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IN THE HIGH COURT OF DELHI AT NEW DELHI
JYOTI SINGH, J
RAGHVENDRA SINGHANIA & ORS. – Appellant
Versus
BAJAJ FINANCE LIMITED & ORS. – Respondent
| Table of Content |
|---|
| 1. challenge to arbitral award based on context of arbitration clause. (Para 2 , 3) |
| 2. details on the invocation of default and subsequent actions taken by parties. (Para 4 , 5 , 6 , 7) |
| 3. petitioners' arguments on the appointment of arbitrator and related legal rights. (Para 10 , 11 , 12 , 13 , 14) |
| 4. court's observations on the validity of the arbitrator's appointment. (Para 30 , 31 , 32) |
| 5. final judgment on the legality of the pledged securities sale. (Para 49 , 50 , 51) |
2. Factual matrix to the extent necessary and as set forth in the petition is that Petitioner No.1 is a high net worth individual with credit worthiness and is engaged in business of investment through advisory services in wealth management. Respondent No.1 is a Non-Banking Financial Institution incorporated under the Companies Act, 1956. Petitioner No.1 approached Respondent No.1 for obtaining a loan of Rs.3 crores which was sanctioned vide letter dated 23.01.2020 against securities, making it a Loan Against Securities (‘LAS’).
3. Pursuant to the sanction letter dated 23.01.2020, Petitioner No.1 and Respondent No.1 entered into a Loan-cum-Pledge-cum-Guarantee Agreement (‘Loan Agreement’), whereby Pet
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