SATINDER KUMAR GUPTA Vs. DIVINE INFRACON PRIVATE LIMITED

JUDGEMENT

(1.) The present petitions have been filed under Sec. 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter called the Act) seeking appointment of a sole arbitrator for adjudication of disputes that have arisen between the petitioner on the one hand and respondents on the other hand.

(2.) It is the case of the petitioner that in the year 2015, petitioner was approached by respondent No.3 and his wife respondent No.4, partners of respondent No.2, seeking financial assistance in the form of loans. Pursuant thereto, petitioner agreed to provide the financial assistance to the respondent No.3 and 4, partners of respondent No.2, in the form of interest bearing loans.

(3.) It is the case of the petitioner that in order to fraudulently induce the petitioner into parting with his hard earned money and granting interest bearing loans, the respondent No. 3 and 4, partners of respondent No.2, had furnished a copy of board resolution of respondent No.2 dtd. 5/1/2015 to the petitioner, recording the factum of availing an interest bearing loan of Rs.3.00 crores from the petitioner, which was to be re-paid with interest at the commercial rate of 18% per annum compounded annually. Thus, petitioner transferred a sum of Rs.3.00 crores (Rupees Three Crores) into the bank account of respondent No.2 through RTGS from IDBI Bank, Pitampura on 6/1/2015.