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C. SARAVANAN
IndulsInd Bank Limited, Represented by its Authorised Representative – Appellant
Versus
Karttik Mishra – Respondent
JUDGMENT
(Prayer: Original Petition is filed under Section 11(6)(a) and (c) of the Arbitration and Conciliation (Amendment) Act, 2015 read with Rule 2 of the Appointment of Arbitrators of Madras High Court Scheme, 1996, praying for appointment of a Sole Arbitrator to resolve the disputes between the petitioner and the respondents in terms of Clause 23 of the Loan Agreement No.OCL00846C dated 06.07.2018.)
1. The dispute between the petitioner and the respondents is arbitrable in terms of the Loan Agreement dated 06.07.2018.
2. Despite notice being taken out on the respondents, the respondents have failed to enter appearance either in person or through a counsel.
3. The first respondent is the borrower and the second respondent is the co-borrower who appeared to have defaulted in repaying the loan under the aforesaid Loan Agreement dated 06.07.2018. The petitioner has also issued notice under Section 21 of the Arbitration and Conciliation Act, 1996 to the respondents as early as 28.12.2022.
4. In fact, an Arbitrator was also appointed and he has recused himself based on the objections raised by the respondents.
5. Considering the fact that the respondents have failed to pay the loan amount
The court has the authority to appoint a Sole Arbitrator when the respondents fail to appear in an arbitrable dispute.
Appointment of Sole Arbitrator and Compliance with Arbitration and Conciliation Act, 1996
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 main legal point established in the judgment is the arbitrability of the dispute under the loan agreement and the court's direction to conduct the arbitration proceedings in accordance with the a....
Arbitration agreements are binding, and disputes must be resolved through appointed arbitrators as per the agreed terms.
Compliance with arbitration agreement is essential before approaching the court for appointing an arbitrator.
The main legal point established in the judgment is the court's authority to appoint an Arbitrator under Section 11 of the Arbitration and Conciliation Act when there is a valid Arbitration Clause an....
The court grants an application for the appointment of a sole arbitrator under Section 11 of the Arbitration and Conciliation Act, 1996, when a valid arbitration agreement exists and the respondent r....
The court's decision was based on the default in loan payment and the satisfaction of the necessary conditions for the exercise of jurisdiction under Sec. 11(5) of the Arbitration and Conciliation Ac....
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