Y T ENTERTAINMENT LIMITED Vs. NASREEN AZAM KHAN

JUDGEMENT

(1.) The Petitioners have invoked Section 9 of the Arbitration and Conciliation Act, 1996 (for short, the Arbitration Act) for appropriate reliefs based upon the agreement (Exhibit "B") which is executed between M/s. R.F.C. Limited, now the Petitioner Y. T. Entertainment Limited and M/s. Risk Design and Advertising Limited (the Company).

(2.) On 26/12/2007, Respondent Nos. 1, 2 and 3 at all relevant times, the Directors of the company, which has availed of a financial assistance from the Petitioners, formerly known as Rajsamuh Financial Consultancy Ltd. for the purpose of production of its feature film 'Bang Bang Bangkok' now titled 'Khalbali Fun Unlimited' under an agreement dated 26/12/2007 (the contract) and which company has failed and neglected to repay the same.

(3.) Under Clause 8 of the said Agreement, the Respondents being the signatories of the contract which is a binding contract. They have accepted personally also, the liability to repay the dues of the Petitioners.