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NEENA BANSAL KRISHNA
Share Samadhan Limited – Appellant
Versus
Ravindra Katyal – Respondent
JUDGMENT (Oral)
NEENA BANSAL KRISHNA, J.
1. A petition under Section 11(6) of the Arbitration & Conciliation Act, 1996 (hereinafter referred to as "the Act") has been filed on behalf of the petitioner seeking appointment of the Arbitrator.
2. It is submitted in the application that the parties had executed a Consultancy Agreement dated 09.03.2021, whereby the petitioner was required to provide its services, for retrieving the investments of the father of the respondent in Equity Shares in 39 listed Companies of the share market of India and the petitioner was to receive Commission based final Consultation Fee upon retrieval of Equity Shares.
3. It is submitted that the petitioner worked diligently for the transmission of the Equity Shares which earlier stood in the name of his deceased father, for which new SEBI Circular had to be complied with and the entire new set of documents had to be prepared. The petitioner despite continuously reminding the respondent to do the needful, failed to sign all the documents essential to the transmission process. The respondent owes Rs.26,66,446/-to the petitioner as per the Clause 6(B) (ii) & (iii) of the Consultancy Agreement dated 09.03.2021.
4. Th
The court highlighted the validity of arbitration agreements and the necessity of appointing an arbitrator to resolve disputes when one party fails to fulfill financial obligations under a contract.
The court's authority to appoint a sole arbitrator under Section 11(6) of the Arbitration and Conciliation Act, 1996.
In the event of the demise of the sole Arbitrator, a new Arbitrator can be appointed to continue the arbitration proceedings in accordance with Sections 14 & 15 of the Arbitration and Conciliation Ac....
The main legal point established in the judgment is the court's authority to appoint a sole arbitrator under Section 11 (6) of the Arbitration and Conciliation Act, 1996 when the respondent fails to ....
The necessity to appoint a new Arbitrator is confirmed under Sections 14 and 15 of the Arbitration and Conciliation Act, recognizing the continuation of the arbitration process post-demise of the ori....
The main legal point established in the judgment is the interpretation of arbitration clauses in favor of early resolution of disputes through arbitration, emphasizing the purpose of arbitration for ....
The court's decision emphasized the importance of appointing the same arbitrator to hear disputes related to the same composite transaction to avoid conflicting findings.
The petitioner must first seek termination of the existing Arbitrator's mandate through the appropriate civil court before requesting a new Arbitrator, as the existing proceedings had commenced.
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