Allowed

PNB Housing Finance Limited v. Kishor Bhagwan Tarwade & Anr.

Delhi HC12 Feb 2018O.M.P.(I) (COMM.)/478/2017

Case brief

AI extract

What is this about?

The Delhi High Court, in an Order dated February 12, 2018, allowed a petition under Section 9 of the Arbitration and Conciliation Act, 1996. The petitioner sought interim restraint on respondents from disposing of mortgaged property. As respondents failed to appear despite service, the court granted the restraint till adjudication through arbitral proceedings.

What did the court decide?

Restrained respondents from disposing of, selling, alienating, transferring, or creating any encumbrance, charge or third party interest in the mortgaged property till arbitral proceedings are conclud

PNB Housing Finance Limited Vs Kishor Bhagwan Tarwade & Anr. — Arbitration | Delhi HC (2018)

¶1

$~23

¶2

IN THE HIGH COURT OF DELHI AT NEW DELHI

¶3

O.M.P.(I) (COMM.) 478/2017 PNB HOUSING FINANCE LIMITED

¶4

..... Petitioner Through : Mr.Nishant Maidasani, Advocate.

¶5

versus

¶6

KISHOR BHAGWAN TARWADE & ANR.

¶7

..... Respondents Through : None.

¶8

CORAM: HON'BLE MR. JUSTICE YOGESH KHANNA

¶9

O R D E R

¶10

% 12.02.2018

¶11

Per proof of delivery both the respondents have been duly served through speed post. None appears on their behalf.

¶12

The petitioner granted a loan to the respondents for the sum of Rs.2,85,35,000/- per ‘loan against property’ policy vide agreement Nos.HOU/PUN/1015/245675 and HOU/PUN/1215/258694 both dated 31.12.2015 and 28.03.2016 respectively against the equitable mortgage of immovable property bearing Plot No. 20, Ground and First Floor, Sr. No 569/2 & 569/4 CTS no3206, Dhawalgiri Co Operative Society, Near Todkar Garden Kondhwa Road, Bibwewadi, Pune, Maharashtra-411037. The said sum was disbursed to the respondent against said property as a security. The respondents did not adhere to the repayment schedule and failed to pay the installments in time. Clause No.10.8 of the agreement contains the arbitration clause between the parties and it notes as under:-

¶13

“ 10.8 Arbitration

¶14

Any and all disputes, claims, differences arising out of or in connection with the Loan Documents and or the performance of the Loan Documents shall be settled by arbitration to be referred to a sole arbitrator to be appointed by the PNBHFL and the award, thereupon, shall be binding upon the Parties. The place of arbitration shall be in Delhi or any other place as arbitrator may decide and shall be in accordance with the provisions of the Arbitration and Conciliation Act, 1996 and any statutory amendments thereof. The proceeding of Arbitration Tribunal shall be conducted in English language. Each party has to bear cost of representing its case before the Arbitrator. The cost of arbitration, including fees and expenses of the arbitrator, shall be shared equally by the Parties, unless the award otherwise provides.

¶15

Subject to this Article herein, the Borrower(s) further agrees that all claims, difference and disputes, arising out of or in relation to dealings/transaction made in pursuant to the Loan Documents including any question of whether such dealings, transaction have been entered into or not, shall be subject to the exclusive jurisdiction of the courts at Delhi only.”

¶16

Vide this petition under Section 9 of the Arbitration and Conciliation Act, 1996 the petitioner has sought directions against the respondent thereby restraining them from disposing of, selling, alienating, transferring or creating any encumbrance, charge or third

¶17

party interest in any manner, whatsoever, in respect of above said property till the matter is adjudicated through arbitral proceedings.

¶18

Since respondent have failed to appear despite service, the petition is allowed and till the matter is adjudicated finally through arbitral proceedings, the respondents are hereby restrained from disposing of, selling, alienating, transferring or creating any encumbrance, charge or third party interest in any manner, whatsoever, in respect of above said property.

¶19

The petition stands disposed of. Order dasti .

¶20

YOGESH KHANNA, J

¶21

FEBRUARY 12, 2018 M

PNB Housing Finance Limited v. Kishor Bhagwan Tarwade & Anr.

Case brief

What is this about?

What did the court decide?

PNB Housing Finance Limited v. Kishor Bhagwan Tarwade & Anr.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Issues for consideration

Statutes considered

Parties & counsel

Coram

Case details

Similar cases

Sumer Arora Vs Manoj Kumar & Anr.

M/S Prestress Wire Industries Vs M/S Uppal Builders Pvt. Ltd.

Indiabulls Financial Services Ltd. Vs Broadband India Ltd.

PNB Housing Finance Limited Vs Kishor Bhagwan Tarwade & Ors.

Naveen Constructions Vs Union of India

S.E. Investments Ltd. Vs Seshraj Enterprises Pvt. Ltd. & Ors.