INTEC CAPITAL LTD vs MR SHEKHAR CHAND JAIN & ANR.

Judgment text excerpt

$~J * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment reserved on: 18.07.2025 Judgment pronounced on: 04.09.2025 + ARB. A. (COMM.) 25/2024 & I.A. 10158/2024 INTEC CAPITAL LIMITED .....Appellant Through: Mr. Pranav Goyal, Ms. Pooja Chaudhary, Ms. Mreeganka Goyal, Mr. Vishant Singh, Advs. versus MR SHEKHAR CHAND JAIN & ANOTHER .....Respondents Through: Mr. Mohit Sharma, Adv. CORAM: HON’BLE MR. JUSTICE JASMEET SINGH JUDGMENT 1. This is an appeal filed under Section 37(2)(a) of the Arbitration and Conciliation Act, 1996 (for brevity “the Act”) against the impugned order dated 20.04.2024 passed by the learned arbitrator in an arbitration matter, Digitally Signed _____________________________________________________________________________________________ By:MAYANK ARB. A. (COMM.) 25/2024 Page 1 of 23 Signing Date:04.09.2025 14:51:06 being Case Ref. No. DIAC/6864B/09-23 titled as “M/s Intec Capital Ltd. v. M/s Shikhir Plast India Pvt. Ltd. & Others”. FACTUAL BACKGROUND 2. The description of the parties is that M/s Intec Capital Ltd. (hereinafter referred to as “the appellant”) is a Non-Banking Financial Company incorporated under the provisions of the Companies Act, 1956. Mr. Shekhar Chand Jain (hereinafter referred to as “the respondent No. 1”) is the proprietor of M/s Ganesh Polymers (hereinafter referred to as “the respondent No. 2”). 3. The appellant has preferred the present appeal against the order dated 20.04.2024 passed by the learned arbitrator in the arbitration proceedings, whereby the application filed by the respondents was allowed and the respondents were deleted from the array of parties. 4. The brief facts of the case as per the appellant are that in the year 2012, Ms. Poonam Jain (hereinafter referred to as “the principal borrower No. 1”), the proprietor of