$~9
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Date of decision: 02.02.2022
+ ARB.P. 1253/2021
SEETHA KUMARI ..... Petitioner
Through Mr.Ankit Shah & Ms.Tanzeela
Mubashsharah, Advs.
versus
BAJAJ FINANCE LIMITED ..... Respondent
Through Mr.Paras Parekh, Adv.
CORAM:
HON'BLE MR. JUSTICE SURESH KUMAR KAIT
J U D G M E N T (oral)
1. The present petition has been filed by the petitioner under Section 11
of the Arbitration and Conciliation Act, 1996 seeking appointment of
Arbitrator for adjudication of disputes with respondent.
2. Petitioner- Seetha Kumar claims to be engaged in a borrower-lender
relationship with the respondent since 2015. Petitioner had availed Loan
Against Securities from respondent between 2015 to 2018 which came to be
paid off in full. Around September 2018, petitioner further availed loan
against securities for an amount of Rs.10 crores for the period of 24 months.
Petitioner was granted additional loan of Rs.10 crore for a period of 24
ARB.P. 1253/2021 Page 1 of 4 months vide letter dated 02.05.2019 and Loan cum Pledge cum Guarantee
Agreement dated 03.05.2019. Accordingly, the total sanctioned loan was
Rs.20 crores, which was adequately secured by holding securities in form of
shares of two listed companies namely, Hinduja Global Solutions Ltd. and
Jindal Poly Film Ltd. with margin of 100% to the satisfaction of the
respondent.
3. Learned counsel for petitioner has submitted that margin of 100% was
always maintained throughout the tenure of the said loan except on one
occasion for one day, which was triggered due to the heavy crash in Indian
and World Stock Markets because of the unprecedent Covid crises in the
month of March, 2020. Even that day i.e. on 25.03.2020, the margin did not
trigger or fall below 85% mark. Thereafter, on 25.03.2020, respondent sent
an email to the petitioner at around 10:37 a.m. to replenish the shortfall in
the margin within a day and the account of the petitioner stood overdrawn
by Rs.27,15,671/-. Immediately within less than an hour of receiving the
abovesaid email, petitioner replenished the shortfall and informed the
respondent's concerned officer.
4. Learned counsel for petitioner further submits that on 26.03.2020,
petitioner again received an email from respondent calling upon the
ARB.P. 1253/2021 Page 2 of 4 petitioner to execute the sale of the scripts pledged with respondent on
25.03.2020. Again on 27.03.2020, petitioner received another email from
respondent calling upon the petitioner under clause 4 of the agreement to
repay entire principal amount of Rs.19,25,58,527/-. Learned counsel
submits that despite repeated representations made to the respondent, the
valuable securities of Hinduja Global Solutions Limited were sold by
respondent Company at a throw away price on or about 09/10.07.2020. The
market value of those as on date is more than Rs.1200/- and this has caused
grave and immense loss to the petitioner of more than Rs.20 crores.
5. Thereafter, petitioner sent notice dated 15.12.2020 and invoked
arbitration under Clause- 8 of the Loan cum Pledge cum Guarantee
Agreement with regard to LIS No.49721. But till date no arbitrator has been
appointed by the respondent and hence, the present petition has been filed.
6. Today, learned counsel has entered appearance on behalf of
respondent and he submits that the claims raised in the present petition are
disputed, however, fairly conceded that the disputes inter se parties are
arbitrable. Learned counsel also submitted that respondent has no objection
if disputes are referred to an independent arbitrator appointed by this Court.
7. Since counsel representing both the sides have consented that the
ARB.P. 1253/2021 Page 3 of 4 disputes are arbitrable and an independent Arbitrator be appointed by this
Court, the present petition is allowed.
8. Accordingly, Mr. Justice (Retd.) Dipak Misra, former Chief
Justice of India (Mobile: 9560333111) is appointed the sole Arbitrator to
adjudicate the dispute between the parties.
9. The learned Arbitrator shall decide the fee after consultation with the
parties.
10. The learned Arbitrator shall ensure compliance of Section 12 of
Arbitration and Conciliation Act, 1996 before commencing the arbitration.
11. The present petition and pending application, if any, are accordingly
disposed of.
(SURESH KUMAR KAIT) JUDGE FEBRUARY 02, 2022 ab
ARB.P. 1253/2021 Page 4 of 4
