L AND T HOUSING FINANCE LTD Vs. JSM DEVCONS PRIVATE LIMITED
LAWS(BOM)-2018-11-90
HIGH COURT OF BOMBAY
Decided on November 24,2018

L And T Housing Finance Ltd Appellant
VERSUS
Jsm Devcons Private Limited Respondents

JUDGEMENT

- (1.) On a perusal of the record, it appears that in this petition under Section 9 of the Arbitration and Conciliation Act , 1996 (for short, "the Act"), the Court has already passed interim orders sufficiently protecting interest of the petitioner which is clear from the orders dated 6 March 2018, 12 June 2018, 19 June 2018, 25 July 2018, 3 September 2018 and 6 October 2018.
(2.) On a query as made to learned Counsel for the petitioner, he fairly submits that so far no steps have been taken for appointment of an Arbitrator. The praecipe as moved on behalf of the petitioner today is that the petitioner still has outstanding dues approximately of Rs.45 Crores and to recover the same the petitioner seeks a further order from this Court, for sale of the vacant plot of land. Such relief on a praecipe surely cannot be granted. If the petitioner so feels, an appropriate application in that regard can be moved and the same can be considered on its merits after hearing all the parties.
(3.) As regards the non-appointment of an Arbitrator considering the provisions of section 9 (2) of the Act, it is necessary that the Arbitrator was required to be appointed within 90 days after the interim protection was granted to the petitioner in March 2018. In fact, for any further reliefs which would be substantive in nature, it would be appropriate that the petitioner is permitted to move the learned Arbitrator in an application under Section 17 of the Act where appropriate further orders can be passed and the protection which is already granted in the orders passed in this proceedings can be continued to remain in operation.;


Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.