Vaddineni Manoj (Borrower) And 2 ORS v. Reliance Capital Limited

arbp423-13c vai

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO.423 OF 2013 WITH ARBITRATION PETITION NO.658 OF 2013 Vaddineni M. Kumar & Ors.

...Petitioners

V/s.

Reliance Capital Limited

...Respondent

Mr.Gautam Ankhad with Mr.Hemant Sethi i/b Hemant Sethi & Co. for the Petitioners.

Ms.Alpana Ghone with Mr.Ramesh Dube - Patil i/b Ajay Misar & Co. for he Respondent.

CORAM : R.D. DHANUKA, J.

DATE : 11TH MARCH, 2015.

P.C. :- 1.

By consent of the parties, the following order is passed :- a).

The impugned award dated 25th September, 2012 passed in Arbitration Petition No.423 of 2013 is set aside. b).

The impugned award dated 24th January, 2013 passed in Arbitration Petition No.658 of 2013 is set aside. c).

The parties have agreed that the claims already filed by the respondent which were subject matter of the earlier arbitration proceedings can be adjudicated upon by Shri B.A. Shelar, who has been nominated as arbitrator by the respondent in terms of the arbitration agreement.

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arbp423-13c d).

The petitioners agree to file the written statement along with all the document which the petitioners seek to rely upon before the learned arbitrator within six weeks from today and shall serve a copy thereof upon the petitioners' advocate simultaneously. e).

Both the parties have agreed that they would be entitled to lead further evidence, if they so require before the learned arbitrator. f).

The learned arbitrator shall decide both the matters afresh in accordance with law and without being influenced by the observations and the findings rendered by the learned arbitrator in the impugned awards dated 25th September, 2012 and 24th January, 2013 respectively.

g).

The learned arbitrator shall make an endeavour to dispose of arbitration proceedings within six months from the date of the first meeting.

h).

Both the parties have agreed to co-operate with each other and with the learned arbitrator and will not seek unnecessary adjournment.

2.

Both the arbitration petitions are disposed of in the aforesaid terms.

3.

There shall be no order as to costs.

(R.D. DHANUKA, J.) 2/2