Loan recovery dispute where the borrower defaulted on a loan secured by a Gwalior property. The Court found an arbitration clause in the Loan Agreement and appointed Ms. Nikita Dewan as Sole Arbitrator, with proceedings under DIAC rules; all contentions left open for the arbitrator.
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INDIABULLS HOUSING FINANCE LTD. .....Petitioner
Through: Mr. Raghav Khanna, Mr. Siddharth Nayak, Mr. Vibhu Tripathi, Advocates.
versus
MR. BIJU MON AND ORS. .....Respondents Through: Mr. Anubhav Anand Pandey, Advocate for Respondent No.1 Mr. Bijo Mathew Joy and Ms. Gifty Mariam Joseph, Advocates.
CORAM: HON'BLE MR. JUSTICE SUBRAMONIUM PRASAD
O R D E R % 18.12.2024
Page 1 of 3
ARB.P. 1411/2024
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 20/12/2024 at 12:42:44
payable. It is stated that a notice under Section 21 of the Arbitration and Conciliation Act, 1996 invoking arbitration was sent to the Respondents on 02.05.2024. Since the Respondents did not proceed with the matter, the Petitioner has, therefore, approached this Court by filing the present petition for appointment of an Arbitrator.
“ARTICLE 11 – ARBITRATION:
That the Borrower and IHFL agree that agreement shall be construed in accordance with the laws in force in India and in the event that any dispute or difference, arise on any matter relating to arising out of the present agreement, the same shall be referred to the Sole Arbitration of an arbitrator to be appointed by IHFL whose decision shall be final and binding upon the parties. The sole Arbitrator shall conduct the arbitration proceedings in New Delhi/Delhi. It is also mutually agreed between the parties that IHFL would be entitled to invoke the present arbitration agreement even after IHFL would have recalled the Loan/terminated the contract, for any reason whatsoever. It is also agreed between the parties that the arbitration proceedings would be conducted in English only and in no other language.”
Page 2 of 3
ARB.P. 1411/2024
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 20/12/2024 at 12:42:44
SUBRAMONIUM PRASAD, J
DECEMBER 18, 2024 S. Zakir
Page 3 of 3
ARB.P. 1411/2024
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 20/12/2024 at 12:42:44
1 issue framed by the court
Whether an Arbitrator should be appointed under Section 11(6) to adjudicate disputes arising from a Loan Agreement containing an arbitration clause.
3 provisions across 1 enactments
Indiabulls Housing Finance Ltd.
Mr. Biju Mon
Respondent Nos. 2 and 3
Subramonium Prasad
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
