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DELHI HIGH COURT
SURESH KUMAR KAIT
Tata Capital Financial Services Ltd. – Appellant
Versus
Focus Imaging Research Centre Pvt. Ltd. – Respondent
| Table of Content |
|---|
| 1. factual background of loan agreement and defaults. (Para 1 , 2) |
| 2. arguments surrounding arbitration invocation and prior proceedings. (Para 3 , 4) |
| 3. consent of parties to arbitration process. (Para 5 , 6) |
| 4. appointment and responsibilities of the arbitrator. (Para 7 , 8 , 9) |
| 5. conclusion of the petition. (Para 10) |
1. The present petition has been filed by the petitioner under Section 11 of the Arbitration and Conciliation Act, 1996 seeking appointment of Arbitrator for adjudication of disputes with respondent.
2. Petitioner-Tata Capital Financial Services Ltd. claims to be engaged in the business of financing as a NBFC, interalia, Business Loans Against Properties, Personal Loans, Vehicle Loans etc. According to petitioner, respondents as Borrower &Co-borrowers respectively applied and availed financial assistance as a Business Loan from petitioner and based on the representations and documents presented by respondents, petitioner approved, sanctioned and disbursed a business loan amounting to Rs.60,00,000/- (Rupees Sixty Lakhs Only) vide Loan Loan Cum-Guarantee TCFBL0386000010050327 dated 12.04.2018. The said loan was repayble with interest @
Parties can consent to arbitration of disputes, allowing the court to appoint an arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996.
The central legal point established in the judgment is the appointment of a sole arbitrator to adjudicate disputed business loan disputes under the Arbitration and Conciliation Act, 1996.
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.
Parties must exhaust agreed institutional arbitrator appointment procedure before seeking court intervention under Section 11(6).
Appointment of Sole Arbitrator and Compliance with Arbitration and Conciliation Act, 1996
The court confirmed that arbitration is appropriate for resolving disputes arising from contractual agreements when parties fail to comply with repayment terms.
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