Disposed

Sumit Bansal (Lr of Late Smt. Prem Bansal) v. R. G. Residency Pvt. Ltd.(through Resolution Profession (Rp) Mr. Rajeev Lochan & Anr.

Delhi HC20 Dec 2024O.M.P.(MISC.)(COMM.)/987/2024

Case brief

AI extract

What is this about?

Petition under Section 29A A&C Act sought extension of time for completion of arbitration after proceedings were kept in abeyance due to respondent no.1's pre-packaged insolvency resolution. Court extended time to complete arbitral proceedings and make award till 30.09.2025, subject to pending appeal.

What the court decided

AI extract

Sumit Bansal (Lr of Late Smt. Prem Bansal) Vs R. G… — Insolvency and Bankruptcy | Delhi HC (2024)

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$~74

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IN THE HIGH COURT OF DELHI AT NEW DELHI

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O.M.P.(MISC.)(COMM.) 987/2024 & I.A. 49135/2024 SUMIT BANSAL (LR OF LATE SMT. PREM BANSAL) .....Petitioner Through: Mr. Rameez Raja and Ms. Amandeep Kaur, Advocates.

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versus

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R. G. RESIDENCY PVT. LTD.(THROUGH RESOLUTION PROFESSION (RP) MR. RAJEEV LOCHAN & ANR.

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.....Respondents

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Through: Mr. Kumar Mihir, Advocate for R2.

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CORAM:

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HON'BLE MR. JUSTICE SACHIN DATTA

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O R D E R % 20.12.2024

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The present petition under Section 29A of the Arbitration and Conciliation Act, 1996 (hereinafter ‘the A&C Act’ ) seeks extension of time for completion of arbitral proceedings and making of arbitral award.

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The arbitral tribunal was constituted by this Court vide order dated 05.09.2022 in ARB. P. No. 915/2022. During the pendency of the arbitral proceedings, the respondent no.1 underwent Pre-Packaged Insolvency Resolution Process (PPIRP) under Chapter III-A of the Insolvency and Bankruptcy Code, 2016.In view thereof, the learned arbitrator vide order dated 25.05.2024 directed that the arbitral proceedings shall be kept in abeyance. On an appeal filed by the petitioner, vide order dated 03.12.2024 passed by the learned District Judge (Commercial) South District, Saket Courts, New Delhi, it was directed as under:-

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“Therefore, keeping in view the totality of facts and circumstances, the present appeal as moved is allowed and the order of Ld. Arbitrator to the extent of relief of keeping the proceedings in abeyance qua Respondent

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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 24/12/2024 at 11:55:46

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no. 2 is hereby set aside with directions to the arbitrator to proceed further with the proceedings on merits against this Respondent no. 2.”

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Although an appeal has been filed by the respondent no.2 against the aforesaid order dated 03.12.2024, the continuation of the arbitral proceedings has not been interdicted. In any event, in these present proceedings, this Court is only concerned with the issue whether an appropriate extension of time is to be granted for completion of the arbitral proceedings.The legal objections of the respondent no.2 as regards continuation of the proceedings shall necessarily be considered in the appeal filed by the respondent no.2 against the order dated 03.12.2024.

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In the circumstances, the time period for extension of time for completion of arbitral proceedings and making of the arbitral award is extended till 30.09.2025. Needless to say, the same shall remain subject to the outcome of the appeal stated to have been filed by the respondent no.2 against the order dated 03.12.2024.

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The present petition is disposed of in the above terms. Pending application also stands disposed of.

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SACHIN DATTA, J

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DECEMBER 20, 2024/ at

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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 24/12/2024 at 11:55:46

Sumit Bansal (Lr of Late Smt. Prem Bansal) v. R. G. Residency Pvt. Ltd.(through Resolution Profession (Rp) Mr. Rajeev Lochan & Anr.

Case brief

What is this about?

What the court decided

Sumit Bansal (Lr of Late Smt. Prem Bansal) v. R. G. Residency Pvt. Ltd.(through Resolution Profession (Rp) Mr. Rajeev Lochan & Anr.

Case brief

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