Disposed

Moneywise Financial Services Pvt. Ltd. v. Anil Arora and Another

Delhi HC21 Oct 2024ARB.P./1363/2024

Case brief

AI extract

What is this about?

This order concerns a petition under Section 11 of the Arbitration and Conciliation Act seeking an arbitrator. The petitioner was permitted to withdraw the petition with liberty to file a fresh one if required after insolvency proceedings concluded. The petition was disposed of as withdrawn.

What did the court decide?

Permission granted to withdraw petition with liberty to file fresh petition post-IBC proceedings; petition disposed of as withdrawn.

Moneywise Financial Services Pvt. Ltd. Vs Anil Arora… — Insolvency and Bankruptcy | Delhi HC (2024)

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$~9

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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- ARB.P. 1363/2024

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MONEYWISE FINANCIAL SERVICES PVT LTD .....Petitioner

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Through: Ms. Mehvish Khan and Mr. Aman Choudhary, Advocates.

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versus

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ANIL ARORA AND ANOTHER .....Respondents Through: Mr. Prateek Gupta and Mr. Raghav Tiwari, Advocates.

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CORAM:

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HON'BLE MR. JUSTICE SUBRAMONIUM PRASAD

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O R D E R

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% 21.10.2024

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The present petition has been filed under Section 11 of the Arbitration and Conciliation Act, 1996 by the Petitioner seeking appointment of an Arbitrator to adjudicate upon the disputes which have arisen between the parties under the Loan Agreement dated 19.07.2018 entered into between the parties.

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Material on record indicates that the principal borrower is under liquidation and, therefore, the present petition has been filed against the Respondents who were the co-borrowers.

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Learned Counsel appearing for the Respondents submits that applications under Section 95 of the Insolvency and Bankruptcy Code, 2016 (IBC) was filed against the Respondents and vide Order dated 24.09.2024, the then NCLT, Allahabad Bench admitted the applications. He further draws attention of this Court to Section 96 of IBC which provides for a

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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 25/10/2024 at 14:19:50

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moratorium period during which all legal action and proceedings shall remain stayed.

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Confronted with this, learned Counsel appearing for the Petitioner seeks permission to withdraw the present petition with liberty to approach this Court by filing a fresh petition, if required, after the proceedings under the IBC comes to an end.

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Permission and liberty, as sought for, are granted.

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The petition is disposed of as withdrawn, along with pending application(s), if any.

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SUBRAMONIUM PRASAD, J

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OCTOBER 21, 2024 S. Zakir

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This is a digitally signed order.

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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 25/10/2024 at 14:19:50

Moneywise Financial Services Pvt. Ltd. v. Anil Arora and Another

Case brief

What is this about?

What did the court decide?

Moneywise Financial Services Pvt. Ltd. v. Anil Arora and Another

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

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