SHUBHAM GARG Vs. AJAY KUMAR MAHESHWARI

JUDGEMENT

(1.) Present application under Section 11(5) of the Arbitration and Conciliation Act, 1996 has been filed by the applicant/petitioner for the appointment of an independent Arbitrator and further seeking a relief for restraining the proceedings of the arbitration case which was initiated by the sole respondent.

(2.) Factual matrix of the case is that one Shyam Lal father of applicant Nos.4 and 5 had purchased shares of one Dynamic Laminates India Ltd., a Company incorporated under the provisions of the Companies Act. As the Company had outstanding dues of State Bank of Patiyala, to the tune of Rs.1,88,00,000/-, the said amount was to be paid by Shyam Lal to the Bank and further a sum of Rs.2,41,00,000/- to the Company. Thus, the total amount payable was Rs.4,29,00,000/-. This payment was to be made by 30.11.2014.

(3.) An agreement to this effect was executed between Shyam Lal and the Managing Director of M/s Dynamic Laminates India Ltd. on 18.11.2014.