The case involves a commercial arbitration application filed by Jasani Realty Pvt. Ltd. against Vijay Corporation. The dispute arose from loan agreements between the parties. Jasani Realty sought the appointment of an arbitral tribunal under Section 11 of the Arbitration and Conciliation Act, 1996 (ACA). Vijay Corporation opposed the application, arguing that prior proceedings initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the NCLT constituted an embargo on the court's jurisdiction to appoint an arbitral tribunal. The respondent contended that the applicant was attempting to evade consequences under the IBC. The applicant argued that since the NCLT had not admitted the Section 7 proceedings, there was no bar to the court's power to
…Jasani Realty Pvt. Ltd. (applicant) and Vijay Corporation (respondent) entered into a loan agreement dated April 23, 2015, for Rs.4,50,00,000/-. A subsequent agreement dated July 5, 2016, extended the repayment date to March 31, 2017. Jasani Realty defaulted on loan installments. In discharge of its liability, Jasani Realty issued a cheque dated September 7, 2021, for Rs.31,08,33,457/- to Vijay Corporation, which was dishonored. Vijay Corporation initiated proceedings against Jasani Realty under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT) on October 12, 2021. Jasani Realty invoked the arbitration agreement via notice dated December 10, 2021, and filed an application under Section 11 of the Arbitration and
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Loan agreement entered…
Agreement exten…
The case involves a commercial arbitration application filed by Jasani Realty Pvt. Ltd. against Vijay Corporation. The dispute arose from loan agreements between the parties. Jasani Realty sought the appointment of an arbitral tribunal under Section 11 of the Arbitration and Conciliation Act, 1996 (ACA). Vijay Corporation opposed the application, arguing that prior proceedings initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the NCLT constituted an embargo on the court's jurisdiction to appoint an arbitral tribunal. The respondent contended that the applicant was attempting to evade consequences under the IBC. The applicant argued that since the NCLT had not admitted the Section 7 proceedings, there was no bar to the court's power to
…Jasani Realty Pvt. Ltd. (applicant) and Vijay Corporation (respondent) entered into a loan agreement dated April 23, 2015, for Rs.4,50,00,000/-. A subsequent agreement dated July 5, 2016, extended the repayment date to March 31, 2017. Jasani Realty defaulted on loan installments. In discharge of its liability, Jasani Realty issued a cheque dated September 7, 2021, for Rs.31,08,33,457/- to Vijay Corporation, which was dishonored. Vijay Corporation initiated proceedings against Jasani Realty under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the National Company Law Tribunal (NCLT) on October 12, 2021. Jasani Realty invoked the arbitration agreement via notice dated December 10, 2021, and filed an application under Section 11 of the Arbitration and
…Loan agreement entered…
Agreement exten…