RAVI MOHAN KULSHRESTHA Vs. MAGMA SHRACHI FINANCE LTD.

JUDGEMENT

(1.) By consent of the parties, the award dated December 5, 2008 is set aside and the parties agree that a fresh reference of the disputes may be made.

(2.) Since it is open to the financier to nominate an arbitrator, the financier suggests that the reference be made to Mr. Dhruba Ghosh, Advocate, in which the hirer concurs.

(3.) The appearing parties have also agreed that the arbitrator will be paid a consolidated remuneration of 3000 GM to be shared by these parties, with the hirer bearing the burden of the entire remuneration of the arbitrator on behalf of the principal debtor and the guarantor who had executed the agreement. The appearing parties hope that the reference would be concluded within three months from the date on which the arbitrator enters upon reference.