DEBANGSU BASAK J. - (1.) The Court: This is an application under Section 11 of the Arbitration and Conciliation Act, 1996.
(2.) The petitioner is a financial institution within the meaning of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act in short). The petitioner claims arbitration in view of Section 11 of the Act of 2002.
(3.) Section 11 of the Act of 2002 is as follows : '11. Resolution of disputes. - Where any dispute relating to securitisation or reconstuction or non-payment of any amount due including interest arises amongst any of the parties, namely, the bank, or financial institution or securitisation company or reconstruction company or qualified institutional buyer, such dispute shall be settled by conciliation or arbitration as provided in the Arbitration and Conciliation Act, 1996 (26 of 1996), as if the parties to the dispute have consented in writing for determination of such dispute by conciliation or arbitration and the provisions of that Act shall apply accordingly' Section 11 of the Act of 2002 provides for a statutory arbitration. It raises a statutory presumption of existence of an arbitration agreement in respect of a dispute relating to securitisation or reconstruction or non-payment of any amount including interest between bank or a financial institution or asset reconstruction company or qualified institutional buyer.;