PUNJAB NATIONAL BANK Vs. DINESH KUMAR SARAWAGI

JUDGEMENT

(1.) This appeal has been filed by the appellant bank challenging the order dtd. 16/8/2016, passed by the Arbitrator in M.P.No.1 of 2016, directing the appellant bank (4th respondent in the Arbitration proceedings) to return the title deeds of the properties belonging to the respondents 2 and 3 in the arbitration proceedings and the mother of the second respondent and wife of the third respondent.

(2.) The appellant bank has challenged the impugned order passed under Sec. 17 of the Arbitration and Conciliation Act by the Arbitrator on the following grounds:

(3.) The learned counsel appearing for the appellant drew the attention of this Court to the impugned order as well as the claim made by the respondents in the arbitration proceedings. He also drew the attention of this Court to the business purchase agreement dtd. 5/1/2015, entered into between the existing directors of M/s.Sulaiman Steels Pvt Ltd., and the newly inducted directors, who are the claimants and the respondents respectively in arbitration and would submit that the appellant bank is not a party to the said agreement.