2024 Supreme(Del) 904

SUBRAMONIUM PRASAD
IN THE MATTER OF: Ovington Finance Pvt. Ltd. – Appellant
Versus
Bindiya Nagar – Respondent

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JUDGMENT :

1. This is a petition under Section 29A (5) of the Arbitration & Conciliation Act, 1996 on behalf of the Petitioner seeking extension of time for making an arbitral award by the learned Arbitrator.

2. The facts of the case reveal that the Petitioner had entered into a Loan Agreement with the Respondent on 20.11.2018 for the sum of Rs.20 lakhs. Under the loan agreement, a sum of Rs.20 lakhs was disbursed to the Respondent by the Petitioner and repayment was to be made in terms of the loan agreement.

3. Since the Respondent did not adhere to the terms of repayment of the loan amount, the loan agreement was terminated by notice dated 02.03.2022. It is stated that a sum of Rs. 17,58,186/- was due and payable by the Respondent till the termination of the agreement.

4. A legal notice was issued to the Respondent but the Respondent did not make the payment which resulted in the Petitioner approaching this Court by filing a petition under Section 11 of the Arbitration & Conciliation Act seeking appointment of an Arbitrator. This Cou