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DELHI HIGH COURT
SURESH KUMAR KAIT
Seetha Kumari – Appellant
Versus
Bajaj Finance Limited – Respondent
| Table of Content |
|---|
| 1. petition filed for arbitrator appointment under arbitration act. (Para 1 , 2) |
| 2. petitioner maintains margin during loan, disputes lender's sale of securities. (Para 3 , 4) |
| 3. petitioner invoked arbitration; respondent concedes disputes are arbitrable. (Para 5 , 6) |
| 4. court appoints arbitrator due to mutual consent. (Para 7 , 8 , 9 , 10) |
| 5. petition disposed and arbitrator appointed. (Para 11) |
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-Seetha Kumar claims to be engaged in a borrower-lender relationship with the respondent since 2015. Petitioner had availed Loan Against Securities from respondent between 2015 to 2018 which came to be paid off in full. Around September 2018, petitioner further availed loan against securities for an amount of Rs.10 crores for the period of 24 months. Petitioner was granted additional loan of Rs.10 crore for a period of 24 months vide letter dated 02.05.2019 and Loan cum Pledge cum Guarantee Agreement dated 03.05.2019. Accordingly, the total sanctione
The court recognized the parties' consent to arbitration, allowing for the appointment of an arbitrator under the Arbitration and Conciliation Act, 1996, to resolve the dispute over the loan agreemen....
Appoints the sole Arbitrator to adjudicate the dispute between the parties. Arbitrator shall decide the fee after consultation with the parties.
The court affirmed that parties can consent to arbitration, and disputes arising from a loan agreement are valid for arbitration under the Arbitration and Conciliation Act, 1996.
Appointment of Sole Arbitrator and Compliance with 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.
The court has the authority to appoint a Sole Arbitrator when the respondents fail to appear in an arbitrable dispute.
The main legal point established is the court's authority to appoint a sole arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996.
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