Tata Capital Financial Services Ltd. v. Yash Automotive Pvt. Ltd. And 8 ORS.

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION ARBITRATION PETITION NO.44 OF 2018 Tata Capital Financial Services Ltd.

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Petitioner versus Yash Automotive Pvt. Ltd. and Ors.

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Respondents Mr. Ranjeev Carvalho with Ms. Sanaya Dadachanji, Mr. Ujwal Trivedi i/by M/s. Manilal Kher Ambalal and Co., for Petitioner. Mr. Gauraj Shah i/by Ms. Rashmi Patil, for Respondents. CORAM: S.J. KATHAWALLA, J.

DATE: 26th MARCH, 2018 P.C.:

1.

Pursuant to the order passed by this Court dated 1 st March, 2018, Mr. Vinod Kumar, Mr. Lakhan Prasad Srivastava and Mr. Ankit Raja are present in Court. The Court is informed that Mr. Sanjay Kumar is in judicial custody and Mr. Yuvraj Kumar who is a doctor, has gone to Iraq to perform a surgery. 2.

The Respondents shall not dispose of the assets disclosed in their Affidavit dated 26 th March, 2018 until further orders. They shall also make full disclosure as directed by this Court by its order dated 18th January, 2018 within a period of one week from today.

3.

Heard the learned Advocates appearing for the parties and the following order is passed by consent :

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(i) Ms. Ankita Singhania, Advocate is appointed as the sole Arbitrator to decide the disputes between the parties arising out of the Second Channel Finance Agreement dated 20 th July, 2016 and the Term Loan Agreement dated 20th February, 2014.

(ii)The disclosure of Mr. Ankita Singhania, Advocate under Section 11 (8) read with Section 12 (1) of the Arbitration and Conciliation Act, 1996 as amended by the Arbitration and Conciliation (Amendment) Act, 2015 (3 of 2016) is taken on record.

(iii)The parties shall appear before the learned Arbitrator in his chambers, on 2 nd April, 2018 at 05.30 p.m. and obtain necessary directions. (iv)The present Petition filed under Section 9 of the Act, shall be treated as a Petition under Section 17 of the Act by the learned Arbitrator and decided within a period of 8 weeks from today.

(v) In the event of the Respondents not complying with the directions qua disclosure, liberty to apply.

(vi)The learned Arbitrator shall endeavour to pass his final Award within a period of one year from the date of this order. (vii) All contentions of the parties are kept open. (viii) The cost of arbitration shall initially be borne by the parties equally. (ix) The venue of Arbitration shall be at Mumbai. 2/3

(x) In view of this order, the above Arbitration Petition disposed of. ( S.J.KATHAWALLA, J. ) 3/3