Sanjay K Agrawal, J.

Shriram Equipment Finance Company Limited (SEFC) a non-banking finance company, financed a vehicle Tipper bearing registration No.CG-10/C-5834 to borrower Sanjay Kumar Sahu under hire purchase agreement by lending a loan of Rs. 21,50,000/- to be repaid in 46 monthly installments and the total amount to be repaid was Rs. 30,07,398/-. The said vehicle was registered with a clear indication that the vehicle is hypothecated with the said finance Company. The said loan was paid to Mr. Sahu by executing hypothecation agreement on 30-5-2011 with clause 6(b) in the shape of Repossession of Asset entitling the financier to take possession of the hypothecated assets by the company or its authorised representative. The said borrower defaulted in making payment of installments of the borrowed amount and all the 22 cheques given became dishonoured leading to issuance of registered notice dated 4-5-2013 and 4-6-2013 to the owner informing him that cheques issued to the company have become dishonoured and the owner was asked to make payment of installments on account of the defaults. Ultimately, getting no result, the matter was referred to the Arbitral Tribunal appo