1 IN THE HIGH COURT OF JUDICATURE FOR RAJASTHAN AT JAIPUR BENCH, JAIPUR ORDER S.B.CIVIL MISC. APPEAL NO.1530/2007. Babulal & Another. VERSUS M/s.Vaid Finance Company. 29.04.2008. HON'BLE MR.JUSTICE DALIP SINGH Mr.R.S.Yadav, for the appellants. Mr.Anurag Sharma, for the respondent. ***** This misc. appeal is directed against the order dated 03.04.2007 by which the application under Section 9 of the Arbitration and Reconciliation Act, 1996 filed by the appellants for interim relief by way of injunction against the respondent was dismissed by the learned District Judge, Alwar. The appellant took a loan for finance and purchase of a truck Tata 709 which amount was advanced to the appellant in January, 2005 and was to be repaid as per the case of the respondents in 30 monthly installments of Rs.7,875/-. The appellant paid the amount to the respondent but not as per the schedule of payment and to the extent as agreed, as has been now mentioned in the detailed statement of the accounts which has been filed today as Annexure-R/1 along with an application under Section 151 C.P.C. and affidavit of Shri Chandra Kumar, the Manager of the respondent- Company. The respondent-Company finding that the appellant had failed to deposit any amount after February, 2006, allegedly gave a notice to the appellant and thereafter in July, 2006 2 repossessed the vehicle. It is submitted by the learned counsel for the respondent that the respondent gave a notice demanding the balance amount outstanding but the appellant failed to respond the notice and make any payment thereafter. Consequently, the vehicle in question was sold by the respondent-Company on 13.09.2006 and an amount of Rs.1,45,000/- being the price received was credited to the account of the appellant. As per the account submitted today along with application under Section 151 C.P.C. as Annexure-R/1, at the time of auction sale in September, 2006, the amount which was outstanding against the appellant by way of arrears and default stood at Rs.90,600/-. The respondents, therefore, on receipt of sale price of Rs.1,45,000/- gave a credit of the entire amount of Rs.1,45,000/- to the appellant against the outstanding amount of arrears and adjusted the nine installments which were due from the appellant from October, 2006 to July, 2007 of Rs.7,875/- each total amounting to Rs.70,875/- and ultimately there remained outstanding, as per the statement of accounts of respondent-Company, of Rs.8,475/- after adjustment of amount of Rs.70,875/- and charging legal fees and expenses for litigation amounting to Rs.15,000/- and then giving a credit towards the hypothetication charges being reversed i.e. Rs.23,000/-. Thus, leaving a total debit of Rs.8,475/-. During the course of hearing, learned counsel for the parties after having gone through the account were inquired by the court whether the matter could be settled between the parties as per the above statement of accounts. 3 Learned counsel for the respondent- Company, in consultation with Shri Chandra Kumar, who is presently the Manager of the respondent-Company at Jaipur, submitted that the respondent-Company with a view to end the entire dispute and any other litigation either by way of proceedings before the learned District Judge or any arbitration is willing to forgo its claim for the amount of Rs.8,475/-, as per the statement of accounts which has been filed before the court today as Annexure-R/1 and in view of the above, the account of the appellant would stand cleared and there would be no dispute against the appellant. In view of the above statement given by the Manager Shri Chandra Kumar, who is present in person and identified by learned counsel for the respondent, the learned counsel for the appellant does not wish to press this appeal on the assurance given by the respondent-Company. In view of the above, this appeal consequently stands disposed of. It is made clear that henceforth so far as the accounts between the parties are concerned, the Loan Account No.2029 against the appellant stands adjusted and there remains no further outstanding and all the disputes stand resolved. The liability of the borrower as well as the guarantor stands absolved. This appeal, consequently, stands disposed of. The application dated 29.04.2008 stands disposed of. (DALIP SINGH),J. Solanki DS, Jr.P.A.