JNP AGRO-SYSTEMS P LTD Vs. TECHNOLOGY DEVELOPMENT BOARD
LAWS(DLH)-2007-8-80
HIGH COURT OF DELHI
Decided on August 23,2007

JNP AGRO-SYSTEMS (P) LTD Appellant
VERSUS
TECHNOLOGY DEVELOPMENT BOARD Respondents

JUDGEMENT

SANJAY KISHAN KAUL, J. - (1.) The respondent is a Government of India organisation under the Ministry of Science, Department of Science and Technology, Government of India, set up under an Act of Parliament with the object of providing financial assistance to industry for promotion and commercialization of new technologies.
(2.) The petitioners approached the respondent for grant of certain loan facilities and a loan agreement dated 22.12.2000 was executed in that behalf which contained an arbitration and jurisdiction clause being Article 10. The petitioners failed to pay the installments of loan giving rise to disputes between the parties.
(3.) It may be noticed that a suit was filed by the respondent for recovery of the amount but the petitioners filed an application under Section 8 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as the said Act). The suit and the application were disposed of in terms of the order dated 14.11.2005 by this Court where on the agreement between the parties, it was recorded that an arbitrator had been appointed to whom disputes could be so referred. The suit was dismissed as withdrawn with liberty to the respondent to pursue the arbitration proceedings.;


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