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SURESH KUMAR KAIT
Kamal Khosla – Appellant
Versus
Vidya Sagar Sareen – Respondent
JUDGMENT
(Oral)
1. The present petition has been filed by the petitioners under Section 11(6)(a) of the Arbitration and Conciliation Act, 1996 seeking appointment of Arbitrator calling upon the respondents to adjudicate the disputes in terms of Clause 14.8 of Share Purchase Agreement dated 14.12.2018 (hereinafter referred as “the Agreement”).
2. According to petitioner, respondents No. 1 and 2 jointly approached the petitioners to purchase their entire shareholding being 41.12% in respondent No.3 i.e. Tratec Engineers Private Limited, for mutually agreed consideration of Rs. 6,16,62,485/-. On 14.12.2018, the Agreement was executed, according to which respondents No.1 and 2 promised to buy 41.12% shareholding of respondent No.3 which was held by petitioners.
3. Respondent No. 1 (through its associated ventures) purchased 2% of shareholding by paying a sum of Rs. 30,00,000/- on 14.12.2018.
4. Second installment under the agreement was due on 30.06.2019 but the respondents failed to perform their part of obligation of making payment of Rs. 98,31,176/- towards transfer of 57,418 shares as per terms and conditions recorded in the aforesaid Agreement.
5. According to petitioners, respondents p
The court's power to appoint a sole arbitrator under Section 11(6)(a) of the Arbitration and Conciliation Act, 1996 and the importance of compliance with Section 12 of the Act before commencing arbit....
The court upheld the authority to appoint a sole Arbitrator under Section 11(6)(a) of the Arbitration and Conciliation Act when parties fail to fulfill obligations, ensuring compliance with arbitrati....
The court upheld the arbitration agreement and allowed the appointment of a Sole Arbitrator to adjudicate the disputes between the parties.
The existence of an arbitration clause in an agreement, the arbitrability of disputes, and the fulfillment of necessary ingredients for the appointment of an arbitrator under the Arbitration Act are ....
Court may appoint a Sole Arbitrator under Section 11 of the Arbitration and Conciliation Act when parties fail to respond to dispute communications.
The main legal point established in this judgment is the interpretation of the arbitration agreement and the determination of whether the disputes arising from the Share Purchase Agreement are amenab....
The court affirmed that parties can consent to arbitration, and disputes arising from a loan agreement are valid for arbitration under the Arbitration and Conciliation Act, 1996.
The court can appoint an Arbitrator when parties fail to mutually agree, as per agreement provisions and arbitration law.
Presence of a valid Arbitration Agreement and the appointment of a Sole Arbitrator to resolve disputes arising under the Consultancy Agreement.
The court's authority to appoint a sole arbitrator under Section 11(6) of the Arbitration and Conciliation Act, 1996.
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