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DELHI HIGH COURT
VIBHU BAKHRU
Balancehero India Private Limited – Appellant
Versus
Arthimpact Finserve Private Limited – Respondent
| Table of Content |
|---|
| 1. loan agreement formation and default. (Para 1 , 2 , 3) |
| 2. jurisdictional arguments regarding the arbitration. (Para 4 , 7) |
| 3. analysis of arbitration jurisdiction based on seat. (Para 5 , 6 , 8 , 9 , 10 , 11 , 12 , 13 , 14 , 15) |
| 4. dismissal of the petition. (Para 16) |
ORDER
Vibhu Bakhru, J. The petitioner has filed the present petition, inter alia, praying that a Sole Arbitrator be appointed to adjudicate the disputes that have arisen between the parties.
2. On 01.10.2019, a Loan Agreement was entered into between the parties whereby the petitioner granted an unsecured loan of Rs.50 lakhs to the respondent for a period of six months.
3. The petitioner alleges that the respondent defaulted in repaying the loan. Accordingly, it issued a legal notice dated 02.07.2020 demanding a sum of Rs.53,66,250/- as against the aforesaid loan. The petitioner alleges that it did not receive any response to the said legal notice. Thereafter, on 06.08.2020, the petitioner invoked the Arbitration Clause. However, according to the petitioner, this also did not elicit any response from the respondent.
4. The learned counsel appearing for the respondent submits that the present petit
The seat of arbitration, once agreed upon, confers exclusive jurisdiction to the designated court, preventing the invocation of other jurisdictions.
The main legal principle established in the judgment is that the court at the seat of arbitration has exclusive jurisdiction over all applications under Part I of the Arbitration and Conciliation Act....
The main legal point established in the judgment is that the designation of the seat of arbitration confers exclusive jurisdiction on the courts at that seat, influencing the court's decision on juri....
The main legal point established in the judgment is the significance of the seat of arbitration in conferring jurisdiction on Courts in arbitration proceedings.
The jurisdiction for appointing an arbitrator lies with the court where the principal agreement was executed, as per Section 11(6), despite a venue specified in an ancillary agreement.
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