Moneywise Financial Services Pvt Ltd v. Mountain Stainless Llp And ORS

$~3 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ARB.P. 1972/2024 MONEYWISE FINANCIAL SERVICES PVT LTD .....Petitioner Through:

Mr. Ranjeet Kumar, Adv Ms. Preeti Kumari, Advocates.

versus MOUNTAIN STAINLESS LLP AND ORS. ....Respondent Through:

Ms. Sanjana Chaba, Adv.

CORAM:

HON'BLE MR. JUSTICE ANISH DAYAL

O R D E R

% 24.02.2025 1.

This is a petition filed under Section 11(6) of the Arbitration and Conciliation Act, 1996 ('A&C Act'), seeking appointment of the Sole Arbitrator for the adjudication of disputes between the parties arising out of the 'Loan Agreement' dated 30th June 2023, executed between the parties. 2.

Post notice, counsel for respondent appears and states that respondents are based out of Ahmadabad and therefore, this Court will not have the jurisdiction.

3.

It is submitted by counsel for petitioner that as per clause 7.1, the parties had agreed to submit the exclusive jurisdiction of the Courts at Delhi. More importantly, as per clause 8.2, the Seat of the Arbitration was specified in Delhi. The relevant clauses are as under:

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

4.

Accordingly, the objections to territorial jurisdiction may not have relevance.

5.

Since there were disputes between the parties, petitioner invoked arbitration vide notice dated 24th April 2023, which was not responded to by respondent.

6.

Counsel for petitioner states that the outstanding amount of respondents as of today, is estimated to be Rs. 17 lacs, on account of a loan which was provided to them.

7.

Considering the aforesaid, the petition is allowed. The following directions are issued:

i) Ms. Pavitra Kaur, Advocate (Mob. No. 9811999292) 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 Road, New Delhi ('DIAC'). The remuneration of the Arbitrator shall be as per DIAC rules. iii) The Sole Arbitrator is requested to furnish a declaration in terms of Section 12 of the A&C Act prior to entering into the reference. iv) It is made clear that all the rights and contentions of the parties, The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

including the arbitrability/maintainability of any of the claim, any other preliminary objection, as well as claims on merits of the dispute by either of the parties are left open for adjudication by the Sole Arbitrator. v) The parties shall approach the Sole Arbitrator within two weeks from today.

8.

The petition is disposed of.

9.

Order be uploaded on the website of this Court. ANISH DAYAL, J FEBRUARY 24, 2025/RK/bp The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.