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NEENA BANSAL KRISHNA
Diamond Entertainment Technologies Private Limited – Appellant
Versus
Religare Finvest Limited Through Its Authorized Officer – Respondent
JUDGMENT
Neena Bansal Krishna, J.
Rev. Petition 296/2022
1. A review petition under Order XLVII read with Section 114 and 151 of the CPC has been filed on behalf of the petitioner (who was the respondent in the main petition) seeking review of the Order dated 14.10.2022 allowing the petition under Section 11 Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the Act, 1996") and an Arbitrator was appointed for adjudication of the disputes.
2. It is submitted that the respondent (who was the petitioner in the main petition) therein had mislead the Court by relying on the Full Bench Judgement of Delhi High Court titled as HDFC Bank Ltd. Vs. Satpal Singh Bakshi reported in 2012 SCC OnLine Del 4815 which has been overruled by the Supreme Court in the case titled as Vidya Drolia and Ors. Vs. Durga Trading Corporation reported in (2021) 2 SCC 1. The law as laid down in HDFC (Supra) is no longer good law. It has been held in Vidya Drolia (supra) that there is a prohibition against the waiver of jurisdiction of Debt Recovery Tribunal (DRT) by necessary implication under Section 34 and 35 of the SARFAESI Act and any claim against the measures taken by the Financial Institut
The main legal point established in the judgment is the non-arbitrability of disputes under the SARFAESI Act, 2002 and RDB Act, 1993, and the lack of provision for review under the Arbitration and Co....
The main legal point established in the judgment is that the claims of banks and financial institutions under the RDDB Act are non-arbitrable, and the disputes regarding determination of debt due fel....
Disputes regarding loan defaults under the SARFAESI Act are non-arbitrable and must be adjudicated by Debt Recovery Tribunals, emphasizing that civil court jurisdiction is excluded where statutory pr....
SARFAESI Act was enacted to regulate securitisation and reconstruction of financial assets and enforcement of security interest and for matters connected therewith. Liquidation of secured interest th....
Disputes covered by special laws, creating special rights to be adjudicated and enforced by special forums, are non-arbitrable.
Arbitration disputes can persist even after prior adjudication and under SARFAESI Act, respecting parties' choices for resolution.
Disputes between lenders and borrowers are non-arbitrable under the SARFAESI Act, which necessitates adherence to statutory remedies, exclusively available through the Debt Recovery Tribunal.
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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