SIEMENS FINANCIAL SERVICES PVT LTD vs DR VIKAS SAROHA & ANR.

Judgment text excerpt

$~O-4 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ARB.P. 129/2025 Date of Decision: 24.04.2025 IN THE MATTER OF: SIEMENS FINANCIAL SERVICES PVT LTD .....Petitioner Through: Mr. Asav Rajan, Adv. versus DR VIKAS SAROHA & ANR. .....Respondents 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 of the Arbitration and Conciliation Act, 1996 (the 1996 Act), seeking appointment of an Arbitrator to adjudicate upon the dispute between the parties, in terms of the Finance cum Hypothecation Agreement dated 29.03.2019. 2. The service report placed by the Registry indicates that notices have been served upon the respondents, despite that nobody appears on behalf of the respondents. 3. A perusal of the petition indicates that the petitioner is a non-banking financial corporation. On 19.03.2019, respondent No.1 applied for a loan facility, wherein respondent No.2 stood as guarantor. Pursuant thereto, a loan was sanctioned vide a sanction letter bearing reference No. 8988592-1. Signature Not Verified Signature Not Verified Signed By:DEEPAK Signed BISSYAN Signing Date:07.05.2025 By:PURUSHAINDRA 17:54:59 KUMAR KAURAV On 29.03.2019, respondent No.1 executed Finance cum Hypothecation Agreement bearing no. A8988592 (hereinafter referred to as Finance Agreement) with the petitioner for availing a loan facility to the tune of Rs. 63,75,000 and hypothecated Vivid E 95V 202 CMV Unit with four probes (1 No.), in favour of the petitioner. 4. Thereafter, as per the plaint, on the even date, a promissory notice was provided to the petitioner under the signature of respondent No.2 in the capacity of guarantor, for the loan facility availed by respondent No.1. It is the case of petitioner