MONEYWISE FINANCIAL SERVICES PVT LTD vs ARIHANT AGENCY THROUGHT ITS PROPREITOR MR RUPEN MAHENDRAKUMAR SHAH AND ORS.

Judgment text excerpt

$-4 * IN THE HIGH COURT OF DELHI AT NEW DELHI + ARB.P. 101/2025 Date of Decision: 17.02.2025 IN THE MATTER OF: MONEYWISE FINANCIAL SERVICES PVT LTD ..... PETITIONER Through: Ms.Mehvish Khan and Mr.Aman Choudhary, Advocates. Versus ARIHANT AGENCY THROUGHT ITS PROPREITOR MR RUPEN MAHENDRAKUMAR SHAH AND ORS. .... 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) by the petitioner, seeking appointment of an Arbitrator, to adjudicate upon the disputes that have arisen between the parties under the Master Loan Agreement dated 03.01.2019. Signature Not Verified Signature Not Verified Digitally Signed By:PRIYA Digitally Signed Signing Date:21.02.2025 By:PURUSHAINDRA 16:33:51 1 KUMAR KAURAV 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 Non- Banking Financial Company (NBFC), registered with the Reserve Bank of India (RBI) as an NBFC-ND, providing loan facilities to individual and corporate clients. He submits that respondent No. 2, in the capacity of proprietor, along with respondent No. 3, approached the petitioner for availing a loan facility of Rs. 20,00,000/- (Rupees Twenty Lakhs Only) for business expansion. Based on the business profile, credibility, and assurances of the respondents, the loan facility was sanctioned. 4. According to learned counsel, respondent No. 2, along with respondent No. 3, stood as co-borrowers/co-applicants in their personal capacities under the said loan agreement, and are jointly and severally liable for the repayment of the outstanding amount as per th