Tata Capital Financial Services Ltd. v. Iap Company Private Limited And ANR

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION ARBITRATION PETITION NO.61 OF 2018 Tata Capital Financial Services Ltd.

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Petitioner versus IAP Company Pvt. Ltd. And Anr.

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Respondents Mr. Ranjeev Carvalho with Mr. Ujwal Trivedi I/by M/s. Manilal Kher Ambalal and Co., for Petitioner.

Mr. Satish Rai, for Respondent No.2.

CORAM: S.J. KATHAWALLA, J.

DATE: 23 rd JULY, 2018 P.C.:

1. The properties shown in Exhibit K to the Petition, belongs to the Guarantor i.e. Respondent No.2. Respondent NO.2 shall obtain valuation report of these properties within two weeks from today and submit the same before this Court. . Fees of the valuer shall be paid from the account of the guarantor which is frozen.

2. The following order is now passed by consent : (i) Mr. Rohit Gupta, Advocate is appointed as the sole Arbitrator to decide the disputes between the parties arising out of the Term Loan Agreement dated 12th July, 2016 and Letter of Guarantee dated 12 th July, 2016.

(ii) The disclosure of Mr. Rohit Gupta, Advocate under Section 11 (8) read with 1/3

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 th July, 2018 at 5.00 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 and decided by the learned Arbitrator at the earliest.

(v) A copy of the valuation report shall also be filed before the learned Arbitrator.

(vi)Till the learned Arbitrator decides the Petition under Section 17 of the Act, the ad-interim order passed by this Court shall continue. (vii)The valuation report shall be submitted before the learned Arbitrator. (viii)The learned Arbitrator shall endeavour to pass his final Award within a period of six months from the date of this order. (ix)The learned Arbitrator shall not grant adjournments to the parties unless absolutely necessary.

(x) All contentions of the parties are kept open. (xi) The cost of arbitration shall initially be borne by the parties equally. (xii) The venue of Arbitration shall be at Mumbai. (xiii)In view of this order, the above Arbitration Petition is disposed of. 2/3

(xiv)However, place the matter on 9 th August, 2018 only for filing of the valuation report.

( S.J.KATHAWALLA, J. ) Digitally signed by Swaroop Sharad Phadke Date:

2018.07.24 19:53:14 +0530 Swaroop Sharad Phadke 3/3