NEENA MALHOTRA & ANR. vs SPLENDOR BUILDWELL PVT. LTD & ANR.

Judgment text excerpt

$-5 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ARB.P. 803/2025 Date of Decision: 27.08.2025 IN THE MATTER OF: 1. NEENA MALHOTRA W/O ABHIMANYOU MALHOTRA R/O HOUSE NO. 6/87, W.E.A. PADAM SINGH ROAD, KAROL BACH NEW DELHI-110005 ........PETITIONER NO.1 2. ABHIMANYOU MALHOTRA S/O LATE ANAND PRAKASH MALHOTRA R/O HOUSE NO. 6/87, W.E.A. PADAM SINGH ROAD, KAROL BAGH NEW DELHI-110005 ........PETITIONER NO.2 Through: Mr.Siddhant Asthana and Mr.Siddhartha Negi, Advocates. Versus 1. SPLENDOR BUILDWELL PVT. LTD SPLENDOR FORUM, FIFTH FLOOR, PLOT N0.3, JASOLA DISTRICT CENTRE new DELHI-110025 .... RESPONDENT NO.1 2. ISHAYU BUILDERS AND DEVELOPERS PVT. LTD. 131, FIRST FLOOR, SPLENDOR FORUM, Signature Not Verified Signature Not Verified Signed By:NEHA CHOPRA Signed Signing Date:04.09.2025 By:PURUSHAINDRA 12:30:51 1 KUMAR KAURAV PLOT N0.3, JASOLA DISTRICT CENTRE NEW DELHI -110025. ...... RESPONDENT NO.2 Through: Mr.Sarthak Gupta, Advocate. HON'BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV JUDGEMENT PURUSHAINDRA KUMAR KAURAV, J. (ORAL) 1. The present petition has been filed under Section 11(6) of the Arbitration and Conciliation Act, 1996 (the 1996 Act) by the petitioner, seeking appointment of an Arbitrator, to adjudicate upon the disputes that have arisen between the parties under the Memorandum of Understanding (MoU) dated 10.10.2016. 2. The facts of the case would indicate that the petitioner is a Non- banking Finance Company and is engaged in the business of financing for vehicles etc. from other portfolios. As per the case set up by the petitioner, it sanctioned a loan facility to the respondent for a sum Rs.3,00,000/- (Rupees Three Lakhs) and said loan amount was agreed to be paid by the respondent in 48 EMIs of Rs.8,812/- each as per terms of the said agreement. Accordingly, a Loan Agr