High Court of Punjab and HaryanaARB/314/2022disposed of

State Bank Of India v. Union Bank Of India And ORS

2022-08-25Mr. Justice Raj Mohan Singh2 pages

ARB No. 314 of 2022 -1IN THE HIGH COURT OF PUNJAB AND HARYANA AT CHANDIGARH ARB No. 314 of 2022 Date of Decision: 25.08.2022 State Bank of India -Petitioner

Versus

Union Bank of India and others -Respondents CORAM: HON'BLE MR. JUSTICE RAJ MOHAN SINGH

Present:

Mr. Rakesh Gupta, Advocate, for the petitioner.

**** RAJ MOHAN SINGH, J. (Oral) Prayer in this petition is for appointment of independent arbitrator.

Learned counsel for the petitioner submits that in view of Section 11 of SARFAESI Act, the dispute has to be resolved by way of conciliation or arbitration as provided in the Arbitration and Conciliation Act, 1996.

Notice of motion.

Mr. Akaant Kumar, Advocate, appears on behalf of the respondents and submits that the resolution of dispute can be done only by means of statutory arbitration in terms of Section 11 of SARFAESI Act. There is no reference to the relevant statutory arbitration as to specific name of arbitrator. JYOTI SHARMA 2022.08.25 17:18 I attest to the accuracy and authenticity of this order/judgment

ARB No. 314 of 2022 -2In view of submissions made by learned counsel for the parties, I deem it appropriate to appoint Ms. Harsimrat Rai, Advocate, # 401, GH-9, Sector-20, Panchkula as an independent arbitrator who will arbitrate the lis between the parties which is approximately quantified in a sum of Rs.25 lacs. The declaration as required under Section 12 of Arbitration and Conciliation Act, 1996 be obtained from the arbitrator. The arbitrator shall complete the proceedings within specified time in terms of Section 29-A of the Act. The arbitrator shall be paid fee in accordance with 4th schedule of the Act as amended from time to time. The fee shall be borne equally by both the parties.

A copy of this order be dispatched to Ms. Harsimrat Rai, Advocate, # 401, GH-9, Sector-20, Panchkula, Phone No.9915468877.

25.08.2022 (RAJ MOHAN SINGH) Jyoti Sharma JUDGE Whether speaking/reasoned :

Yes/No Whether reportable :

Yes/No JYOTI SHARMA 2022.08.25 17:18 I attest to the accuracy and authenticity of this order/judgment