SURESH KUMAR KAIT
INCRED FINANCIAL SERVICES LTD – Appellant
Versus
SHREE KAMAKSHI MOTORS – Respondent
JUDGMENT :
1. The present petition has been filed by the petitioner under Section 11 (6) of the Arbitration and Conciliation Act, 1996 seeking appointment of Arbitrator for adjudication of disputes with respondents.
2. Petitioner -M/s InCred Financial Services Ltd. claims to be is providing various type of finance facility to its numerous customer/borrower. Petitioner claims that in the course of business, respondent No.1 through respondents No.2 & 3 approached the petitioner for obtaining Working Capital Channel Finance of Rs.1,00,00,000/- (Rupees One Crore only) and Working Capital Term Loan of Rs.50,00,000/- (Rupees Fifty Lacs only) and relying on the requests of the respondents, the petitioner vide letter dated 30.04.2018 sanctioned total limit of Rs.1,00,00,000/-. In addition, extension of Working Capital Finance of Rs.1,00,00,000/- was executed through Addendum Sanction by Petitioner for the sum of Rs.1,00,00,000/-. Petitioner claims to have entered into Master Facility Agreement dated 04.05.2018 at Delhi for Working Capital Channel Finance of Rs.1,00,00,000/- (Rupees One Crore only) and Working Capital Term Loan of Rs.50,00,000/ (Rupees Fifty Lacs only) and also furnished Deed
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