Back
BHARATI DANGRE
Integro Finserv Private Limited – Appellant
Versus
Vineet Singh Construction Private Limited – Respondent
JUDGMENT :
1. The three Applications are filed by the Applicant, Integro Finserv Private Limited, an NBFC, who vide Deed of Assignment dated 16/02/2022, was assigned the entire outstanding loans/debt against the Respondents, together with future interest on the receivables, including the underlying security interest, created thereof and all the rights with respect to the Loan Hypothecation Agreement by CFM Asset Reconstruction Private Limited, an assignee from L & T Finance Limited (for short, “L & T Finance”), vide Deed of Assignment dated 26/06/2019.
Respondent No.1 availed the loans from L & T Finance under Loan-cum-Hypothecation Agreement dated 12/03/2012, which contained an arbitration clause and as such on 14/10/2013, L & T Finance invoked arbitration and appointed an Arbitrator unilaterally.
2. On 26/09/2022, Integro applied for its substitution in place of L & T Finance in the arbitral proceedings.
3. In the present Application, purportedly filed under Section 14 read with Section 11 read with Section 15 of the Arbitration and Conciliation Act, 1996 (for short, “the Act”) Integro, seeks appointment of a sole Arbitrator/substituted Arbitrator to adjudicate the disputes, differen
The main legal point established in the judgment is the retrospective application of the amended provisions of the Arbitration and Conciliation Act, 1996, and the emphasis on the neutrality and impar....
Arbitral Tribunal consisting of officers of State have become ineligible to become Arbitrators and to continue as Arbitrators.
The 2015 Amendment to the Arbitration and Conciliation Act is prospective. Section 12(5) regarding arbitrator ineligibility does not apply to arbitral proceedings commenced prior to 23.10.2015, and a....
The appointment of an arbitrator must comply with Section 12(5) of the Arbitration & Conciliation Act, ensuring independence and impartiality, regardless of when the arbitration proceedings were init....
An arbitrator's mandate can be terminated when they fail to act without undue delay; new appointments must ensure impartiality as per updated legal standards.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
