JAIN SONS FINLEASE LTD Vs. MAGPPIE INTERNATIONAL LTD

JUDGEMENT

(1.) The Respondents have been served at their addresses in Delhi on 22nd January 2020. That notice includes intimation of today's listing. There is an Afdavit of Service. It is taken on fle.

(2.) The Petitioner is a non-banking fnance company. The 1st Respondent approached it for a loan under a Supplier Financing (Revolving Limit) Facility in the amount of Rs. 1.50 crores with 12- month tenure. The repayment was to be made within 90 days from the date of disbursement of each transaction. There was a Facility Agreement of 29th September 2018. A copy of this is at Exhibit "A". The provision for arbitration in Clause 31 reads thus:

(3.) Ms Bhogale for the Petitioner points out that the Respondents Nos. 2, 3 and 6 are directors and guarantors and Respondents Nos. 4 and 5 are also personal guarantors for the repayment of this loan.