SC rejects Religare Finvest's plea for new arbitrator in loan case
This story was originally published at 18:35 IST on 5 August 2024
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NEW DELHI – The Supreme Court today rejected a petition by Religare Finvest Ltd seeking the appointment of a new arbitrator in a dispute with Windscreen Holdings Pvt Ltd, Asian Satellite Broadcast Pvt Ltd and others. Religare Finvest had also challenged the Delhi High Court's order extending the mandate of the arbitral tribunal till Oct 31.
The Bench led by Chief Justice of India D.Y. Chandrachud said the court was not inclined to interfere with the high court’s order. The case has its genesis in a 124.45-mln-rupee loan taken by Windscreen Holdings from Religare Finvest. The other parties in the case provided security for the loan.
After Windscreen Holdings failed to repay the debt, arbitration proceedings were started against the parties in 2019. Religare Finvest, however, moved the high court seeking to declare the arbitrator as "de jure" unable to perform functions and sought the appointment of a new arbitrator. The high court dismissed Religare Finvest's plea and said the parties intended to continue with the proceedings except that the petitioner had an objection to the continuation of the arbitrator, purely on the premise that there was a delay in the proceedings.
Challenging the high court's order, Religare Finvest said the order was passed in the absence of any application seeking an extension of the mandate of the arbitrator. The petitioner said that the high court overlooked the fact that the consistent delay in the arbitral proceedings was directly attributable to the arbitrator. End
Reported by Surya Tripathi
Edited by Saji George Titus
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