SHRIRAM FINANCE LTD. Vs. A. AROCKIADASS

JUDGEMENT

(1.) This petition has been filed under Sec. 11 of the Arbitration and Conciliation Act, seeking for the appointment of an Arbitrator by this Court.

(2.) There seems to be a dispute between the petitioner and the respondents arising out of the Loan Agreement dtd. 30/3/2016. The said Loan Agreement admittedly contains an arbitration clause and the same is extracted hereunder:

(3.) The petitioner has invoked arbitration in accordance with the arbitration clause by appointing a Sole Arbitrator. The Sole Arbitrator also passed an Arbitral Award in favour of the petitioner on 30/6/2018 against the respondents in A.C.P. No.49 of 2018. The said Arbitral Award was challenged by the first respondent before the Principal District Court, Ramanathapuram in A.O.P. No.46 of 2021. By order dtd. 28/3/2022, the earlier Arbitral Award dtd. 30/6/2018 passed by the Sole Arbitrator in A.C.P. No.49 of 2018 was set aside by the Principal District Court, Ramanathapuram under Sec. 34 of the Arbitration and Conciliation Act on the ground that the Arbitral Award passed by the Arbitrator at Karaikudi was not the seat of the arbitration. The petitioner was also granted liberty to initiate fresh arbitration through its order dtd. 28/3/2022 passed under Sec. 34 of the Arbitration and Conciliation Act. Based on the relief granted by the Principal District Court, Ramanathapuram, the petitioner has now filed this petition under Sec. 11 of the Arbitration and Conciliation Act seeking for appointment of an Arbitrator by this Court.