JUDGMENT

Avinash G. Gharote, J. - The petition questions the order dated 07.10.2022 (page-48) by which the learned arbitrator has kept the proceedings before him in abeyance as long as the moratorium under Section 95 of the IB Code 2016 operates in respect of the debts owed by the respondent No.2/Tarun Kapoor were concerned and the subsequent order dated 20.03.2023 refusing to vacate the aforesaid order (page -51).

2. The facts leading to the present petition in brief are as under:

i) The present petitioner which is a finance company had granted channel finance facility to Sterling Motor Company of Noida, Uttar Pradesh under various documents. One Mr. Tarun Kapoor is the Proprietor of Sterling Motor Company (SMC for short hereinafter), who had executed the aforesaid documents as a Proprietor and had also stood as guarantor for repayment of the finance. Mrs. Pavan Kapoor, Mr. B.L. Passi and Rameshwar Sweets and Namkeens Pvt. Ltd. stood as guarantors. As there was default on part of SMC its account was categorized as NPA on 04.09.2019 and by a notice dated 15.10.2019 the loan was recalled by the petitioner.

ii) The Petitioner thereafter initiated arbitration proceedings before Gulnar A.