Yogesh Bansal v. APNACIRCLB Info Tech Ltd. & Ors.

1. It appears that mediation has not been successful. The apprehension expressed by the Petitioner is that the persons in-charge of the Respondent No. lare not in the country and that in the event of the Petitioner succeeding in the arbitral proceedings, he will not be able to realize the decretal amount. OMP1260/2014&ARB.P.44/2015 Page[1] of[3] 2015:DHC:10734

2. In the reply filed by the Respondents and in the submissions made to the Court earlier, it is assured that the Respondent No.l has sufficient resources in the country and that Respondent No. Iwill be prepared to satisfy the award ifpassed against it. It is stated that as ofdate there is balance ofRs.60lakhs in the accountofthe RespondentNo.l.

3. It is seen that in his email dated O'** June,2014,the Petitioner claimed a sum ofRs.46.20 lakhs. In the circumstances the Court directs that a sum ofRs.50 lakhs be retained in the account ofthe Respondent No.l at all times during the pendency ofthe arbitral proceedings.

4. Both the pa:rties have agreed that this court may appoint a Sole Arbitrator to adjudicate the disputes between the parties including their claims and counter claims.

5. In the circumstances,the Court appoints Dr.Ram Kishan Yadav,retired District & Sessions Judge, Delhi, A-353, 2"^ Floor, Derawal Nagar, Delhi-110009,(Tel.No.011-47503579,9910384623)as sole Arbitrator OMP1260/2014&ARB.P.44/2015 Page2of[3] to adjudicatethe disputes between the parties including their claims and counter-claims. The arbitration shall take place under the aegis ofthe Delhi International Arbitration Centre('DAC').The fees ofthe learned Arbitrator vvill be in terms ofthe Delhi International Arbitration Centre ArbitrationProceedings(Arbitrators'Fees)Rules.

6. The petitions are disposed of. A copy ofthis order be delivered to the learned Arbitratoraswellas Additional Coordinator,DACforthwith.

7. Order Dasti. MAY 15,2015/ n S.MURALIDHAR,J OMP1260/2014&ARB.P.44/2015 Page3of[3]