DLF LIMITED Vs. PNB HOUSING FINANCE LIMITED

JUDGEMENT

(1.) The present petition has been filed by DLF Limited ('DLF' / 'petitioner') seeking appointment of a sole arbitrator to adjudicate the disputes between itself and PNB Housing Finance Limited ('PNBHFL' / 'respondent no.1'), Omkara Asset Reconstruction Company Limited ('Omkara' / 'respondent no.2'), Joyous Housing Limited, ('JHL / 'respondent no.3'), Hubtown Limited ('Hubtown' / 'respondent no.4'), Chinsha Property Private Limited ('Chinsha / 'respondent no.5'), Twenty Five South Realty Limited ('Twenty-Five South' / 'respondent no.6') and Akruti Nirman Private Limited ('Akruti / 'respondent no.7'). Factual Background

(2.) DLF alongwith Hubtown and Chinsha have been shareholders in JHL, in the ratio of 37.5% (DLF Ltd.), 37.5% (Chinsha) and 25% (Hubtown). DLF had purchased 37.5% shareholding in JHL vide Memorandum of Understanding dtd. 15/4/2004.

(3.) In 2017, JHL had availed a loan of Rs.800.00 Crores from PNBHFL under a Loan Agreement-cum-Mortgage Deed dtd. 20/12/2017, later modified vide Supplementary Loan Agreement dtd. 27/8/2020, for cluster development project/ slum rehabilitation project at Mahalaxmi Racecourse, Tulsiwadi, Mumbai. The said loan was secured by way of a mortgage created in favour of PNBHFL. In addition to the said mortgage, the entire shareholding of JHL was pledged to PNBHFL as additional security. For the said purpose, a Share Pledge Agreement dtd. 26/12/2017 ('SPA') was executed by the shareholders of JHL i.e., the DLF, Chinsha, Hubtown in favour of PNBHFL. The said SPA contains an arbitration clause as under: