Indian Kanoon - Search engine for Indian Law

1. This order will dispose of other two appeals also registered at FAO No. 1849 of 2005 and FAO No. 1787 of 2005 as common questions of law and facts are involved. For the sake of convenience, the facts are taken from FAO No. 1786 of 2005. M/s Compaux Enterprises (respondent N.2) had taken three different loans from M/s Vardhman Properties and Investment Limited, Chandigarh (respondent No. 1) for purchase of plant and machinery etc. S.K.Jain, appellant and Rachna Ram, respondent No. 3 (now deceased) were the guarantors. There was a dispute between the parties. As per arbitration clause in the agreement, the matter was referred to the Arbitrator (Shri Lalit Mohan Suri, Advocate, Punjab & Haryana High Court, Chandigarh) who vide his three separate awards dated 25.10.1997 awarded the following amounts: