GTL LIMITED Vs. IFCI LTD

JUDGEMENT

(1.) BY this order, I shall dispose of I.A. No.16171/2011 filed in CS(OS) No.2278/2011 preferred by the defendant under Section 8 of the Arbitration and Conciliation Act, 1996 praying for an appointment of the arbitrator.

(2.) BRIEF factual matrix of the matter leading up to filing of the present application are enunciated as under:

(3.) PLAINTIFF No.2 was required to maintain a security cover of two times of the Facility Amount (Rs.250 crores) by escrow of such numbers of shares in the Escrow Account in accordance with Non- Disposal and Escrow Agreement in form and manner satisfactory to the defendant No.1. As per the terms of Facility Agreement the said amount was to be repaid by plaintiff No.2 at the end of 36 months from the date of disbursement of the loan i.e. from July, 2010.