This revision is filed against the order of dismissal of the application under Section 8 read with Section 5 of the Arbitration and Conciliation Act, 1996, filed by the petitioner herein.

2. The petitioner and the respondent entered into a loan agreement No. 21602081 dated 30-09-2001 thereby the respondent availed financial assistance from the petitioner to the extent of Rs.4,93,000/- for purchase of Ford icon car. The respondent herein agreed to pay the said sum in 36 monthly instalments commencing from 03-11-2001 to 03-10-2004. Clause 29 of the said agreement contemplates arbitration clause. The petitioner herein has issued loan recall notice on 12-01-2004 invoking clause 14 of the agreement as the respondent committed default in repaying the monthly instalments and as on 29-02-2004, the respondent was liable to pay a sum of Rs.2,68,062/-. The petitioner has also issued a telegram on 14-01-2004 to the respondent terminating the said loan agreement. The respondent has filed the suit O.S. No. 854 of 2004 before VIII Assistant City Civil Court, Madras for permanent injunction restraining the petitioner from in any manner re-possessing the vehicle. In the said suit, the pe