RAJESH SHAH Vs. KOTAK MAHINDRA INVESTMENT LTD

JUDGEMENT

(1.) Mr Kishore Notani, Vice President (Operations), Kotak Mahindra Investment Ltd is present on behalf of the Respondents. The Petition challenges an Award dated 18th November 2015. I have briefl heard both sides.

(2.) At this stage, both sides consent to the Award in question being set aside without assigning reasons. Both sides are agreeable to the disputes being referred to arbitration afresh. Both sides also agree upon the nomination of Mr Shilpan Gaonkar, learned Advocate of this Court as the sole Arbitrator to decide the disputes and diferences between the parties arising from the Loan Agreement dated 16th June 2006 read with the Pledge Agreement dated 16th June 2006.

(3.) Before the previous Arbitrator the Respondents fled a Statement of Claim. The Petitioners were not permitted to fle a Statement of Defence. Thel did however fle an application under Section 16 , inter alia contending that there had been no invocation bl the Respondents as required bl law under Section 21 of the Arbitration and Conciliation Act 1996. It is in view of these developments that a few further directions are necessarl.