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High Court of DelhiO.M.P.(I) (COMM.)/332/2017

Pnb Housing Finance Limited v. Ashish Agarwal & ORS.

2017-10-13Hon'Ble Mr. Justice Jayant Nath2 pages

$~OS-22 *

IN THE HIGH COURT OF DELHI AT NEW DELHI

+ O.M.P.(I) (COMM.) 332/2017 PNB HOUSING FINANCE LIMITED ..... Petitioner Through Mr. Ajay Uppal and Mr.Avnish Singh, Advs.

versus ASHISH AGARWAL & ORS.

..... Respondents Through Mr.Praveen Chaturvedi, Adv. for R-1, 3 & 4 Mr. Jitender Saksena, Adv. for R-2, 5 & 6.

CORAM:

HON'BLE MR. JUSTICE JAYANT NATH

O R D E R

% 13.10.2017 1.

This petition is filed under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the Act) seeking interim orders to restrain the respondents from selling or alienating the property in question being property No.65, Laxmanpuri Faizabad Road, Lucknow, Uttar Pradesh-226001 2.

The case of the petitioner is that the parties entered into a loan agreement on 29.11.2014 for financing a sum of Rs. 5,19,73,892/-. The loan is said to have been disbursed to the respondents. The respondents are said to have mortgaged their property which has been stated above in Faizabad Road, Lucknow, Uttar Pradesh. It is the case of the petitioner that the respondents have defaulted and hence a loan recall notice was issued on

22.07.2017. It is pleaded that an arbitration clause exists being Clause 10.9 of the agreement and the seat of arbitration is Delhi. Hence, the present petition has been filed.

3.

Learned counsel for the respondents have entered appearance. They submit that they are regularly paying the loan amount and the petitioner are unnecessarily harassing them. Learned counsel for the petitioner disputes that the respondents are paying the amount regularly. 4.

These are issues which will have to be adjudicated upon by the learned Arbitrator. Learned counsel for the petitioner submits that they would take steps for appointment of an arbitrator within two weeks from today.

5.

Subject to the petitioner taking steps as above, interim orders passed by this court dated 05.09.2017 is confirmed.

6.

Liberty is granted to the respondents to move an appropriate application before the learned Arbitrator for seeking vacation, modification or variation of the interim orders passed by this court. In the eventuality of such an application being filed, the learned Arbitrator will deal with the same as per law uninfluenced by any observations made by this court. 7.

The petition stands disposed of.

JAYANT NATH, J OCTOBER 13, 2017 rb