Bha Associates Pvt. Ltd. v. Indiabulls Housing Finances Ltd.

$~53 * IN THE HIGH COURT OF DELHI AT NEW DELHI + O.M.P.(I) (COMM.) 311/2016 BHA ASSOCIATES PVT. LTD.

..... Petitioner Through:

Ms Kanishk Ahuja, Advocate.

versus INDIABULLS HOUSING FINANCES LTD.

..... Respondent Through:

None.

CORAM:

HON'BLE MR. JUSTICE VIBHU BAKHRU

O R D E R

% 25.07.2016 IA No.8674/2016 Allowed, subject to all just exceptions.

O.M.P.(I) (COMM.) 311/2016 The petitioner has filed the present petition, inter alia, praying that the respondent be restrained from levying the rate of interest in excess of 12% per annum on the loan account no.-HLAPKBA00038651. It is the petitioner's case that it had taken a loan against property at a floating rate of interest but had, subsequently, switched the said loan for one bearing a fixed rate of interest @ 12% P.A. The grievance raised by the petitioner is that the respondent is now charging interest in excess of 12% P.A. After some arguments, the learned counsel for the petitioner states that he shall invoke the arbitration clause and seeks to withdraw the present petition with liberty to file an application under Section 17 before the

Arbitral Tribunal.

Dismissed as withdrawn with the aforesaid liberty. VIBHU BAKHRU, J JULY 25, 2016 MK