WIPRO FINANCE LIMITED Vs. DEE PHARMA LIMITED

JUDGEMENT

(1.) This is a petition under Section 9 of the Arbitration & Conciliation Act, 1996 (for short "the Act") for appointment of a Receiver to seize the leased plant and machinery.

(2.) Briefly, the case of the petitioner is that the petitioner, a non-banking financial company engaged in the business of leasing and hire of equipment and plant and machinery etc. on the request of the respondent, had given to the respondent the following plant and machinery on lease :-

(3.) The respondent in reply has disputed this; petitioner's ownership is denied. It is denied that the plant and machinery in question was given on licence. It is claimed that it has paid Rs. 1.35 croes in 9 instalments and the respondent is its owner. It is further pleaded that the respondent is a sick industrial company and a reference has been made under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short "SICA") before the BIFR and in view of Section 22(1) of SICA, this petition for appointment of Receiver is not maintainable. It is also alleged that the lease agreement in question is not enforceable in law because they were forced to sign the same under compelling circumstances. It is denied that Rs. 2,27,49,374.00 are due from the respondent. Further that in pursuance of arbitration agreement, arbitrator has been appointed by both the parties and inview of the arbitration proceedings also this petition is not maintainable.