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SANJEEV NARULA
Iifl Finance Limited – Appellant
Versus
Praful Satra – Respondent
JUDGMENT
Sanjeev Narula, J. - I.A. 6422/2021 (for exemption from filing attested/ signed/ affirmed affidavits)
1. The present application on behalf of the Petitioner seeks exemption from filing attested/ affirmed affidavit(s).
2. The application is allowed, subject to the Petitioner filing the exempted documents within two weeks from the day the lockdown restrictions imposed by the Government of NCT of Delhi are lifted and the facility of attestation is resumed.
3. The application stands disposed of.
O.M.P.(I) (COMM.) 370/2020 & I.A. 5843/2021 (for directions on behalf of the R-1 - Mr. Praful Satra under Section 151 of the CPC, 1908)
4. The present petition under Section 9 of the Arbitration and Conciliation Act, 1996 [hereinafter referred to as the 'Act'] seeks reliefs in the nature of directions to the Respondents to deposit the outstanding amount due and payable as on 7th October, 2020; disclose on affidavit the details of the assets/properties; order of restraint from selling, transferring, alienating, relinquishing or creating any third party interest in respect of the assets/
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 jurisdiction over SARFAESI Act matters lies with the DRT, and severable agreements may allow enforcement of valid clauses while rendering others unenforceable.
In a contract for sale of immovable property, normally it is presumed that time is not the essence of the contract. Even if there is an express stipulation to that effect, the said presumption can be....
Section 17 relief under the Arbitration and Conciliation Act requires proof of both a prima facie case and potential asset dissipation, which was not adequately demonstrated.
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 arbitral tribunal has broad powers to issue interim measures under the Arbitration and Conciliation Act, ensuring protection of claims during ongoing proceedings.
The main legal point established in the judgment is that the mere pendency of cases against a party in arbitration does not automatically justify securing the amount under Section 17 of the Arbitrati....
The court upheld the validity of arbitration clauses in financial agreements, ruling that disputes arising under such agreements must be resolved via arbitration, even amidst ongoing SARFAESI Act pro....
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