SANJEEV SACHDEVA,J. - (1.) ARB.A. (COMM.) 15/2017 & IA No. 7399/2017(stay) The appellants, by this Appeal under Section 37(2)(b) of the Arbitration & Conciliation Act, 1996 (hereinafter referred to as 'the Arbitration Act'), seek quashing of order dated 19.05.2017 passed by the Arbitral Tribunal and further seek a direction for preservation of the mortgaged properties belonging to Appellant Nos. 2 to 4 during the pendency of the arbitration proceedings.
(2.) The appellants had secured a loan from the respondent. Loan was sanctioned in the sum of Rs.6.5 crores by Sanction Letter dated 29.09.2015. The said loan amount was also released to the appellants. Master Facility Agreement was signed on 30.09.2015. On 21.10.2015, Supplementary Agreement for Rs.1.8 crore was also signed.
(3.) The repayment of the loan was secured by creation of Equitable mortgage by deposit of Title Deeds of immovable properties. Seven Memorandum of Title Deeds were executed; four dated 30.09.2015 and three dated 21.10.2015.;