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VIPIN SANGHI, JASMEET SINGH
Tata Capital Housing Finance Ltd – Appellant
Versus
Shri Chand Construction and Apartment Private Limited Through Its Director Mr. Nikhil Agarwal – Respondent
JUDGMENT :
Jasmeet Singh, J.
1. The present appeal has been filed by the appellant TATA CAPITAL HOUSING FINANCE LTD (hereinafter referred to as “appellant”), being aggrieved by the order dated 04.03.2020 passed in IA No. 11823/2019 in CS(OS) No. 179/2019 titled SHRI CHAND CONSTRUCTION & APARTMENT PVT. LTD. VERSUS TATA CAPITAL HOUSING FINANCE LTD. Vide said order, the learned Single Judge dismissed the application filed by the defendant/appellant in the suit, under Section 8 of the Arbitration and Conciliation Act, 1996.
2. Briefly stating the facts in the present appeal as under:
3. The respondent filed a suit for recovery of Rs. 3,40,00,000/- against the appellant with interest @ 18% per annum pendente lite and future interest on account of loss of the security documents in the form of original title documents (which had been kept by the respondent with the appellant) of the immovable property mortgaged with the appellant vide loan account no. 9921466 & 9904086. The respondent has cleared the loan in question and nothing remained due or recoverable by the appellant against the r
Appellant is within the purview of the SARFAESI Act even though it was not on the date of entering into the agreement containing the arbitration clause.
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Disputes covered by special laws, creating special rights to be adjudicated and enforced by special forums, are non-arbitrable.
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SARFAESI Act was enacted to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith. Liquidation of secured interest th....
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