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DELHI HIGH COURT
SURESH KUMAR KAIT
Incred Financial Services Ltd. – Appellant
Versus
Shree Kamakshi Motors – Respondent
| Table of Content |
|---|
| 1. petitioner seeks arbitration for loan disputes. (Para 1 , 2 , 3 , 4) |
| 2. parties agree on arbitration being appropriate. (Para 5 , 6) |
| 3. court appoints arbitrator and sets process. (Para 7 , 8 , 9 , 10) |
| 4. petition is disposed in favor of arbitration. (Para 11) |
1. The present petition has been filed by the petitioner under Section 11 (6) of the Arbitration and Conciliation Act, 1996 seeking appointment of Arbitrator for adjudication of disputes with respondents.
2. Petitioner-M/s InCred Financial Services Ltd. claims to be is providing various type of finance facility to its numerous customer/borrower. Petitioner claims that in the course of business, respondent No.1 through respondents No.2 & 3 approached the petitioner for obtaining Working Capital Channel Finance of Rs.1,00,00,000/- (Rupees One Crore only) and Working Capital Term Loan of Rs.50,00,000/- (Rupees Fifty Lacs only) and relying on the requests of the respondents, the petitioner vide letter dated 30.04.2018 sanctioned total limit of Rs.1,00,00,000/-. In addition, extension of Working Capital Finance of Rs.1,00,00,000/- was executed through Addendum Sanction by Petitioner for the sum o
Parties consented to refer their disputes to arbitration, leading to the court's appointment of an independent arbitrator, adhering to the arbitration agreement.
Appointed the sole Arbitrator to adjudicate the dispute between the parties.
The main legal point established in the judgment is the court's authority to refer disputes to arbitration when both parties have invoked the arbitration clause and there are admitted arbitral disput....
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 confirmed that arbitration is appropriate for resolving disputes arising from contractual agreements when parties fail to comply with repayment terms.
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