JNP AGRO-SYSTEMS P LTD Vs. TECHNOLOGY DEVELOPMENT BOARD
HIGH COURT OF DELHI
JNP AGRO-SYSTEMS (P) LTD
TECHNOLOGY DEVELOPMENT BOARD
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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 The suit was dismissed as withdrawn with liberty to the respondent to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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