WIPRO FINANCE LTD Vs. SAND PLAST INDIA LTD

JUDGEMENT

(1.) In this petition filed under Sections 7, 8 and 11 of the Arbitration and Conciliation Act, 1996 prayer is made for appointment of an arbitrator as disputes have arisen between the parties.

(2.) The petitioner which is non-banking financial company had given financial accommodation to the respondent No. 1 and the respondent No. 2 stood guarantee for the repayment of the said amount. The terms on which the money was advanced to the respondents are in detail in the petition. It is alleged that the respondents have not repaid the entire amount and as the lease agreement executed between the parties contained an arbitration clause and Clause 32 thereof, present petition is filed.

(3.) Nobody appears on behalf of the respondents. Same was the position on the last date as well. However, I have seen the reply filed by the respondents. Two preliminary submissions which need consideration are the following: (a) In view of Clause 32 of the lease agreement dated 19th December, 1994 this Court has no territorial jurisdiction. (b) Procedure prescribed in Clause 32 of the lease agreement dated 19th December, 1994 was not followed and, therefore, present petition is not maintainable.