ATELIER AUTOMOBILES PRIVATE LIMITED Vs. RELIGARE FINVEST LIMITED

JUDGEMENT

(1.) The present petition has been filed under Sec. 14 and 15 of Arbitration and Conciliation Act, 1996 (herein after called 'the Act' ) seeking termination of the mandate of the sole arbitrator, unilaterally appointed by the respondent, with further prayer for substitution of the sole arbitrator appointed by the respondent, by an impartial and independent arbitrator.

(2.) Petitioner no. 1 is engaged in the business of dealership of Maruti Suzuki India Ltd. at Patiala and Saharanpur, and petitioner nos. 2 to 5 are the directors of petitioner no. 1. Respondent is a nonbanking financial company.

(3.) A loan agreement was executed between the parties on 14/3/2016, as per which respondent agreed to sanction a loan of Rs.11.50 crores in favour of the petitioners against mortgage of immovable property situated at Village Megh, Chhapar, Saharanpur, UP. The said loan was repayable in 120 monthly instalments ending on 10/6/2026. Apart from the said loan, another separate loan of Rs.2.50 crores was also sanctioned in favour of petitioner no. 1 by the respondent.