1. Being aggrieved by the order made in Ar.O.P.No.20 of 2011 dated 04.08.2012, rejecting an application filed under Section 34 of the Arbitration and Conciliation Act, 1996, to set aside the award passed by Chits Arbitrator Deputy Registrar of Chits, Namakkal in AOP.No.26 of 2010 dated 23.07.2010, the present civil revision petition has been filed.

2. Material on record discloses that Sriram Chits Tamilnadu (Private) Limited conducted a chit transaction for Rs.25 lakhs. The chit number was 37/2007 and the chit agreement was No.30/2007. The group number was 91002. Monthly installment of sum of Rs.62,500/- for 40 installments, amounting to Rs.25 lakhs, is the periodical payment. The revision petitioner, has taken chit in auction at 8th installment, held on 21.01.2008, for a sum of Rs.15 lakhs, with a rebate of Rs.10 lakhs. He has repaid the chit amount for about 14 installments. Thereafter, the petitioner has committed default. Hence, under the Chit Funds Act, 1982, the matter has been referred to the Deputy Registrar of Chits. Notice has been issued to the petitioner. He has appeared and admitted that only Rs.10 lakhs has been paid. Based on the admission made by the petitioner,