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High Court of Punjab and HaryanaCR/724/2017dismissed

M/S Pkf Finance Ltd v. Sh. Gurdev Singh And ORS

2017-02-02Mr. Justice Dr. Bharat Bhushan Parsoon2 pages

CR No. 724 of 2017

IN THE HIGH COURT OF PUNJAB AND HARYANA AT

CHANDIGARH CR No. 724 of 2017 Date of decision : 02.02.2017 M/s PKF Finance Ltd.

....Petitioner V/s Gurdev Singh & ors.

....Respondents BEFORE : HON'BLE MR. JUSTICE RAJAN GUPTA

Present:

Mr. Rohit Sud, Advocate for the petitioner.

RAJAN GUPTA J.

Present revision petition is directed against the order passed by executing court whereby an amount of `1,15,683.55/- has been granted to the appellant-Finance company. Order has been impugned on the ground that executing court could not have reduced the interest awarded by the arbitration forum as this would be beyond its power. Besides costs of the vehicle has not been considered.

I have heard learned counsel for the petitioner. It appears that respondents took a loan from the appellantcompany for purchase of a tractor. As they defaulted, matter was referred to arbitration. Arbitration court awarded an amount of `62,402/- alongwith 36% interest. On an execution being filed by the company, executing court directed the respondents to pay awarded amount of `62,402/- another amount of `48361.55/- on account of interest and `4920/- as another costs. Total amount was, thus calculated as `1,15,683.55/-. Order was passed on 20.07.2016. Same has been impugned by way of present revision petition. On a query being put to learned counsel about the inordinate delay in Ajay Kumar 2017.02.10 12:55 I attest to the accuracy and authenticity of this document

CR No. 724 of 2017 challenging the order. He submits that he availed the remedy of FAO and EFA earlier.

In view of considerable delay in filing the present revision petition and the fact that substantial part of recovery has been made, this court is not inclined to interfere at this belated stage. Revision petition is without any merit and is hereby dismissed.

February 02, 2017 (RAJAN GUPTA) Ajay JUDGE Whether speaking/reasoned:

Yes/No Whether reportable:

Yes/No Ajay Kumar 2017.02.10 12:55 I attest to the accuracy and authenticity of this document