Respected Colleague Members,
A private finance company granted loan to an individual for purchase of a heavy vehicle. In the loan agreement, there was arbitration clause. As the borrower committed default in payment of monthly instalments,finance company is intending to initiate arbitration proceedings.
My queries are :-
1. Can a petition under Section 9 of Arbitration Act be moved before District Judge's court seeking interim attachment of an immovable property of the borrower for securing the recovery of the award amount that may be passed by Arbitrator in future?
2. If so, does an interim application for the same relief pending disposal of the main Section 9 petition is maintainable?
Pls answer my queries with citations, if any.
I also request you to please provide a format petition. It's very urgent.
Thanks in advance.