Grow Money Capital Private Limited v. Bell Finvest India Limited & ORS.

$~10 and 19 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ARB.P. 1719/2024 GROW MONEY CAPITAL PRIVATE LIMITED .....Petitioner Through: Mr.Arvind Jadon, Ms.Pallavi Raghav and Mr.Tarv Saxena, Advocates versus BELL FINVEST INDIA LIMITED & ORS.

.....Respondents Through: Mr.Vipin Singh, Advocate + O.M.P.(I) (COMM.) 362/2024 GROW MONEY CAPITAL PRIVATE LIMITED .....Petitioner Through: Mr.Arvind Jadon, Ms.Pallavi Raghav and Mr.Tarv Saxena, Advocates versus BELL FINVEST INDIA LIMITED & ORS.

.....Respondents Through: Mr.Vipin Singh, Advocate

CORAM:

HON'BLE MR. JUSTICE MANOJ KUMAR OHRI

O R D E R

% 04.03.2025 O.M.P.(I) (COMM.) 362/2024 1.

This petition has been filed under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter, referred to as the 8A&C Act9),the petitioner seeks interim directions.

2.

Learned counsel for the petitioner submits that the parties had entered into a Loan-cum-GuaranteeAgreementdated 11.03.2019, Clause 29 of which provides that disputes arising between the parties with respect to the subject Agreement shall be resolved by reference to The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

arbitration as governed by the A&C Act.It further designates New Delhi to be the place of the arbitration.

3.

Disputes having arisen between the parties, the petitioner invoked arbitration vide notice dated 07.08.2024 issued to the respondents under Section 21 of the A&C Act.

4.

Learned counsel appearing for the respondents do not dispute either the Loan -cum-GuaranteeAgreementor the jurisdiction of this court.

5.

Learned counsels for the parties, on instructions, submit that the Arbitration Agreement not being denied, the disputes arising in the context of the subject Agreement be referred to an Arbitral Tribunal comprising of a Sole Arbitratorand the present petition itself be treated as an application under Section 17 of the A&C Act. 6.

Learned counsel for the petitioner submits that the status quo order dated 23.10.2024 thereof be continued. Learned counsel for the respondents, on instructions, submits that the respondents would abide by the said order till the application under Section 17 is taken up for consideration by the Arbitral Tribunal. The parties shall be at liberty to seek continuation/modification/variation/recall of the interim orders before the Arbitral Tribunal.

7.

In view thereof, the present petition is disposed of with the following directions:

i) The disputes between the parties under the said Agreement are referred to the Arbitral Tribunal.The present application be treated as one underSection 17 of the A &C Act.

ii) Mr. Justice Rajiv Sahai Endlaw, former Judge at High Court of Delhi, (Mob.No. 9717495002) is appointed as the Sole Arbitrator to adjudicate the disputes between the parties.

iii) The arbitration will be held under the aegis of the Delhi The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

International Arbitration Centre, Delhi High Court, Sher Shah Road, New Delhi (hereinafter, referred to as the 8DIAC9). The remuneration of the learned Arbitrator shall be in terms of DIAC (Administrative Cost and Arbitrators9 Fees) Rules, 2018 or as the parties may agree. iv) The learned Arbitrator shall furnish a declaration in terms of Section 12 of the A&C Act prior to entering into the reference. v) It is made clear that all the rights and contentions of the parties,including on the existence and validity of the Arbitration agreement, arbitrability of any of the claim/counter claims, any other preliminaryobjection, need and legality of interim relief, as well as contentions on merits of the dispute by either of the parties,are left open for adjudication by the learned arbitrator.

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

ARB.P. 1719/2024 In view of the order passed in O.M.P.(I) (COMM.) 362/2024, the petition stands disposed of.

MANOJ KUMAR OHRI, J MARCH 4, 2025 na The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.