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B. M. SHYAM PRASAD
Caterpillar Financial Services India Pvt. Ltd – Appellant
Versus
Swapnil Traders – Respondent
JUDGMENT
1. The petitioner, who has extended certain financial assistance to the respondents under the Loan and Security Agreement executed in the month of June 2020, has sought for appointment of a Sole Arbitrator and for conduct of the proceedings at the Arbitration and Conciliation Centre (Domestic and International), Bengaluru. The loan agreement contemplates resolution of the disputes between the parties in accordance with the Arbitration and Conciliation Act, 1996 and the Arbitration and Conciliation Centre Rules, 2012. The learned counsel for the petitioner submits that the respondents have defaulted in paying the loan and as such, notice for commencement of arbitral proceedings is issued on 15/1/2022. The records also indicate that the respondents, though served with the notice of the present petition, have chosen to remain absent. The necessary conditions for exercise of jurisdiction under Sec. 11(5) of the Arbitration and Conciliation Act, 1996 are satisfied. As requested by the learned counsel for the petitioner, a retired District Judge must be appointed as the Sole Arbitrator. Hence, the following:
ORDER [a] The petition is allowed. [b] Shri M. K. Sripathi, a retired Di
The court's decision was based on the default in loan payment and the satisfaction of the necessary conditions for the exercise of jurisdiction under Sec. 11(5) of the Arbitration and Conciliation Ac....
Appointment of Sole Arbitrator and Compliance with Arbitration and Conciliation Act, 1996
The court appointed a sole arbitrator for resolving disputes under a loan agreement after respondents failed to adhere to repayment terms and contested the agreement's existence.
The court grants an application for the appointment of a sole arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996, when a valid arbitration agreement exists and the respondent r....
Compliance with arbitration agreement is essential before approaching the court for appointing an arbitrator.
The court exercises its jurisdiction under Section 11(6) of the Arbitration and Conciliation Act, 1996, to appoint a sole arbitrator when a valid arbitration agreement exists and a party has defaulte....
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