Disposed

Moneywise Financial Services Pvt. Ltd. v. English Premium through Its Partners and Ors.

Delhi HC7 Oct 2024ARB.P./1086/2024

Case brief

AI extract

What is this about?

Section 11 petition seeking appointment of a sole arbitrator over disputes from an unsecured loan of Rs. 15 lakh advanced under a Master Loan Agreement with an arbitration clause. Respondents were served by e-mail but did not appear. The court appointed a sole arbitrator and referred the dispute to DIAC.

What did the court decide?

Sole arbitrator (Mr. Annirudh Sharma) appointed; arbitration to be held under DIAC aegis per DIAC Rules 2018; parties to approach arbitrator within two weeks.

Moneywise Financial Services Pvt. Ltd. Vs English Premium through… — Arbitration | Delhi HC (2024)

¶1

$~14

¶2

IN THE HIGH COURT OF DELHI AT NEW DELHI

¶3

- ARB.P. 1086/2024

¶4

MONEYWISE FINANCIAL SERVICES PVT LTD.....Petitioner

¶5

Through: Ms. Mehvish Khan, Mr. Aman Choudhary, Advs.

¶6

versus

¶7

ENGLISH PREMIUM THROUGH ITS PARTNERS AND ORS

¶8

.....Respondent

¶9

Through:

¶10

CORAM: HON'BLE MR. JUSTICE JASMEET SINGH

¶11

O R D E R % 07.10.2024

¶12

This is a petition filed under Section 11 of the Arbitration and Conciliation Act, 1996 seeking appointment of a Sole Arbitrator.

¶13

The parties entered into a Master Loan Agreement dated 13.03.2019, wherein the petitioner had advanced unsecured loan of Rs. 15,00,000/- to the respondents. The loan was to be repaid in 36 instalments.

¶14

Respondent No. 1 was the principal borrower and respondent Nos. 2-4 are the partners/co-borrowers.

¶15

Since the respondent defaulted in making payment, the petitioner issued loan recall/termination notice dated 11.01.2021.

¶16

The arbitration clause is Clause 10.1 of the Master Loan Agreement, which reads as under:-

¶17

“10.1 Arbitration

¶18

Any disputes, differences, controversies and questions directly or indirectly arising at any time hereafter between the Parties or

¶19

This is a digitally signed order. The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 01/07/2025 at 23:55:51

¶20

their respective representatives or assigns, arising out of or in connection with this Agreement (or the subject matter of this Agreement), including, without limitation, any question regarding its existence, validity, interpretation, construction, performance, enforcement, rights and liabilities of the Parties, or termination ("Dispute"), shall be referred to a sole arbitrator duly appointed by the Lender. The language of the arbitration shall be English. The seat of the arbitration shall be at New Delhi and the language of proceedings shall be English. The award rendered shall be in writing and shall set out the reasons for the arbitrator's decision. The costs and expenses of the arbitration shall be borne equally by each Party, with each Party paying for its own fees and costs including attorney fees, except as may be determined by the arbitration tribunal. Any award by the arbitration tribunal shall be final and binding.”

¶21

The petitioner issued legal notice under Section 21 of the Arbitration and Conciliation Act, 1996 on 15.06.2024.

¶22

As per Schedule I of the Master Loan Agreement, the e-mail ID of respondent Nos. 1 and 2 is [email protected]. The e-mail ID of respondent Nos. 3 and 4 is [email protected].

¶23

As per the affidavit of service, the respondents have been served at the above said e-mail addresses. Despite service, there is no appearance on behalf of the respondents.

¶24

For the said reasons, the petition is allowed and the following directions are issued:-

¶25

i) Mr. Annirudh Sharma (Adv.) (Mob. No. 9999080715) is appointed as a Sole Arbitrator to adjudicate the disputes between the parties.

¶26

ii) The arbitration will be held under the aegis of the Delhi

¶27

¶28

International Arbitration Centre, Delhi High Court, Sher Shah Road, New Delhi (hereinafter, referred to as the ‘DIAC’).

¶29

iii) The remuneration of the learned Arbitrator shall be in terms of DIAC (Administrative Cost and Arbitrators’ Fees) Rules, 2018. iv) The learned Arbitrator is requested to furnish a declaration in terms of Section 12 of the Act prior to entering into the reference.

¶30

v) It is made clear that all the rights and contentions of the parties, including as to the arbitrability of any of the claim, any other preliminary objection, as well as claims/counter-claims and merits of the dispute of either of the parties, are left open for adjudication by the learned arbitrator.

¶31

vi) The parties shall approach the learned Arbitrator within two weeks from today.

¶32

The petition, along with pending applications, if any, is disposed of.

¶33

JASMEET SINGH, J

¶34

OCTOBER 7, 2024/NG

¶35

This is a digitally signed order.

¶36

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 01/07/2025 at 23:55:51

Moneywise Financial Services Pvt. Ltd. v. English Premium through Its Partners and Ors.

Case brief

What is this about?

What did the court decide?

Moneywise Financial Services Pvt. Ltd. v. English Premium through Its Partners and Ors.

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

Miglani Management Services Private Limited Vs K-Nine Writing Systems Private Limited

Vinay Bareja & Anr. Vs Everlong Brands Pvt. Ltd.

Dimple Gupta Vs Ms Wtc Faridabad Infrastructure Development Pvt. Ltd.

M/S Samsung India Electronics Private Limited Vs Ramesh B. M Proprietor M/S Sri Guru Telecommunications

Radico Khaitan Limited Vs Shiv Kumar

M/S Annapurna Electric World Vs M/S Hero Electric Vehicles Private Limited