Indiabulls Housing Finance Ltd. v. Epitome Residency Private Limited & ORS.

$~24 *

IN THE HIGH COURT OF DELHI AT NEW DELHI

+ O.M.P.(I) (COMM.) 299/2020 & I.A. 8675/2020 INDIABULLS HOUSING FINANCE LTD.

.....Petitioner Through:

Mr. Ankit Banati & Mr. Abhay Agnihotri, Advocates.

versus EPITOME RESIDENCY PRIVATE LIMITED & ORS.

.....Respondents Through:

Mr. Wattan Sharma, Advocate.

CORAM:

HON'BLE MR. JUSTICE PRATEEK JALAN

O R D E R

% 09.07.2024 1.

By way of this petition under Section 9 of the Arbitration and Conciliation Act, 1996 ["the Act"], the petitioner seeks interim measures of protection in anticipation of arbitration proceedings between the parties under a loan agreement dated 26.05.2018, deed of hypothecation and deed of mortgage dated 14.12.2018.

2.

Mr. Ankit Banati, learned counsel for the petitioner, states that insolvency proceedings had been commenced against respondent No. 1, but have been closed and the moratorium has been suspended. However, as far as respondent Nos. 2 and 3 are concerned, personal insolvency proceedings are in progress and a moratorium is in place under Section 95 of the Insolvency Bankruptcy Code, 2016 ["IBC"]. 3.

Mr. Wattan Sharma, learned counsel, enters appearance on behalf The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

of respondent No. 1, and submits that the disputes may be referred to arbitration in this petition itself. Mr. Banati has no objection to this course of action.

4.

As the moratorium is in operation at present against respondent Nos. 2 and 3, the following order is passed qua the petitioner and respondent No. 1 for the present, with the consent of learned counsel for the parties:

A. The disputes between the parties under the loan agreement dated 26.05.2018, deed of hypothecation and deed of mortgage dated 14.12.2018, are referred to arbitration of Hon'ble Ms. Justice Indira Banerjee, former Judge, Supreme Court of India [Tel:- 9560808777]. The arbitration will be held under the aegis of Delhi International Arbitration Centre, Shershah Road, New Delhi110503 ["DIAC"], and will be governed by the Rules of DIAC, including as to the remuneration of the learned arbitrator. B. The learned arbitrator is requested to furnish a declaration under Section 12 of the Act, prior to entering upon the reference. C. The present petition will be treated as an application under Section 17 of the Act before the learned arbitrator. The petition and reply filed by the respondents will be placed before the learned arbitrator for adjudication.

D. The statement of the respondents, recorded in paragraph 4 of the ad interim order dated 28.09.2020, will continue until the learned arbitrator has had an opportunity to consider the application under Section 17 of the Act.

5.

It is made clear that this Court has not entered into the merits of the The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

controversy, even on prima facie basis.

6.

The petition stands disposed of in these terms. PRATEEK JALAN, J JULY 9, 2024 'pv'/ The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.