C2R PROJECTS LLP Vs. KINETIX SOLUTIONS PRIVATE LIMITED

JUDGEMENT

(1.) The instant petition has been filed with the prayer to appoint a co-arbitrator on behalf of the respondent in respect of the arbitration proceedings between the petitioner and the respondent.

(2.) Brief facts relevant to decide the controversy at hands are that the petitioner and Respondent No. 1 - Company are privity to a share purchase and Share Subscription Agreement (SPA) and Share Holders Agreement (SHA) dtd. 3/6/2015. Clause 11.10 of the Share Purchase Agreement pari materia to Clause 18.12 of the Share Holders Agreement governs dispute resolution and reads as under:

(3.) On a dispute between the parties, a notice dtd. 21/9/2020 was sent by the petitioner invoking arbitration / dispute resolution clause as per the dispute resolution clause, nominating a mediator and calling upon the respondents to appoint their nominee mediator within 15 days, in order to proceed with the mediation in respect of the disputes arising out of the aforesaid agreement. The notice also stipulated that in case of failure of the parties to resolve the dispute through mediation, the petitioner would nominate his sole arbitrator for adjudicating the dispute between the parties, and, in case, the respondent are not agreeable to appointment of petitioner's nominee as the sole arbitrator, they would be called upon to appoint their co-arbitrator.