Back
SACHIN DATTA
Vipin Luthra – Appellant
Versus
Doit Smart Hospitality India Pvt Ltd – Respondent
JUDGMENT
Sachin Datta, J. The present petition under Section 11 of the Arbitration and Conciliation Act, 1996 (the "A&C Act") seeks constitution of the Arbitral Tribunal to adjudicate the dispute between the parties.
2. The disputes between the parties have arisen in the context of a Share Purchase Agreement ("SPA") dated 17.04.2018, entered into between the petitioners and the respondents. In terms of the said SPA, the petitioners, inter alia, agreed to sell/transfer their shareholding in respondent no.2 to respondent no.1 for certain consideration.
3. The respondents have placed on record the original duly stamped SPA.
4. The petitioners, inter alia, claim alleged failure on part of the respondents to pay "adjusted consideration" equivalent to potential tax refunds in terms of Clause 3.1 (b) read with Clause 5.1.3 and other clauses of the SPA, and also alleged outstanding loan amount of Rs.44,00,000/- extended by petitioner no.1 to respondent no.2. It is also averred that respondent no.1 being the purchaser was also obligated to facilitate the repayment of the entire loans standing in the accounts of respondent no.2.
5. The aforesaid Share Purchase Agreement dated 17.04.2018 c
The conciliation process in the contract agreement was not mandatory, and non-compliance did not bar the petitioner from invoking arbitration.
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 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 confirmed the existence of an arbitration agreement and mandated the appointment of a sole arbitrator to adjudicate contract disputes, highlighting the necessity of complying with contractu....
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 ....
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
