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DELHI HIGH COURT
SURESH KUMAR KAIT
Sunil Bansilal Raisoni – Appellant
Versus
Bajaj Finserv/Bajaj Finance Limited – Respondent
The hearing has been conducted through video conferencing.
1. The present petition has been filed under Sections 11(6) of the Arbitration and Conciliation Act, 1996 seeking appointment of sole Arbitrator to adjudicate the disputes inter-se the parties in furtherance of the loan agreement dated 06.07.2015.
2. Petitioners are Directors of the company-M/s Raisoni Ventures Pvt. Ltd. and carrying various businesses and other related activities. Petitioners no.1 is the borrower of the Finance Company known as `Bajaj FinServ' and petitioner no.2 is an additional security provider to the loan sanctioned by respondent no.1.
3. According to the petitioners, respondent no.1 is the Bajaj FinServ Finance Company registered under the provisions of Companies Act and is engaged in the business of money lending. Respondent no.2 is the managing director of respondent no.1 and looking after day to day affairs of the company.
4. Pertinently, petitioners are inter alia involved in various businesses like residential and commercial construction and government contracting. Petitioner no.1 had intended and availed a loan of Rs.15 crores against the security worth Rs.30 crores by ex
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.
The court emphasized the arbitrability of the disputes and the appointment of an independent arbitrator to consider all issues raised by the parties.
The court confirmed the arbitrability of disputes arising from contractual breaches and appointed a sole Arbitrator as per the Arbitration and Conciliation Act, 1996, ensuring all matters remain open....
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 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....
The court upheld the authority to appoint a sole Arbitrator under Section 11(6)(a) of the Arbitration and Conciliation Act when parties fail to fulfill obligations, ensuring compliance with arbitrati....
The existence of an arbitration clause in an agreement, the arbitrability of disputes, and the fulfillment of necessary ingredients for the appointment of an arbitrator under the Arbitration Act are ....
Appointment of Sole Arbitrator and Compliance with Arbitration and Conciliation Act, 1996
The court's power to appoint a sole arbitrator under Section 11(6)(a) of the Arbitration and Conciliation Act, 1996 and the importance of compliance with Section 12 of the Act before commencing arbit....
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