^{DISTRICT CONSUMER DISPUTES REDRESSAL FORUM-I,}

^{U.T.CHANDIGARH}

^========

Arvind Kumar Mehta son of Sh.Ramji Dass Mehta, resident of House No.207/B-3, Shiv Shakti Colony, Pinjore, Tehsil Kalka, District Panchkula.

^{…..Complainant}

M/s Mahindra & Mahindra Finance Ltd., SCO No.2447-2448, First Floor, Sector 22-C,Chandigarh, through its Manager.

^{……Opposite Party}

QUORUM:                                                                                                           

For Complainant :Sh.C.D.Jindal, Advocate.

For OP :            

^{PER P.L.AHUJA, PRESIDENT}

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“In Conclusion, the Lender/Claimant are entitled to recover from the Borrower/Respondent No.1 and the Guarantor Respondent No.2 jointly and severally a sum of Rs.289483/- as claimed by the Lender/Claimant to be due as on 22.06.13, with further interest @18% p.a. on this amount Rs.2,89,483/- till the payment is received or recovered from the Respondents.

In the Result, I hereby Award as under :

(A) That, the respondents shall pay jointly and severally to the Claimant a sum of Rs.2,89,483/- with further interest @18% p.a. from 22.06.13 on the said amount of Rs.2,89,483/- till the payment is received or recovered.

(B)  The respondent No.1 is directed to hand over the vehicle/machine to the claimant in case the same is still in possession of respondents No.1. In the alternative if, the claimant has already repossessed the vehicle then the claimant is at liberty to dispose off the same after giving due notice to the respondents and the sale processed be there after adjusted in the Awarded amount. The claimant is further directed to deduct the amount from the Award amount, if any, paid by the respondent during the arbitration proceeding i.e. from the date of commencement till the date of Award.

(C) That, the lenders/Claimants are also entitled to recover from the respondents a cost of Rs.10,000/- which is Awarded for/toward all costs and expenses which may be borne or incurred by the claimant as the costs/expenses of Arbitral Proceeding.”

According to the OP, the above award is binding upon the complainant.

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“26) Arbitration :-

All disputes, differences and/or claim arising out of these presents or in any way touching or concerning the same or as to constructions, meaning or effect hereof or as to the right and liabilities of the parties hereunder shall be settled by arbitration to be held in accordance with the provision of the Arbitration and Conciliation Act, 1996 or any statutory amendments thereof and shall be referred to the sole Arbitrator to be nominated by the Lender. New Delhi.”

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