TARA LOGITECH PRIVATE LTD. Vs. RELIGARE FINVEST LIMITED

JUDGEMENT

(1.) I.A. No.26203/2014 in OMP No.1656/2014 & I.A. No.26205/2014 in OMP No.1657/2014 (both for exemption) 1. Allowed, subject to just exceptions.

(2.) The applications are disposed of.

(3.) Both these petitions under Section 34 of the Arbitration and Conciliation Act, 1996 are preferred with respect to the arbitral awards dated 7th August, 2013 of Sh. Nitin Chadha, Advocate in the claims of the respondent M/s Religare Finvest Ltd. (RFL) against (i) Ashish Gupta, (ii) Suresh Kumar Gupta, (iii) Sneh Gupta & (iv) Ruchi Gupta (hereinafter called "Guptas"). While the arbitral award subject matter of OMP No.1656/2014 is for recovery by RFL of Rs.2,78,68,302.5 with interest and cost etc. from Guptas, the arbitral award subject matter of OMP No.1657/2014 is for recovery by RFL of a sum of Rs.83,82,538.83 besides interest and costs etc. from Guptas. Both arbitral awards also provide, that sale proceeds of mortgaged property being house No.76, Harsh Vihar, Pitam Pura, Delhi-110 034 would be adjusted towards the satisfaction of the amount payable by Guptas under the arbitral awards.