MONEYWISE FINANCIAL SERVICES PVT LTD Vs. KK ENTERPRISES

JUDGEMENT

(1.) This is a petition under Sec. 11(6) of the Arbitration and Conciliation Act, 1996 'the 1996 Act' hereinafter for appointment of an arbitrator to arbitrate on the disputes between the parties.

(2.) The dispute arises in the context of a Master Loan Agreement 'MLA' hereinafter dtd. 1/10/2020, executed between the petitioner and the respondents, whereunder the petitioner had loaned certain amounts to the respondents. The petitioner and the respondents are parties to the agreement. The agreement contains the following clause which envisages resolution of the disputes by arbitration:

(3.) According to the petitioner, an amount of approximately ? 32 Lakhs is due to the petitioner from the respondent. As this amount was not paid to the petitioner, the petitioner addressed a notice to the respondent on 15/5/2023 under Sec. 21 of the 1996 Act, invoking arbitration.