SREI EQUIPMENT FINANCE LIMITED Vs. VAG BUILDTECH LTD.

JUDGEMENT

(1.) The Court:-

(2.) He submits, this arbitration petition for interim measure is not maintainable. He refers to section 7 in Arbitration and Conciliation Act, 1996, particularly to clause (a) in sub-section (4), which provides for arbitration agreement to be in writing as in a document signed by parties. Referring to the agreement he submits, only his client's (respondent no.1) signature appears on all pages. On it being pointed out by Mr. Banerjee, learned advocate appearing on behalf of petitioner, he accepts the agreement to have been signed in Schedule-X of it, being description of immovable properties. Neither execution page nor page bearing arbitration clause carries signature of petitioner. Furthermore, there is no intention, manifest or implied in the petition that arbitration is contemplated. He relies on judgement of Supreme Court in Sundaram Finance Ltd. Vs. NEPC India Ltd. reported in AIR 1999 SC 565, to paragraph 20 where said Court said that if an application (under section 9) is made, Court will first have to be satisfied that there exists a valid arbitration agreement and the applicant intends to take the dispute to arbitration. He reiterates, there is no valid arbitration agreement, which goes to root of the matter rendering the petition, not maintainable. Without prejudice, he submits on facts, the assets have been taken possession of by liquidator pursuant to order dated 25th June, 2019 passed by National Company Law Tribunal (NCLT), Mumbai Bench in MA 2161/2019 in CP(IB) 2295(MB)/2018 ( American Express banking Corporation Vs. Sunil Hitech Engineers Ltd. ).

(3.) Petitioner will be heard on adjourned date whether signature of its authorised representative appearing in a schedule page to the agreement, is execution thereof. Petitioner will also obtain copy of this order and serve upon liquidator in said case, being dealt with by National Company Law Tribunal (NCLT), Mumbai Bench, with request upon liquidator to confirm its possession of schedule assets as belonging to respondent no.2 company (in liquidation).