Judgment :- Vinod K. Sharma, J. 1. This application under Section 9 of the Arbitration and Conciliation Act, 1996, has been moved to appoint an Advocate Commissioner to seize and deliver the vehicle, viz., Qualis FS F2 bearing Engine No.2L5470909 and Chassis No.LF501122887 with Registration No. TN-74-H-8904 in possession of the respondent. 2. It is pleaded case of the applicant that the respondent availed finance facility to the tune of Rs.3,70,000/- (Rupees Three Lakhs and Seventy Thousand only) for purchase of the aforesaid vehicle. The applicant in terms of the agreement continues to be the owner of the vehicle till the payment of last installment. 3. It is submitted, that total amount payable by respondents was Rs.6,31,391/- (Rupees Six Lakhs Thirty One Thousand Three Hundred and Ninety One only), whereas the respondent has so far made the payment of Rs.4,03,660/-(Rupees Four Lakhs Three Thousand Six Hundred and Sixty only), thus an amount of Rs.2,27,731/- (Rupees Two Lakhs Twenty Seven Thousand Seven Hundred and Thirty One only) is outstanding as overdue amount. 4. It is the case of applicant, because of the default, the agreement was terminated and an amount of Rs.2,29,860/- (Rupees Two Lakhs Twenty Nine Thousand Eighty Hundred and Sixty only), inclusive of additional charges is due and payable. 5. It is further case of applicant, that right of repossession is a fundamental and valuable right under the agreement of the applicant and that the vehicle is only security for the amount financed. The attempts of the applicant to repossess the vehicle have miserably failed. That the applicant has initiated arbitration proceedings for which steps are being taken. 6. That because of the conduct of the respondent in not paying the installments and retaining the vehicle without even allowing access to the applicant, makes it necessary to repossess the vehicle, as lapse of time will cause severe erosion in value of vehicle. The applicant also apprehends that the asset is in grave danger of being wasted, damaged and alienated by the respondent and that inspite of several reminders, the respondent has not paid the amount. 7. This Court, vide order dated 05.03.2012 appointed an Advocate Commissioner to seize the vehicle. 8. Inspite of notice, there is no appearance on behalf of the respondent. Therefore, this application is disposed of by directing the applicant to keep the custody of the vehicle pending arbitration proceedings, as the vehicle stands seized. 9. 7. This Court, vide order dated 05.03.2012 appointed an Advocate Commissioner to seize the vehicle. 8. Inspite of notice, there is no appearance on behalf of the respondent. Therefore, this application is disposed of by directing the applicant to keep the custody of the vehicle pending arbitration proceedings, as the vehicle stands seized. 9. It is further directed, that the applicant shall commence arbitration proceedings in accordance with law within fifteen days of the receipt of certified copy of this order, failing which, it shall be the duty of the applicant to return the vehicle to the respondent under intimation to this Court.