Partly allowed

Religare Finvest Limited v. M/S Marubhumi Dealers Pvt. Ltd.

Delhi HC30 Sept 2024O.M.P.(MISC.)(COMM.)/766/2024

Case brief

AI extract

What is this about?

The Delhi High Court extended the mandate of the sole arbitrator in five arbitration proceedings involving Religare Finvest Limited against party-respondents. The extension was granted until January 18, 2025, allowing the arbitrator to prepare and pronounce the final award.

What did the court decide?

Extension of the mandate of the sole arbitrator until January 18, 2025, to pronounce the final award.

Religare Finvest Limited Vs M/S Marubhumi Dealers Pvt. Ltd. — Arbitration | Delhi HC (2024)

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$~40 to 44

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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- O.M.P.(MISC.)(COMM.) 766/2024 RELIGARE FINVEST LIMITED .....Petitioner

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Through: Ms Mudrakshi, Advocate.

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versus

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M/S MARUBHUMI DEALERS PVT. LTD. .....Respondent Through:

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O.M.P.(MISC.)(COMM.) 767/2024 (41) RELIGARE FINVEST LIMITED .....Petitioner

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Through: Ms Mudrakshi, Advocate.

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versus

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M/S KALYANI BARTER PVT. LTD. .....Respondent Through:

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O.M.P.(MISC.)(COMM.) 768/2024 (42) RELIGARE FINVEST LIMITED .....Petitioner

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Through: Ms Mudrakshi, Advocate.

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versus

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M/S YUTHIKA COMMERCIAL PVT. LTD. .....Respondent Through:

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- O.M.P.(MISC.)(COMM.) 769/2024 (43) RELIGARE FINVEST LIMITED .....Petitioner

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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 05/10/2024 at 10:51:36

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Through: Ms Mudrakshi, Advocate.

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versus

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M/S PRANIDHI COMMERCE PVT. LTD. .....Respondent Through:

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O.M.P.(MISC.)(COMM.) 770/2024

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(44) RELIGARE FINVEST LIMITED .....Petitioner

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Through: Ms Mudrakshi, Advocate.

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versus

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M/S PLUS CORPORATE VENTURES PVT. LTD. .....Respondent Through:

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CORAM:

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HON'BLE MR. JUSTICE SUBRAMONIUM PRASAD

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O R D E R % 30.09.2024

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These Petitions under Section 29A(5) of the Arbitration and Conciliation Act, 1996, read with Section 7 of the Commercial Courts Act, 2015, have been filed by the Petitioner for extending the mandate of the sole arbitrator in the Arbitration proceedings which are going on between the parties.

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Material on record indicates that Plaintiff invoked Clause 7.2 of the Loan Agreement entered into between the parties and appointed Hon'ble Mr. Justice M. L. Varma (Former Judge, Delhi High Court) as the Sole Arbitrator to adjudicate the disputes which have arisen between the parties on 17.11.2014. It is stated that on 05.12.2014 notice in the Arbitration

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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 05/10/2024 at 10:51:36

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Proceedings was issued by the learned Sole Arbitrator. However, the arbitration proceedings could not be concluded till 2023 and the Petitioner herein filed O.M.P (T) (COMM.) 63/2023 seeking termination of the mandate of the Sole Arbitrator. However, this Court vide Order dated 11.09.2023 directed the arbitration proceedings to be concluded by 18.09.2024.

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It is stated that pursuant to the Order passed by this Court in O.M.P (T) (COMM.) 63/2023 the arbitral proceedings have resumed and arguments have been concluded on 15.07.2024. However, the arbitral award is yet to be passed. It is stated that the learned Sole Arbitrator has informed the parties that it would require an additional three months’ time to prepare the final award.

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In the facts and circumstance of this case, this Court is inclined to extend the mandate of the Arbitral Tribunal till 18.01.2025 so that the award can be pronounced and no further extension of time would be required by the Tribunal.

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The Petitions are disposed of, along with the pending applications, if any.

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SUBRAMONIUM PRASAD, J

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SEPTEMBER 30, 2024 Rahul

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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 05/10/2024 at 10:51:36

Religare Finvest Limited v. M/S Marubhumi Dealers Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Religare Finvest Limited v. M/S Marubhumi Dealers Pvt. Ltd.

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

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