Moneywise Financial Services Pvt Ltd v. Geeta Traders And ORS Through Its Proprietor

$~22 *

IN THE HIGH COURT OF DELHI AT NEW DELHI

+ ARB.P. 82/2025 MONEYWISE FINANCIAL SERVICES PVT LTD .....Petitioner Through:

Mr. Ranjeet Kumar, Ms. Preeti Kumari, Ms. Mehvish Khan, Advs.

versus GEETA TRADERS AND ORS THROUGH ITS PROPRIETOR .....Respondent Through:

CORAM:

HON'BLE MR. JUSTICE JASMEET SINGH

O R D E R

% 20.03.2025 1.

This is a petition filed under Section 11 of the Arbitration and Conciliation Act, 1996 seeking appointment of an Arbitrator to adjudicate the disputes between the parties.

2.

The petitioner by way of a Master Loan Agreement dated 29.12.2022, sanctioned a loan for a sum of Rs. 15,13,394 to the respondents. The respondent No. 1 is a proprietorship concern of respondent No. 2 and the respondent No. 3 is the co-borrower. The said Agreement contained arbitration clause being Clause 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, interpretation, construction, performance, enforcement, rights and liabilities of the Parties, or termination ("Dispute") thereof The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

shall be finally settled by arbitration in accordance with the Arbitration and Conciliation Act, 1996, as amended ("Arbitration Act"). The Dispute shall be referred to a sole arbitrator duly appointed by the Parties with mutual consent failing which the sole arbitrator shall be appointed in accordance with the Arbitration Act. The language of the arbitration shall be English. The seat of the arbitration shall be at 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."

3.

Since the respondents defaulted in making payment, the petitioner issued Loan Recall Notice dated 06.12.2023 and thereafter, notice invoking arbitration clause dated 18.10.2024. 4.

As per the said Agreement, the email ID of the respondents has been shown as geetatraders369@gmail.com.

5.

As per the affidavit of service, the respondents have been served at the abovesaid email id. Additionally, the respondents have also been served through speed post and courier.

6.

For the said reasons, I am satisfied that the service has been affected on the respondents. Despite service, there is nobody appearing on behalf of the respondents.

7.

Since there are disputes between the parties, the petition is allowed and the following directions are issued:- i.

Ms. Urvi Kuthiala, Adv. (Mob. No. 9811099473) is appointed The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.

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 (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 parties shall approach the learned Arbitrator within two weeks from today.

8.

The present petition is disposed of in the aforesaid terms. JASMEET SINGH, J MARCH 20, 2025/sp 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.