M/S IDBI TRUSTEESHIP SERVICES LIMITED vs OZONE PROPERTIES PRIVATE LIMITED & ORS.

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on : 21.02.2025 Pronounced on : 07.04.2025 + ARB.P. 433/2024 M/S IDBI TRUSTEESHIP SERVICES LIMITED .....Petitioner Through: Mr. Jayant Mehta, Sr. Advocate with Mr.Angad Verma, Mr. Prashant Kumar, Ms.Nikita, Mr.Kevin and Ms.Tina, Advocates versus OZONE PROPERTIES PRIVATE LIMITED & ORS.....Respondents Through: Mr. Debopriyo Moulik, Advocate for Respondent nos. 1 and 2. Mr. Trideep Pais, Sr. Advocate with Mr. Vidur Bhatia, Mr. Anshul and Ms. Saloni Ambastha, Advocates for Respondent no.3 CORAM: HON'BLE MR. JUSTICE MANOJ KUMAR OHRI JUDGMENT 1. The instant petition has been preferred under Section 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter, referred to as the „A&C Act‟), seeking constitution of Arbitral Tribunal (hereafter, referred to as „AT‟) comprising of a Sole Arbitrator to adjudicate the disputes between the parties. 2. The dispute arises out of a Master Agreement dated 26.04.2023 which was executed between the Petitioner and Respondents No.1 and 2. Clause 3.2 of the agreement contains an arbitration clause as per which the place of Signature Not Verified Digitally Signed ARB.P. 433/2024 Page 1 of 9 By:GAUTAM ASWAL Signing Date:08.04.2025 15:15:16 arbitration is New Delhi. 3. Master Agreement came to be executed to record terms and conditions of repayment of a loan that the Respondent No.1 and 2 had availed of from the Petitioner under a Debenture Trust Deed (“DTD”) dated 09.03.2020. Earlier, Respondent No.1 had borrowed a sum of Rs.75 Crores from the Petitioner in the form of 7,50,000 redeemable, optionally convertible debentures having a face value of Rs.1000/- each. Parties thereafter entered into a DTD whereby terms and conditions on which debentures were allotted to the Petitioner was recor