ORIGINET TECHNOLOGIES LTD & ORS. vs TECHNOLOGY DEVELOPMENT BOARD

$~J-1 * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment pronounced on: 11.02.2025 ARB.P. 1285/2024 ORIGINET TECHNOLOGIES LTD & ORS. ..... Petitioners Through: Mr. Akshat Vachher, Mr. Yashvardhan Singh, Mr. Shrey Lodha, Mr. Jaswinder Choudhary, Ms. Abhiti Vachher, Advocates for Petitioner nos.1 to 3. versus TECHNOLOGY DEVELOPMENT BOARD ..... Respondent Through: Mr. Yashvardhan, Ms. Kritika Nagpal, Mr. Gyanendra Shukla, Mr. Pranav Das, Advocates. CORAM: HON'BLE MR. JUSTICE SACHIN DATTA JUDGMENT 1. The present petition under Section 11(6) of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as ‘the A&C Act’) seeks appointment of a sole arbitrator to adjudicate the disputes between the parties. 2. The disputes between the parties have arisen in the context of a Loan Agreement dated 18.07.2012 and a Deed of Personal Guarantee dated 18.07.2012. The petitioner no. 1 entered into the said Loan Agreement with the respondent, under which financial assistance of INR 960 Lakhs was sanctioned for “Development, Commercialization, and Indigenization of Nuclear Radiation Monitoring Systems” (hereinafter referred to as ‘the 3. The loan was to be disbursed in four tranches, subjec