VARUN INDUSTRIES LTD Vs. S E INVESTMENTS LTD

JUDGEMENT

(1.) This appeal under Section 37 (2)(b) of the Arbitration and Conciliation Act, 1996 ("Act" in short) read with Section 151 of the Code of Civil Procedure, 1908 ("CPC" in short) has been filed by the appellants against the order dated January 10, 2015 passed by the learned Arbitrator on two applications filed by the parties herein under Sections 17 and 31 of the Act.

(2.) Some of the facts are, an amount of Rs.36,90,00,000/- was advanced as loan in terms of 12 loan agreements executed on four dates;

(3.) Suffice to state, the respondent has disputed the settlement dated August 20, 2012. It was their case that without prejudice to their rights and contentions, the appellants have admitted their liability of Rs. 24,88,56,373.98/- as on August 07, 2012. Since the disputes had arisen, the respondent, vide its Advocate's letter dated July 18, 2012 invoked the arbitration clause and appointed a learned Arbitrator. An application dated May 17, 2013 was also filed by the appellants herein wherein the appellants sought dismissal of the claim petition on the following grounds: