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ASHUTOSH SHASTRI, J. C. DOSHI
SAPL STEEL LLP – Appellant
Versus
ABHYUDAY CO. OP. BANK LTD. – Respondent
ORDER :
1. We have heard learned advocate Mr. JF Mehta appearing for the appellant SAPL Steel LLP and learned advocate Mr. Bomi Sethna representing respondent No. 1 Abhyuday Cooperative Bank Limited on the issue of maintainability of this first appeal.
2. By way of this first appeal filed u/s 16 and 37 of the Arbitration and Conciliation Act, 1996 (in short “the Act”), the appellant assails orders passed below Exh.106 in Dispute No. 10 of 2019, whereby the learned Arbitrator partly allowed the application and restrained original defendant No. 6, their partners or assignee from transferring, alienating and encumbering the immovable property stated in the schedule in favour of third party and further restrained not to create right, title and interest of third party in regard to the said immovable property till final disposal of Dispute No. 10 of 2019.
3. Brief facts of the case are that the respondent No. 1 Bank advanced financial assistance of Rs.4 crore and odd amount for purchasing of the plant and machinery to respondent No. 2-partnership firm, respondent Nos.3 to 6 are the partners of the said firm and to secure the loan, the respondent No. 1 got various properties of respondent No
Power to refer parties to arbitration where there is an arbitration agreement - Application of any of the parties to the suit, withdraw such suit or application from the court before which it is pend....
Venue of arbitration does not equate to its jurisdictional seat; petitions under the Arbitration Act must be filed where arbitration took place, as established in prior Supreme Court rulings.
The main legal point established in the judgment is the interpretation of the Commercial Courts Act, 2015, especially Section 10(3), to determine the appellate jurisdiction for disputes arising from ....
Granting or refusing to grant any measure and set aside an arbitral award - No final adjudication of Section 9 application nor does impugned order finally decide same - Decision in application under ....
The Court emphasized the importance of pecuniary jurisdiction, the designation of the proper Court as per the arbitration clause, and the non-exclusivity of jurisdiction under the 1996 Act.
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