BEFORE THE HON’BLE ARBITRAL TRIBUNAL, COIMBATORE
SOLE ARBITRATOR: MS. S.SASIKALA, B.sc.BL.,
RETIRED DISTRICT JUDGE
A2 Srinivas Apartment, VOC Nagar, Ganapathy, Coimbatore-641006
I.A.No - 1 of 2025
in
Arbitration Case No. 50/2025
(CASE ID - 40762/2025)
M/s. SHRIRAM FINANCE LTD,
( Formerly Known As Shriram Transport Finance Company Ltd.,)
Having their branch office at D.No:36/2,TRT Business Center, Trichy Main
Road,Opp power House,Sulur,Coimbatore-641402.
. Represented by its Power of attorney
Mr. P.Senthilkumar.
……Petitioner/ Claimant
Vs
Vs
1.Muthulakshmi,W/o.Kumaravel,
D.NO.4/17 P K T Nagar,Kalangal Road,
Sulur,Coimbatore-641402.
2.Settu, S/o.Sundaram,
D.NO.1/071,Nettendhal,Idhanoor,
Radhanur,Ramanathapuram-623401.
…..Respondents/Respondents
AFFIDAVIT
I, P.Senthilkumar, aged 46 years, Son of K.Palanisamy, Power of Authorized
person of M/s. Shriram Finance Ltd., having office at No.309, 2nd Floor, Rajkamal
Towers, Avinashi Road, Peelamedu, Coimbatore-641004., I do hereby solemnly affirm
and stated on oath as follows:-
1. I state that the Petitioner is a public limited company and a Non-Banking
Finance Company incorporated under the Companies Act, 1956, carrying on business
of providing loans to the public in respect to LMV/MMV/HGV vehicles,
machineries, equipments, Gold loan, Term loan etc., as per the guidelines of Reserve
Bank of India. The name of the petitioner has been changed from Shriram Transport
Finance Co. Ltd., to Shriram Finance Limited on 30.11.2022. The petitioner company
had executed the power of attorney in favour of me P.Senthilkumar and I am working
as a ASSISTANT BUSINESS MANAGER on 11.08.2023 and I am fully conversant
with the facts of the case.
2. (a) The first respondant is Muthulakshmi,W/o.Kumaravel,D.NO.4/17 P K T
Nagar,Kalangal Road, Sulur,Coimbatore-641402.
(b) The second respondant is Settu,S/o.Sundaram,D.NO.1/071,Nettendhal,Idhanoor,
Radhanur,Ramanathapuram-623401
3. I state state that during the month of August 2021., the first Respondent herein
approached the petitioner and applied for a loan. The petitioner had considered the
Application and provided a loan amount of sum of Rs. 170000/- to the first
respondent on 18.08.2021. The first respondent had agreed to repay the said loan
together with interest in 24 monthly installments as per the repayment schedule. For
the said loan the first respondent had hypothecated a MAHINDRA SUPRO MAXI
TRUCK-T4 vehicle bearing registration number TN28BY2574 as security to the
petitioner. The loan number is SULUBT108180003.
4. I state that the first respondent had executed a loan cum hypothecation
Agreement for the loam amount of Rs.170000/- availed from the petitioner as
Borrower, second Respondent had executed the said loan agreement as Guarantor
whereby they had guaranteed/assured to pay all the amount due under the said
Agreement.
As per the terms and conditions of the loan agreement, both the respondents had the
contractual obligation to repay the entire loan amount together with interest and other
applicable charges.
5. In addition to the above said loan, the first respondent had availed working
capital loans from the petitioner. The working capital loan details are given below :
S.No. Loan Number Loan Date Loan Interest Tenure in
Amount in Rs. Months
in Rs.
1. SULUBT204080001 08.04.2022 21615 2950 12
6. I state that in respect of the said Agreement, the first respondent was irregular
in repaying the monthly installment amount as agreed. However, the first respondent
had paid a sum of Rs.36140/- only towards account till the repossession of the vehicle
and thereafter the 1st Respondent had failed and neglected to pay the subsequent
monthly installments/outstanding.
7. I state that due to non-payment of dues, the petitioner repeatedly requested the
1st respondent to pay the arrears outstanding and to produce the said vehicle for their
inspection. But, the first respondent had not bothered to pay the arrears outstanding
nor permitted / produced to inspect the said vehicle. Hence as per the terms of the said
loan agreement the Petitioner had taken possession the above said vehicle.
8. I state that the respondents had failed and neglected to pay the outstanding even
after the repossession of the vehicle. The Petitioner had also requested the
Respondents to settle the outstanding. Even then, the Respondents had not bothered to
settle the loan account. So, in order to mitigate the damages, the Petitioner had sold
the vehicle in “as is where is”, “as is what is”, and “whatever there is” basis for the
best available market price of Rs. 125000/- and the same was credited to the
Respondents above said loan account. Thus, a sum of Rs. 161140/-, which includes
the sale price, has been received in total towards the said loan account(s) by the
petitioner. Even after crediting the sale proceeds into the loan account of the
respondent no.1, still a sum of Rs. 269971/- is due from the Respondents as per the
statement of amount due dated 01.10.2024 to the petitioner.
9. I state that the Petitioner had sent a notice dated 09.10.2024 demanding the
Respondents to pay the outstanding amount of Rs.269971 /- (Two Lakh Sixty Nine
Thousand Nine Hundred Seventy One) Which was valid upto 09.10.2024 or to
give their consent for the arbitration proceedings. The notice sent to the 1st
Respondent was “Served”, the notice sent to the 2 nd respondents was “Served” . The
respondents had failed to pay the said outstanding amount to the petitioner and there is
no reply for the said notice. Hence, the petitioner nominated, by its letter of reference
dated 04.03.2025, Lex Carta Private Limited (Herein after called as JustAct)
(https://justact.co.in/), JustAct, which is an Independent Institutional Dispute
Resolution Centre, to appoint an Arbitrator and to conduct the Arbitration
proceedings under the Arbitration and Conciliation Act 1996. In this matter, as per the
JustAct Rules, JustAct, by its letter of appointment, constituted the present Arbitral
Tribunal by its letter dated 04.03.2025. The venue of arbitral proceedings shall be at
Coimbatore.
11. I state that as per the terms and conditions of the loan agreement, the
Respondents are liable to pay overdue charges /compensation as liquidated damages,
working capital loans and other expenses to the petitioner. Hence the respondents are
jointly and severally liable to pay a sum of Rs.269971 /- ( as on 01.10.2024 ) along
with further interest as agreed in the said loan agreement.
12. I state that, the 2nd Respondent have own property and more fully described in
the schedule. Except the same no other property is available for recovery of the award
amount as and when passed, which is imminent in the light of the above facts and
circumstances. The Petitioner understands that the Respondent is taking active steps to
dispose of the property in view of the action being pursued by the Petitioner for
recovery of the loan. Therefore, unless the property is attached during pendency of
the arbitration proceedings, the Petitioner would suffer serious loss and hardship. The
Petitioner has no other recourse against the Respondent for recovery of the lawful
dues.
13. Hence, it has become necessary for us to approach this Hon'ble Tribunal for
suitable orders of attachment of the property to protect our financial interests under
Sec.17 of the Arbitration & Conciliation Act, 1996 pending arbitration proceedings.
Unless attachment order is passed the petitioner would lose their chances of
recovering the amount due and payable by the Respondent. The claim petition and
documents filed by the petitioner may be read as a part and parcel of this petition by
this Tribunal.
14 The petitioner came to know through their branch manager Mr. P. Sathis and
others that the 2nd respondent is taking hectic efforts to dispose his property in order
to defeat the legal rights and claim of the petitioner.
15. Unless this petition is allowed, the petitioner will be put into great irreparable
loss and hardship.
16. If this petition is allowed, no prejudice will be caused to the respondents.
17. Hence, I therefore prayed before this Tribunal that this Hon'ble Tribunal may
be pleased to pass an order
a) Directing the Respondents to furnish security for the sum of Rs. 269971/-
within a time fixed by this Hon'ble Tribunal failing which to order of attachment of
the immovable properties described in the Schedule of properties and to pass an Ad
interim order to the above effect till the disposal of this petition and to pass such
further or other order as this Hon’ble Tribunal may deem fit and proper in the
circumstances of the case and thus render justice.
Petitioner / Deponent
Solemnly affirmed and sincerely stated on oath and signed before me in this on 15 th
day of March 2025 at Coimbatore.
Advocate, Coimbatore
BEFORE THE HON’BLE ARBITRAL TRIBUNAL, COIMBATORE
SOLE ARBITRATOR: MS. S.SASIKALA, B.sc.BL.,
RETIRED DISTRICT JUDGE
A2 Srinivas Apartment, VOC Nagar, Ganapathy, Coimbatore-641006
I.A.No - 1 of 2025
in
Arbitration Case No. 50/2025
(CASE ID - 40762/2025)
M/s. SHRIRAM FINANCE LTD,
( Formerly Known As Shriram Transport Finance Company Ltd.,)
Having their branch office at D.No:36/2,TRT Business Center, Trichy Main
Road,Opp power House,Sulur,Coimbatore-641402. Represented by its Power of
attorney
Mr. P.Senthilkumar,
……Petitioner/ Claimant
Vs
1.Muthulakshmi,W/o.Kumaravel,
D.NO.4/17 P K T Nagar,Kalangal Road,
Sulur,Coimbatore-641402.
2.Settu, S/o.Sundaram,
D.NO.1/071,Nettendhal,Idhanoor,
Radhanur,Ramanathapuram-623401.
…..Respondents/ Respondents
PETITION FILED BY PETITIONER/CLAIMANT IN THE ABOVE MATTER
UNDER SECTION 17 OF THE ARBITRATION AND
CONCILIATION ACT – 1996.
1. PETITIONER/CLAIMANT:
M/s. SHRIRAM FINANCE LTD, having their registered office at Sri Towers, 14A,
South Phase, Industrial Estate, Guindy, Chennai-600 032 and having their Branch
office atD.No:36/2,TRT Business Center, Trichy Main Road,Opp power
House,Sulur,Coimbatore-641402. represented by its Authorised Signatory
Mr.P.Senthilkumar.
The addresses for service of notice and process on the Claimant is that of their
counsel Mr. S.Dineshkumar B.A.,L.L.B., having D.No:36/2,TRT Business
Center, Trichy Main Road,Opp power House,Sulur,Coimbatore-641402.
2. RESPONDENTS/RESPONDENTS:
(a) The first respondant is Muthulakshmi,W/o.Kumaravel,D.NO.4/17 P K T
Nagar,Kalangal Road, Sulur,Coimbatore-641402.
(b) The second respondant is Settu,S/o.Sundaram,D.NO.1/071,Nettendhal,Idhanoor,
Radhanur,Ramanathapuram-623401.
The address for service of notice and process on the Respondents is that as
stated above.
3. For the reasons stated is the accompanying affidavit, it is therefore prayed before
this Tribunal that this Hon’ble Arbitral Tribunal may be pleased to pass an order
directing the respondents herein to furnish sufficient security for the disputed amount.
In failure to do so pass an order of attachment before judgment of the petition
schedule of property and to communicate the order to the Hon’ble Principle District
Judge of Coimbatore and to pass an Ad interim order may be passed to the above
effect till the disposal of this petition and to pass such further or other orders as this
Honorable Tribunal may deem fit and proper in the circumstances of the case and thus
render justice.
Dated this 15th day of March 2025.
Advocate for petitioner / Claimant
List of Documents filed by the Petitioner /Claimant:-
1. Mortgage Deed – Certified copy
2.Encumbrance Certificate -Certified copy
சொத்து விபரம்
தூ.ரி.டி. காயல்பட்டணம் சப்.டி, ஆத்தூர் கஸ்பா கிராமம், அயன்நஞ்சை
சர்வே 1068/1. நிர் செண்டு 53.ம், சர்வே 1068/2.நிர் செண்டு 44.ம் ஆக செண்டு
97.ல் கீழ்புரம் செண்டு 80.க்கு ஹெக்டேர் 0.32.39.ம். அளவுள்ள நஞ்சை நிலம்
தபசில் விபரம் சரி
ஷை செண்டு 80.க்கு எல்கை:
மாணிக்கம் அவர்கள் நஞ்சைக்கும் ------------தெற்கு,
நிஷாந்த் அவர்கள் நஞ்சைக்கும் -------------வடக்கு,
செல்வக்குமார் அவர்கள் கிரைய செண்டு 80.க்கும் -----------கிழக்கு,
ராஜகோபால் அவர்கள் கிரைய செண்டு 72 அளவுள்ள
நஞ்சை நிலத்துக்கும் --------------மேற்கு.
இந்த எல்லைக்குள்பட்டது.
ஷை செல்வக்குமார் அவர்கள் நஞ்சை நிலத்தின் வழியாக தபசில் தண்ணீர்
பாயக்கூடிய பாயுமான கவர் பாத்தியமும் உண்டு.
Advocate for petitioner / Claimant
BEFORE THE HONOURABLE ARBITRAL TRIBUNAL: COIMBATORE
Sole Arbitrator: MS. S.SASIKALA, B.sc.BL.,
RETIRED DISTRICT JUDGE
A2 Srinivas Apartment, VOC Nagar, Ganapathy, Coimbatore-641006
I.A. No. 1 /2025
IN
Arbitration Case No. 51/2025
(CASE ID - 40763/2025)
M/s Shriram Finance Limited
Represented By Its Authorized Representative
Mr.SENTHILKUMAR …...Petitioner
-vs-
1.Dineshkumar,S/o.Krishnasamy,D.NO.48,Kalangal Road,Kannampalayam
Post,Kannampalayam,Coimbatore- 641402.
2.Valamathi,S/o.Manikandan,D.NO.4/6,Amarjothi Jai
Nagar,Ranganathapuram,Kannampalayam,Coimbatore-641402.
3.Kuppubalaji, S/o.Mohan,D.NO.4/6,Amarjothi Jai
Nagar,Ranganathapuram,Kannampalayam,Coimbatore-641402 .
…….Respondents
NOTICE TO THE RESPONDENTS
Take notice that, I have been appointed as sole arbitrator in the terms of the said loan
cum hypothecation agreement entered into by the claimant and the respondents.
The petitioner filed Petition under Sec 17 of the Arbitration and Conciliation Act 1996
for passing an interim attachment of the schedule mention property of Respondent No.2.
Take further notice that in the above case you are directed to furnish security for Rs.
287920/- on or before 15.03.2025 failing which the petition mentioned property wil
l be attached.
Take further notice, which the above matter stands, posted on 15.03.2025 at 3.00.PM.
at Kairoon-Anwardin Manzil, St.No.7,8,6, Thirumarai Nagar,Podanur Road, Coimbatore –
641 023 for the appearance of the respondents either in person or through counsel on failure
the matter would be decided on merits.
Dated 15th day of March 2025.
Thirumathi. S.Sasikala, B.sc., B.L.,
Retired District Judge
The Sole Arbitrator/Arbitral Tribunal
Coimbatore
