ARB.P. 1317/2022 Page 1 of 28

$~

*

IN THE HIGH COURT OF DELHI AT NEW DELHI

%

+

ARB.P. 1317/2022 and I.A. No. 19286/2022

AMIT GUGLANI & ANR.

..... Petitioners

Through:

Mr.

Manohar

Lal

and

Mr. Chaitanya Rohilla, Advocates.

versus

L AND T HOUSING FINANCE LTD. THROUGH-

MANAGING DIRECTOR & ANR.

..... Respondents

Through:

Ms. Taru Saxena, Advocate for

R-1.

Ms. Manmeet Kaur, Mr. Gurtejpal Singh,

Ms. Suditi Batra and Ms. Gaurangi Khanna,

Advocates for R-2.

CORAM:

HON'BLE MS. JUSTICE JYOTI SINGH

JUDGEMENT

JYOTI SINGH, J.

1.

This petition has been filed under Section 11(6) of the

Arbitration and Conciliation Act, 1996 (hereinafter referred to as ‘the

Act’) for appointment of a sole Arbitrator in accordance with Clause

27 of the Tripartite Agreement dated 24.10.2018.

2.

Facts to the extent necessary and captured in the petition are

that Respondent No.1/L&T Housing Finance Ltd./Lender is a

company registered under the Companies Act, 1956 and is in the

business of advancing finance in different categories such as home

loans, auto loans, micro loans. Under the Scheme of Amalgamation by

way of merger by absorption approved by NCLT, Mumbai and NCLT,

Digitally Signed By:KAUSHAL

KUMAR SACHDEVA

Signing Date:25.08.2023

21:17:46

Signature Not Verified

ARB.P. 1317/2022 Page 2 of 28

Kolkata, Respondent No.1 has merged with L&T Finance Ltd. w.e.f.

12.04.2021. Respondent No.2/Raheja Developers Ltd./Developer is

also a company incorporated under the Companies Act, 1956 and is in

the business of real estate and construction.

3.

Respondent No.2 is constructing a residential real estate project

being ‘Raheja Vanya’ project situated at Sector-99A, Gurgaon and

had started booking and inviting applications for allotment by sale of

residential units/flats in the project with various payment options.

Petitioners approached Respondent No.2 for booking of a unit and

were offered the construction linked option, after which Petitioners

approached Respondent No.1 for loan of Rs.67 lakhs towards payment

of sale/purchase consideration in respect of residential unit/flat

bearing No.B-052. Loan was availed under a special scheme and the

terms and conditions of the loan were incorporated as a part of the

Tripartite Agreement dated 24.10.2018, executed at Delhi between the

Petitioners, Respondent No.1 and Respondent No.2.

4.

It is stated that Petitioners agreed to secure the finance by

mortgaging all rights, title and benefits accruing from the unit with

Respondent No.1 during the currency and term of the loan advanced

by Respondent No.1. Respondent No.2 agreed and confirmed that it

shall not create third party rights in the mortgaged unit, without prior

written consent/permission of Respondent No.1. A separate Home

Loan Agreement (hereinafter referred to as the ‘Loan Agreement’)

was entered into and executed between the Petitioner and Respondent

No.1 on 17.01.2019.

5.

Based on the Tripartite Agreement dated 24.10.2018,

Respondent No.1 sanctioned and disbursed the loan to the Petitioners

vide letter dated 17.01.2019 as per the Loan Agreement bearing No.

Digitally Signed By:KAUSHAL

KUMAR SACHDEVA

Signing Date:25.08.2023

21:17:46

Signature Not Verified

ARB.P. 1317/2022 Page 3 of 28

H17500161118071816, with the following terms :-

05.

BPLR

17.75% per annum

6.

It was agreed between the Petitioners and Respondent No.2 that

pre-EMIs shall be paid by Respondent No.2 for a maximum period of

48 months and Respondent No.1 shall deduct the pre-EMIs for the

Digitally Signed By:KAUSHAL

KUMAR SACHDEVA

Signing Date:25.08.2023

21:17:46

Signature Not Verified

ARB.P. 1317/2022