Back
Rajalaxmi Mckenna, Rep. by her Power Agent Mr. M. Amarnath, Director, Paterson & Co. Pvt. Ltd. – Appellant
Versus
Sankaran Raghunathan – Respondent
ORDER :
PRAYER: Original Petition filed under Section 11 (6) of Arbitration and Conciliation Act 1996, praying to appoint a Sole Arbitrator to resolve the dispute between the petitioner and the respondents with regard to the Put Option Agreement dated 10.10.2011.
1. This petition has been filed to appoint a Sole Arbitrator to resolve the dispute between the petitioner and the respondents with regard to the Put Option Agreement dated 10.10.2011.
2. The claim of the petitioner herein is that she has invested in National Schools of Business and Management Private Limited (hereinafter referred to as 'Company') on 07.10.2011, wherein, the first respondent herein is the promoter of the Company. As a consequences of the investment of the petitioner, she was allotted five units, each unit consists of 2,500 Equity shares of Rs.10/- each and 4,750, 15% compulsorily convertible cumulative preference share of Rs.100/- each. The company runs the National Management School, Chennai.
3. In pursuance of the investment, the petitioner entered into a “Put Option Agreement” with the first respondent on 10.10.2011 and as per the agreement, the option was to be exercised by the petitioner through prior wri
The court confirmed that the existence of an arbitration agreement is undisputed, and any claims regarding time-bar should be determined by the arbitral tribunal.
Point of law : Appointment Arbitrator - Arbitrator making necessary disclosures under Section 12(1) of the Act and not being ineligible under Section 12(5) of the Act.
An application under Section 11 for appointment of an arbitrator is time-barred if filed after three years from the refusal to appoint, with delays not justified.
Arbitration requests must be filed within three years of the cause of action; failure to act in time bars subsequent petitions.
The issue of limitation is a matter for the Arbitrator to decide, and disputes should be referred to the Arbitrator for resolution.
An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers
Please visit our Training & Support
Center or Contact Us for assistance
Scan Me!
India’s Legal research and Law Firm App, Download now!
For Daily Legal Updates, Join us on :
Back to top
