Axis Finance Limited v. Nachiket Subhash Bari

O R D E R %

08.11.2024

¶1The Petitioner has approached this Court under Section 11(6) of the Arbitration and Conciliation Act, 1996 seeking appointment of an Arbitrator to adjudicate the disputes between the parties.

¶2It is stated that the Respondent had availed the financial assistance/loan from the Petitioner. It is stated that a Loan Agreement dated

30.08.2021 was executed between the parties.

¶3It is stated that since the Respondent defaulted in repayment of the loan amount and interest thereon, the Petitioner invoked the arbitration as provided under Clause 14 of the Loan Agreement and issued a notice dated

05.02.2024 under Section 21 of the Arbitration and Conciliation Act, 1996.

¶4It is stated that since the Respondent has not replied to the said notice, the Petitioner has approached this Court by filing the instant petition for appointment of an Arbitrator.

¶5Accordingly, Mr. Pritish Sabharwal, Adv. (Mob. No. 9871878690) is appointed as a Sole Arbitrator to adjudicate upon the disputes between the parties. This is a digitally signed order. 6. The arbitration would take place under the aegis of the Delhi International Arbitration Centre (DIAC) and would abide by its rules and regulations. The learned Arbitrator shall be entitled to fees as per the Schedule of Fees maintained by the DIAC.

¶7The learned Arbitrator is also requested to file the requisite disclosure under Section 12(2) of the 1996 Act within a week of entering on reference.

¶8All rights and contentions of the parties in relation to the claims/counter-claims are kept open, to be decided by the learned Arbitrator on their merits, in accordance with law.

¶9Needless to say, nothing in this order shall be construed as an expression of this Court on the merits of the contentions of the parties.

¶10The present petition stands disposed of in the above terms along with pending application(s), if any.

SUBRAMONIUM PRASAD, J NOVEMBER 8, 2024 RJ This is a digitally signed order.

* IN THE HIGH COURT OF DELHI AT NEW DELHI + ARB.P. 737/2024 AXIS FINANCE LIMITED .....Petitioner Through: Ms. Shubham Mahajan, Adv. versus NACHIKET SUBHASH BARI .....Respondent Through: (Advocate) Appearance not given CORAM: HON'BLE MR. JUSTICE SUBRAMONIUM PRASAD