ORIX CORPORATION INDIA LTD vs PETERS SURGICAL INDIA PVT LTD

Judgment text excerpt

$~10 * IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision: 07th May, 2026 + ARB.P. 119/2026 ORIX CORPORATION INDIA LTD .....Petitioner Through: Mr. Shankar Sen, Mr. Kush Gupta, Advocates (M:9310394606) versus PETERS SURGICAL INDIA PVT LTD .....Respondent Through: Mr. Amit Chahal, Advocate CORAM: HON'BLE MS. JUSTICE MINI PUSHKARNA MINI PUSHKARNA, J. (Oral): 1. The present petition has been filed under Section 11(6) of the Arbitration and Conciliation Act, 1996 (“Arbitration Act”), seeking appointment of a Sole Arbitrator for adjudication of disputes between the parties, arising out of the Master Lease Agreement dated 23rd December, 2023 (“Lease Agreement”). Factual Matrix: 2. As per the facts on record, the parties entered into the Lease Agreement by way of which the petitioner leased out a vehicle, i.e., Range Rover Velar, to the respondent, and pursuant to the terms and conditions of the said Lease Agreement, the respondent i.e., lessee, was to pay monthly lease rental of Rs. 1,21,606/-, for a period of 16 months. 3. Further, it is submitted that as per the said terms and conditions, the respondent was obligated to pay the monthly lease rental as well as the fleet management fees to the petitioner, and violation of the terms of the Lease Signature Not Verified Digitally Signed ARB.P. 119/2026 Page 1 of 10 By:HARIOM SHARMA Signing Date:09.05.2026 20:47:38 Agreement would lead to pre-mature termination of the Lease Agreement. 4. Consequently, on 12th August, 2024, the vehicle in question met with an accident, and in view thereof, the insurance company was informed of the same. Further, the petitioner received a total sum of Rs. 81,98,000/-, from the insurance company, however, on account of the breach by the respondent, the Lease Agreement stood pre-maturely term