ORIGINET TECHNOLOGIES LTD. Vs. TECHNOLOGY DEVELOPMENT BOARD

JUDGEMENT

(1.) The present petition under Sec. 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as 'the A&C Act') seeks appointment of a sole arbitrator to adjudicate the disputes between the parties.

(2.) The disputes between the parties have arisen in the context of a Loan Agreement dtd. 18/7/2012 and a Deed of Personal Guarantee dtd. 18/7/2012. The petitioner no. 1 entered into the said Loan Agreement with the respondent, under which financial assistance of INR 960 Lakhs was sanctioned for 'Development, Commercialization, and Indigenization of Nuclear Radiation Monitoring Systems' (hereinafter referred to as 'the project').

(3.) The loan was to be disbursed in four tranches, subject to the fulfilment of pre-defined project milestones. The sanctioned tranches were as under -