ORIGINET TECHNOLOGIES LTD & ORS. vs TECHNOLOGY DEVELOPMENT BOARD

Judgment text excerpt

$~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 Signature Not Verified ARB.P.1285/2024 Page 1 of 15 Digitally Signed By:ROHIT KUMAR PATEL Signing Date:11.02.2025 07:23:24 project’). 3. The loan was to be disbursed in four tranches, subject to the fulfilment of pre-defined project milestones. The sanctioned tranches were as under - i. INR 300 Lakhs as the first tranche ii. INR 350 Lakhs as the second tranche iii. INR 260 Lakhs as the third tranche iv. INR 40 Lakhs as the fourth tranche 4. To fulfil the conditions for the first tranche, petitioner nos. 2 and 3 executed a Deed of Personal Guarantee in favour of the respondent on 18.07.2012. The first tranche of INR 300 Lakhs was disbursed on 02.0