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SURESH KUMAR KAIT
Indiabulls Housing Finance Ltd. – Appellant
Versus
Gnex Projects Private Limited – Respondent
JUDGMENT :
1. Present appeal has been preferred under the provisions of Section 37(2) (b) of the Arbitration and Conciliation Act, 1996 against the interim order dated 28.12.2021 passed by the learned Arbitrator.
2. Appellant, M/s Indiabulls Housing Finance Limited is a Public Limited Company incorporated under the Companies Act, 1956 and is engaged primarily into the leading business especially home loan, loan against property, etc. Respondent no.9-Zee Entertainment Enterprise Limited is a company incorporated under the Companies Act, 1956 and is an Indian mass media company owned by Essel Group (respondent no.2) and it has interests in television, print, internet, film, mobile content and allied businesses.
3. Present appeal is directed against the interim order dated 28.12.2021 passed by the learned Arbitrator vide which application filed by the appellant (claimant therein) under the provisions of Section 17 of the Arbitration and Conciliation Act, 1996 praying to restrain respondent no.9 from going ahead with its Scheme of Arrangement with Sony Pictures Networks India Pvt. Ltd
Point of Law : Once upon receipt of amount by appellant in terms of NOC title deeds of property of respondent no.9 have been released the mortgage does not subsist anymore.
The court clarified the rights and restrictions related to the mortgaged property and appointed an arbitrator to adjudicate the disputes.
Personal guarantees impose binding restrictions on asset dealings, reaffirming the need for arbitration in disputes regarding mortgages and lending agreements.
The arbitral tribunal has broad powers to issue interim measures under the Arbitration and Conciliation Act, ensuring protection of claims during ongoing proceedings.
Section 9 jurisdiction limited to arbitration agreement parties for subject-matter preservation; ends upon tribunal constitution unless Section 17 inefficacious; non-signatory third parties cannot in....
An arbitral tribunal, while adjudicating an application for interim protection under Section 17, does not determine the lis between the parties.
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