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SURESH KUMAR KAIT
Tata Capital Financial Services Ltd – Appellant
Versus
Focus Imaging Research Centre Pvt. Ltd – Respondent
JUDGMENT
Suresh Kumar Kait, J. - The present petition has been filed by the petitioner under Section 11 of the arbitration and Conciliation act, 1996 seeking appointment of arbitrator for adjudication of disputes with respondent.
2. Petitioner-Tata Capital Financial Services Ltd. claims to be engaged in the business of financing as a NBFC, interalia, Business Loans against Properties, Personal Loans, Vehicle Loans etc. according to petitioner, respondents as Borrower &Co-borrowers respectively applied and availed financial assistance as a Business Loan from petitioner and based on the representations and documents presented by respondents, petitioner approved, sanctioned and disbursed a business loan amounting to Rs.60,00,000/- (Rupees Sixty Lakhs Only) vide Loan Loan Cum-Guarantee TCFBL0386000010050327 dated 12.04.2018. The said loan was repayble with interest @ 13% p.a. in 36 monthly instalments whereunder first instalment got due on 09.05.2018, starting from 2.04.2018 till 09.04.202l. according to petitioner, till 19.09.2019, respondent made the part payments, however, thereafter they turned highly irregular and defaulted in repayment as per the schedule.
3. During the hearing, l
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.
Parties can consent to arbitration of disputes, allowing the court to appoint an arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996.
Appointment of Sole Arbitrator and Compliance with Arbitration and Conciliation Act, 1996
Parties must exhaust agreed institutional arbitrator appointment procedure before seeking court intervention under Section 11(6).
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 main legal point established is the court's authority to appoint a sole arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996.
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