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Judgment
8 paragraphs · 168 wordsSanjeev Sachdeva, J
Petitioner seeks reference to arbitration the disputes emanating out of loan agreement dated 09.08.2012.
Learned counsel for the respondent submits that without prejudice to the rights and contentions and without prejudice to the rights of the respondent to raise a counter claim, he has no objection if this court refers the disputes to the Delhi International Arbitration Centre.
In view of the above and with the consent of the parties, the disputes are referred to the Delhi International Arbitration Centre (DIAC), which would appoint an arbitrator to arbitrate the disputes.
The arbitration shall take place under the aegis of the DIAC in accordance with its rules and regulations.
The arbitrator would be entitled to charge fees in accordance with the schedule of fee stipulated by the DIAC.
The arbitrator shall furnish the requisite disclosure under section 12 of the Arbitration and Conciliation Act, 1996 within two weeks of entering reference.
Petition is disposed of in the above terms.