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SACHIN DATTA
Accord Advertising Pvt Ltd – Appellant
Versus
SM Finlease Ltd – Respondent
JUDGMENT :
SACHIN DATTA, J.
IA No.44833/2024 (Exemption)
1. Allowed, subject to all just exceptions.
2. Application stands disposed of.
IA No.44834/2024 (delay of 13 days in filing the appeal)
3. For the reasons stated in the application, the same is allowed.
4. The application stands disposed of.
ARB. A. (COMM.) 55/2024 and IA No.44832/2024 (Stay)
5. Issue notice. Learned counsel, as aforesaid, accepts notice on behalf of the respondent.
6. The present appeal filed under Section 37(2)(b) of the Arbitration and Conciliation Act, 1996 (hereafter ‘the A&C Act’) assails an order dated 14.08.2024 passed by the arbitral tribunal (hereafter ‘the impugned order’) while disposing of an application under Section 17 of the A&C Act.
7. The ongoing arbitral proceedings are in the context of a Business Loan Agreement dated 18.01.2021 along with a number of financial documents including a personal guarantee deed dated 18.01.2021, cheques, a promissory note dated 18.01.2021, an Addendum to the Business Loan Agreement dated 24.11.2022, entered into between the parties for the purpose of the appellant expanding its advertising business.
8. Under the said loan agreement dated 18.01.2021, the appellant availed a
The arbitral tribunal has broad powers to issue interim measures under the Arbitration and Conciliation Act, ensuring protection of claims during ongoing proceedings.
The court may exercise jurisdiction under Section 9 of the Arbitration and Conciliation Act if the remedy under Section 17 is found to be inefficacious.
The court may exercise jurisdiction under Section 9 of the Arbitration and Conciliation Act if the remedy under Section 17 is found to be inefficacious, particularly regarding third parties not party....
An arbitral tribunal, while adjudicating an application for interim protection under Section 17, does not determine the lis between the parties.
The discretionary power under section 17 of the A&C Act should be exercised sparingly and not to convert indeterminate and unsecured counter-claims into secure claims.
The court ruled that interim relief under Section 17 of the Arbitration Act cannot effectively adjudicate final rights or impose substantial financial burdens without trial, emphasizing the importanc....
The court reinforced that unilateral appointment of an arbitrator violates the Arbitration and Conciliation Act, leading to invalid proceedings, hence, a new arbitrator must be appointed.
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