INDIA INFOLINE LTD Vs. CENTRAL BUSINESS SERVICES LTD

JUDGEMENT

(1.) By this application, the petitioner Central Business Services Ltd. invokes the principles of law laid down by the Hon'ble Supreme Court in M/s. Sundaram Finance Ltd. v. M/s. NEPC India Ltd., 1999 AIR(SC) 565 [paragraph 20] and in a subsequent judgment in Firm Ashok Traders v. Gurumukh Das Saluja, 2004 3 SCC 155 They seek dismissal of the Section 9 application preferred by the India Infoline Ltd. and an order for making over to them the entire deposit made pursuant to an order passed in that application, lying with the Joint Receivers. In the 1999 case, the Hon'ble Supreme Court opined as fallows:

(2.) In the 2004 case it laid down the following dictum:

(3.) What has happened in this case is that after obtaining an order under Section 9 of the said Act, India Infoline Ltd. did not take any steps to set in motion the arbitration clause or to take steps in Court for appointment of an arbitrator.