Moneywise Financial Services Pvt Ltd v. Madhvan Impex And ORS
$~20 *
IN THE HIGH COURT OF DELHI AT NEW DELHI
+ ARB.P. 2074/2024&I.A. 7143/2025 MONEYWISE FINANCIAL SERVICES PVT LTD .....Petitioner Through:
Mr. Ranjeet Kumar, Adv.
versus MADHVAN IMPEX AND ORS .....Respondent Through:
None
CORAM:
HON'BLE MR. JUSTICE JASMEET SINGH
O R D E R
% 11.07.2025 1.
This is a petition filed under Section 11 of the Arbitration and Conciliation Act, 1996 seeking appointment of an Arbitrator for adjudication of disputes between the parties. 2.
The petitioner and the respondent executed a Loan Agreement dated 29.03.2022.
3.
Principal borrower i.e. respondent No.1 is a sole proprietorship concern of the respondent No.2 and the respondent No.3 is the co-borrower. 4.
The loan agreement contains the arbitration clause being clause No. 8.2 which reads as under:- 8.2.Arbitration: Any disputes, differences, controversies and questions directly or indirectly arising at any time hereafter between the Parties or their respective representatives or assigns, arising out of or in connection with this Agreement (or the subject matter of this Agreement), including, without limitation, any question regarding its existence, validity, The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.
interpretation, construction, performance, enforcement, rights and liabilities of the Parties, or termination ("Dispute"), shall be referred to a sole arbitrator duly appointed by the Lender. The language of the arbitration shall be English. The seat of the arbitration shall be at New Delhi and the language of proceedings shall be English. The award rendered shall be in writing and shall set out the reasons for the arbitrator's decision. The costs and expenses of the arbitration shall be borne equally by each Party, with each Party paying for its own fees and costs including attorney fees, except as may be determined by the arbitration tribunal. Any award by the arbitration tribunal shall be final and binding." 5.
Since there were disputes between the parties, the petitioner invoked arbitration through legal notice dated 22.10.2024 and thereafter filed the present petition.
6.
As per the order dated 08.04.2025, the petitioner was permitted to serve the respondent through publication in the newspaper having circulation in the area where respondents are residing.
7.
The respondent has been served through Indian Express and Jai Hind, Ahmedabad Edition on 10.05.2025 and the newspapers have been filed. 8.
For the said reasons, I am satisfied that the respondent has been served through substituted service.
9.
Despite service, there is nobody appearing on behalf of the respondent. I am also satisfied that there are disputes pending and there is a valid arbitration agreement.
10. For the said reasons, the petition is allowed and the following directions are issued:- i) Mr. Abhinav Singh, Advocate (Mob. No. 9811188892) is The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.
appointed as a Sole Arbitrator to adjudicate the disputes between the parties.
ii) The arbitration will be held under the aegis and rules of the Delhi International Arbitration Centre, Delhi High Court, Sher Shah Road, New Delhi (hereinafter, referred to as the 'DIAC').
iii) The remuneration of the learned Arbitrator shall be in terms of DIAC (Administrative Cost and Arbitrators' Fees) Rules, 2018.
iv) The learned Arbitrator is requested to furnish a declaration in terms of Section 12 of the Act prior to entering into the reference.
v) 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 and merits of the dispute of either of the parties, are left open for adjudication by the learned arbitrator.
vi) The petitioner shall approach the learned Arbitrator within two weeks from today.
11. The present petition is disposed of in the aforesaid terms. JASMEET SINGH, J JULY 11, 2025 / (MS) The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.