Pnb Housing Finance Limited v. Nitin Fire Protection Industries Ltd & ORS.

$~24 * IN THE HIGH COURT OF DELHI AT NEW DELHI + O.M.P.(I) (COMM.) 379/2017 PNB HOUSING FINANCE LIMITED ..... Petitioner Through:

Mr.Vishal Kalra, Adv.

versus NITIN FIRE PROTECTION INDUSTRIES LTD & ORS.

..... Respondents Through:

Mr.Dharal Deshpande

CORAM:

HON'BLE MR. JUSTICE NAVIN CHAWLA

O R D E R

% 24.01.2018 The learned counsel for the respondent maintains that an amicable settlement has been arrived between the parties. This is disputed by the learned counsel for the petitioner.

Be that as it may, as the loan transaction is not denied by the respondent and the interim order dated 20.09.2017 is hereby confirmed. However, the respondent shall have liberty to apply for its vacation/modification before the Arbitral Tribunal that would be appointed in terms of the Arbitration Agreement between the parties. Such appointment of the Arbitral Tribunal must take place within a period of two months from today, failing which the interim order shall automatically stand vacated.

It is made clear that this order would not act as an impediment on the parties to settle the disputes amongst themselves without recourse to arbitration. The petition is disposed of.

NAVIN CHAWLA, J JANUARY 24, 2018/rv