CARS24 SERVICES PRIVATE LIMITED vs ANANTHARAJ T PROPRIETOR OF M/S THURAIYUR CARS

Judgment text excerpt

$-12 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ARB.P. 383/2025 Date of Decision: 29.04.2025 IN THE MATTER OF: CARS24 SERVICES PRIVATE LIMITED .....Petitioner Through: Mr.Rit Arora and Mr.Anurag Arora, Advocates. Versus ANANTHARAJ T PROPRIETOR OF M/S THURAIYUR CARS .....Respondent Through: None. HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV JUDGEMENT PURUSHAINDRA KUMAR KAURAV, J. (ORAL) 1. The present petition has been filed under Section 11(5) of the Arbitration and Conciliation Act, 1996 (the 1996 Act) by the petitioner, seeking appointment of an Arbitral Tribunal to adjudicate upon the disputes that have arisen between the parties under the Credit Program Agreement dated 07.02.2019. 2. The office report indicates that the service on all the respondents stands complete. 3. Learned counsel for the petitioner submits that the petitioner is a Private Limited Company, which, in the regular course of its business, provides a revolving Finance/Credit Facility to business entities for the purchase of pre-owned cars, with the purpose of reselling them to end Signature Not Verified Signature Not Verified Signed By:PRIYA Signed Signing Date:08.05.2025 By:PURUSHAINDRA 14:46:20 1 KUMAR KAURAV customers. He further submits that the respondent is the Sole Proprietor of M/s Thuraiyur Cars and is a borrower under the said facility, and also the signatory to the Credit Program Agreement dated 07.02.2019. It is contended that the petitioner, relying on the respondent’s creditworthiness, as well as his assurances and commitments, extended the credit facility and executed the said agreement. According to the petitioner’s case, the respondent had agreed to repay each loan amount within 60 days from the date of disbursement, along with applicable interest charges. 4. Learned counsel for t