JUDGMENT :

Shampa Dutt (Paul), J.

1. The present revision has been preferred against an impugned order passed by the Metropolitan Magistrate, 4th Court, Kolkata on 30.09.2019, in Case No. C-81565/18 under Section 143A of the Negotiable Instrument Act.

2. The petitioners’ case is that the petitioner took loan to the tune of Rs.5,00,000/-(Rupees Five Lac only) from the opposite party for purchasing a Mahindra Varito Car bearing No. WB 12C/3442 at a price of Rs.7,24,000/-on making down payment of Rs.2,50,000/-including the registration charges. While taking such loan the petitioner had to enter into a hire purchase agreement with the opposite party for repaying the said loan amount including interest in 36 installments @ Rs.17,800/-per month. In terms of the said agreement, containing an arbitration clause, the petitioner was liable to pay Rs.5,00,000/-principal amount and interest of Rs.1,40,800/-totalling Rs.6,40,800/- in 36 monthly equal installments meaning thereby Rs.17,800/-x 36 = Rs.6,40,800/-

3. It is stated that in terms of the said agreement the petitioner already paid 16 installments @ 17,800/-i.e. Rs.2,84,800/-and the balance amount of Rs.3,56,000/-is payable to liquidate the