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SURESH KUMAR KAIT
Sunil Bansilal Raisoni And Another – Appellant
Versus
Bajaj Finserv/bajaj Finance Limited And Another – Respondent
JUDGMENT
Suresh Kumar Kait, J. - The present petition has been filed under Sections 11(6) of the arbitration and Conciliation act, 1996 seeking appointment of sole arbitrator to adjudicate the disputes inter-se the parties in furtherance of the loan agreement dated 06.07.2015.
2. Petitioners are Directors of the company- M/s Raisoni Ventures Pvt. Ltd. and carrying various businesses and other related activities. Petitioners no.1 is the borrower of the Finance Company known as 'Bajaj FinServ' and petitioner no.2 is an additional security provider to the loan sanctioned by respondent no.1.
3. according to the petitioners, respondent no.1 is the Bajaj FinServ Finance Company registered under the provisions of Companies act and is engaged in the business of money lending. Respondent no.2 is the managing director of respondent no.1 and looking after day to day affairs of the company.
4. Pertinently, petitioners are inter alia involved in various businesses like residential and commercial construction and government contracting. Petitioner no.1 had intended and availed a loan of Rs.15 crores against the security worth Rs.30 crores by executing Loan agreement dated 06.07.2015 with responde
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.
Appointment of Sole Arbitrator and Compliance with Arbitration and Conciliation Act, 1996
The court emphasized the arbitrability of the disputes and the appointment of an independent arbitrator to consider all issues raised by the parties.
Appoints the sole Arbitrator to adjudicate the dispute between the parties. Arbitrator shall decide the fee after consultation with the parties.
The central legal point established in the judgment is the appointment of a sole arbitrator to adjudicate disputed business loan disputes under the Arbitration and Conciliation Act, 1996.
The court recognized the parties' consent to arbitration, allowing for the appointment of an arbitrator under the Arbitration and Conciliation Act, 1996, to resolve the dispute over the loan agreemen....
The main legal point established is the court's authority to appoint a sole arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996.
The court appointed a sole arbitrator for resolving disputes under a loan agreement after respondents failed to adhere to repayment terms and contested the agreement's existence.
The court grants an application for the appointment of a sole arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996, when a valid arbitration agreement exists and the respondent r....
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