MONEYWISE FINANCIAL SERVICES PVT LTD. Vs. VINAY ENTERPRISES

JUDGEMENT

(1.) The present petition filed under Sec. 11 of Arbitration and Conciliation Act, 1996 seeks constitution of an Arbitral Tribunal to adjudicate the disputes between the parties. The disputes between the parties have arisen in the context of a Loan Agreement dtd. 17/6/2021. The said Loan Agreement contains an arbitration clause as under:

(2.) Disputes having arisen between the parties, a loan recall notice dtd. 7/11/2023 was issued by the petitioner. However, the same was not responded to by the respondents nor was the outstanding amount under the Loan Agreement paid by the respondent. Consequently, a notice of invocation of arbitration dtd. 6/6/2024 was sent by the petitioner to the respondents. The same is stated to have been issued un-responded.

(3.) Notice in the present petition was issued to the respondents on 5/7/2024.