BHARTI P. PATEL Vs. MR HARCHARAN SINGH RANAUTA

JUDGEMENT

(1.) The present petition has been preferred under the provisions of Sec. 11(5) of the Arbitration and Conciliation Act, 1996 seeking appointment of sole Arbitrator to adjudicate the disputes inter-se the parties.

(2.) As per the case of the petitioners, on 17/8/2020, the petitioners and the respondents entered into a Loan Repayment and Settlement Agreement whereby it was agreed that respondent No. 1 would issue a post-dated cheque of Rs.12,05,50,191.00 from his account for payment of the admitted liability. It is stated that respondent No. 1 in conspiracy with other Directors of respondent No. 2, dishonestly issued a cheque of Rs.12,05,50,191.00 from the dormant account of respondent No. 2, which on presentation was returned. Thereafter, disputes arose between the parties.

(3.) Accordingly, a legal notice was sent by the petitioners to the respondents on 28/7/2021 calling upon them to pay Rs.12,05,50,191.00 along with interest @ 9% p.a. It is submitted that despite receipt of the said notice, the respondents failed to make any payment to the petitioners.