Surjeet Singh vs Suneet Finman Pvt. Ltd.

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IN THE HIGH COURT OF DELHI
Sanjeev Sachdeva, J.
Surjeet Singh - Appellant
Versus
Suneet Finman Pvt. Ltd. - Respondent
Arb.P. 388 of 2019
Decided On : 28-04-2022

Important Points

The court confirmed that disputes can be referred to arbitration with mutual consent under the Arbitration and Conciliation Act, ensuring adherence to procedural rules.

Subject

Arbitration - Arbitration Proceedings

Headnote

(A) Arbitration and Conciliation Act, 1996 - Section 12 - The court, with the consent of both parties, referred disputes arising from a loan agreement to the Delhi International Arbitration Centre for resolution - Both parties have agreed to arbitrate, subject to the DIAC's rules. (Paras 2-4)

(B) Arbitration Process - The appointment of the arbitrator and the charging of fees will be in accordance with the DIAC's prescribed schedule. (Paras 5-6)

Facts of the case:
The petitioner seeks arbitration for disputes arising from a loan agreement dated 09.08.2012. The respondent expressed no objection to referring the matter to arbitration.

Findings of Court:
The court referred the disputes to the DIAC for arbitration, consenting to the consultation of DIAC's rules and regulations.

Issues: The primary issue was whether to refer the disputes to arbitration and the procedural steps involved.

Ratio Decidendi: The court found that, with the consent of both parties, the referral to arbitration was appropriate and supported by the Arbitration and Conciliation Act.

Result: Petition disposed of.

JUDGMENT

Sanjeev Sachdeva, J. Petitioner seeks reference to arbitration the disputes emanating out of loan agreement dated 09.08.2012.

2. Learned counsel for the respondent submits that without prejudice to the rights and contentions and without prejudice to the rights of the respondent to raise a counter claim, he has no objection if this court refers the disputes to the Delhi International Arbitration Centre.

3. In view of the above and with the consent of the parties, the disputes are referred to the Delhi International Arbitration Centre (DIAC), which would appoint an arbitrator to arbitrate the disputes.

4. The arbitration shall take place under the aegis of the DIAC in accordance with its rules and regulations.

5. The arbitrator would be entitled to charge fees in accordance with the schedule of fee stipulated by the DIAC.

6. The arbitrator shall furnish the requisite disclosure under section 12 of the Arbitration and Conciliation Act, 1996 within two weeks of entering reference.

7. Petition is disposed of in the above terms.