M/S. MAGMA LEASING & FIN. LTD. vs POTLURI MADHAVILATA

The Supreme Court upheld the dismissal of the revision petition, affirming that upon termination of the hire purchase agreement, the arbitration agreement does not survive. The Court referenced the principles established in Heyman v. Darwins Ltd., emphasizing that an arbitration clause is only applicable if the parties acknowledge the existence of a binding contract. The Court concluded that since the hirer did not appear to contest the ruling, the dismissal stands.