under Clause 25 of the Loan Agreement, the claim
is to be resolved only by Sole Arbitration and that the venue of such Arbitration Shall be
held in Chennai in accordance with the provisions of Arbitration and Conciliation
Act,1996. Therefore, the Arbitration proceedings were initiated against the Respondents
at Chennai for a recovery a sum of –––––––––/-as on –––––––––––
 [3]

To sum up, the details of the contract and the amount due are furnished
hereunder:-

(i) Name of the Lender : Applicant

(ii) Name of the Borrower : MR.

(iv) Name of the Guarantor : NIL

(iv) Agreement Number and

Date of Loan Agreement :

(v) Loan Amount : Rs.

(vii) First installment :

(viii) Last installment :
(ix) Amount claimed :

12. The respondent herein, who is legally liable to pay the amount due under
the above said Loan Agreement, has failed and neglected to pay the amount, in spite of
repeated demands.
13. The cause of action arose at Chennai; on various dates, when the Loan
Agreement was entered into and concluded at Chennai; and on the day when the loan
amount was disbursed from Chennai and the Loan amounts are also payable at Chennai;
when the respondent hypothecated and created charge over the vehicle in favour of the
Applicant at Chennai, where the Registered and Corporate Office of the Applicant is
situate, which is the nerve center of the entire operations of the Applicant; and where
installments were payable, on various dates when the Respondent committed default in
payment of the installment amount and on all subsequent days when the default
continued; and the cause of action accrues till the default continues. The venue of
rbitration is also at Chennai and the cause of action arose in part at Chennai. Therefore,
this Hon’ble Tribunal alone has got jurisdiction to entertain this Application.

14. It is therefore prayed that this Hon’ble Tribunal may be pleased to issue
Interim order permitting the claimant to take repossession of the subject vehicle
––––––––––––––––– bearing Chassis No. ––––––––––––– fitted with Engine No.
–––––––––––––Bearing Registration No.––––––––––––––belonging to the Respondent,
pending disposal of the above Arbitration proceedings. The claimant further prays that if
there is any chance of threat to peace while taking repossession of the subject vehicle to
take assistance/protection of the local police in this regard, pending the enforcement of
the Award that may ultimately be passed by the Sole Arbitrator and pass such further or
other orders that this Hon’ble Tribunal may deem fit and proper and thus render justice.
 [4]

Dated at –––––––––– on this ––––––––––––––––

CLAIMANT
VERIFICATION

I, –––––––––––––––– Legal Manager of the Claimant company do hereby verify

and declare that what are all stated in the above paragraphs are true to the best of my
knowledge, belief and information.

Verified at Chennai on this ––––––––––––––––

CLAIMANT