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Judgment
11 paragraphs · 336 wordsSathish Ninan, J
Annexure-A agreement dated 01.06.2020 was executed between the petitioners and the respondents, where under, the respondents agreed to convey the shares held by them in the SARK Group of Companies, to the petitioners. Annexure-B is the agreement extending the period under Annexure-A agreement. There arose dispute between the parties regarding compliance with the terms of the agreements. Though the agreement provides for resolution of disputes by arbitration, the parties were not able to arrive at a consensus regarding the appointment of an Arbitrator. It is accordingly that the petitioners have approached this Court under Section 11 of the Arbitration and Conciliation Act, 1996.
Heard learned counsel on either sides.
The existence of an arbitration clause in Annexure-A agreement is not disputed. Clause 6.1 is the relevant clause and it reads thus:-
“All disputes arising under or in connection with this agreement or its validity shall be through mediation. If the dispute is not so resolved, the Parties to move for constituting an Arbitration Tribunal, as per the provisions of Arbitration and Conciliation Act, 1996.”
The contentions urged by the rival sides on the merits are to be urged before the Arbitrator. Accordingly the Arbitration Request is ordered as hereunder :-
(a) Retd. Justice K.T.Sankaran, 'Savithri', Shenoy Road, Kaloor, Kochi-682017, is nominated provisionally as the Sole Arbitrator to adjudicate upon the disputes between the parties.
(b) A copy of this order shall be communicated to the learned Sole Arbitrator by the Advocate of the applicant within a period of one week from today. A copy of the order shall also be forwarded to the learned Sole Arbitrator by the Registry.
(c) The Arbitrator is requested to forward the statement of disclosure under Section 11(8) r/w Section 12(1) of the Arbitration and Conciliation Act, 1996.
(d) The registry shall place the disclosure statement before this Court, for confirmation of the appointment of the Arbitrator.
(e) The Arbitrator's fees shall be payable as per IVth Schedule to the Arbitration and Conciliation Act, 1996.