Indiabulls Housing Finance Ltd. v. Parbhat Gupta And ANR.

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IN THE HIGH COURT OF DELHI AT NEW DELHI

+ ARB.P. 768/2024& I.A. 30560/2024, I.A. 30561/2024 INDIABULLS HOUSING FINANCE LTD.

.....Petitioner Through:

Mr. Raghav Khanna, Mr. Siddharth Nayak, Mr. Vibhu Tripathi, Mr. Sagar Devgan, Advs.

versus PARBHAT GUPTA AND ANR.

.....Respondent Through:

CORAM:

HON'BLE MR. JUSTICE JASMEET SINGH

O R D E R

% 23.07.2024 1.

This is a petition filed under Section 11(6) of the Arbitration and Conciliation Act, 1996 seeking appointment of a Sole Arbitrator to adjudicate the dispute between the parties arising out of Loan Agreement dated 11.08.2016.

2.

The petitioner extended loan to the respondents vide Loan Agreement dated 11.08.2016 in which an amount of Rs. 16,59,488/- was disbursed. 3.

The respondent created an equitable mortgage of property bearing No. A-1/13, First Floor (Rear LHS), Block A-1,Gali No.1, Raja Puri Uttam Nagar, New Delhi-110059, Delhi.

4.

Since there were disputes between the parties, the petitioner invoked the SARFAESI proceedings vide Notice dated 10.09.2021. Under the said proceedings, the petitioner was able to recover a sum of Rs. 11,55,000/-. 5.

As there were still amounts due and payable to the petitioner, the The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

petitioner invoked the arbitration clause i.e. Article 12 of Loan Agreement vide Legal Notice dated 27.03.2024. Hence the present petition. 6.

Mr. Khanna, learned counsel for the petitioner has drawn my attention to the Loan Application form, wherein the e-mail id of the respondent has been shown as "nirmaltraders2012@gmail.com".

7.

When the petition was listed, notice was issued to the respondents and as per office noting, notice has been served at the above e-mail. 8.

The issue whether in view of SARFAESI proceedings, the present petition will lie or not (M/s Diamond Entertainment Technologies Pvt. Ltd & Ors.. vs. Religare Finvest Ltd., 2023:DHC:00156 and M/s Fermina Developers Private Limited vs. Indiabulls Housing Finance Limited, 2022/DHC/005642) need not detain me as the proceedings under SARFAESI Act has already been concluded and the asset has been sold, after the conclusion of the said proceedings, there are still amounts due and payable by the respondent to the petitioner which are being sought to be recovered through these arbitration proceedings. In this view of the matter, the present petition is maintainable.

9.

Further, I am satisfied that the respondents have been served on the abovesaid email id and still chosen not to appear. 10.

For the said reasons, the petition is allowed. Since the parties are still having disputes between them, the following directions are issued:- i) Ms. Manisha Singh (Adv.) (Mob. No. 9811941496) is appointed as a Sole Arbitrator to adjudicate the disputes between the parties.

ii) The arbitration will be held under the aegis of the Delhi International Arbitration Centre, Delhi High Court, Sher Shah The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

Road, New Delhi (hereinafter, referred to as the 'DIAC'). The remuneration of the learned Arbitrator shall be in terms of the Fourth Schedule of the Arbitration & Conciliation Act, 1996. iii) The learned Arbitrator is requested to furnish a declaration in terms of Section 12 of the Act prior to entering into the reference.

iv) It is made clear that all the rights and contentions of the parties, including as to the arbitrability of any of the claim, any other preliminary objection, as well as claims/counter-claims on merits of the dispute of either of the parties, are left open for adjudication by the learned arbitrator.

v) The parties shall approach the learned Arbitrator within two weeks from today.

11.

The petition is allowed and disposed of in the aforesaid terms. JASMEET SINGH, J JULY 23, 2024/NG Click here to check corrigendum, if any The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.