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ARB.P. 240/2013 and lA No.9664/2013 (stay)
JAY POLYCHEM (INDIA) LTD & ORS Petitioners
Through: Dr. A.M. Singhvi and Mr. Arun Bhardwaj, Sr. Advocates with Mr. Vineet Malhotj-a, Dr. Shailender Sharma and Mr. Vishal, Advocates
JAY POLYCHEM INDIA LTD. & ORS Petitioners Malhotra, Dr. Shailender Sharma and Mr. Vishal, • . Advocates
Through: Mr. Anil Sapra, Sr. Advocate with Mr. forR-1
S.E INVESTMENTS LTD Petitioner
2013:DHC:8402 for R-1 /O.
Advocates
JAY POLYCHEM (INDIA) LTD. &ORS Petitioners
Through: Dr. .A.M. Singhvi and Mr. Arun Advocates
0/„ 24.07.2013
L The learned counsels for both the parties agree that the captioned petitions and the interlocutory applications can be disposed of with the following directions :-
(i). the court may appoint an Arbitrator to adjudicate upon the
ARB.P. 240/2013 &ors Page 2of4 dispute inplace of Mr. Rakesh U. Upadhyay, Advocate;
(ii). the interlocutory application being: lA No.9664/2013, referred to above, be placed before the learned Arbitrator appointed by this court, who will, after giving due opportunity to both sides, adjudicate upon the same;
(iii). OMP Nos.562/2013, 389/2013 and 216/2013 be also placed before the learned Arbitrator, who will treat the same as petitions under Section 17 of the Arbitration and Conciliation Act, 1996 (in
^ shorttheAct) andsimilarly aftergiving due opportunityto bothsides, pass appropriate orders in accordance withthe law;
(iv). Pending the disposal of the interlocutory application and the petitions, referred to in clause (ii) and (iii) above, interim orders dated
05.03.2013 passed in OMP 216/2013 and interim order dated
23.04.2013 in OMP 389/2013, will continue to operate till the fmal disposal ofthe OMPs and the applications.
(v). the sum of Rs.6 Crores deposited by the petitioner - M/s. Jay
Polychem India Limited, shall remain deposited whic^h-shaJUbide by the orders of the learned Arbitrator.
ORDER
2. It is ordered accordingly, in terms of agreed directions which are referred to hereinabove.
3. The Registiy shall, in the meanwhile, renew the fixed deposit in the event its tenure has come to an end, till ftirther orders are issued in that behalf.
4. Needless to say, the learned Arbitrator shall also, in addition to the above entertain claims and counter claims, ifany, that may be ARB.P. 240/2013 &ors Page 3of[4] i prefeiTed by the parties before him and accordingly adjudicate upon the same, as well.
5. Accordingly, in view of the above Hon'ble Mr. Justice S. B. Sinha, a retired Judge of the Supreme Court (Mobile No.986821966[6]) is appointed as an Arbitrator. The parties and their counsels shall appear before the learned Arbitrator on 29.07.2013 at 3.00 p.m.
6. With the aforesaid obseiTations in place, the captioned petitions are disposed of RAJIV SHAKDHER, J Dasti. JULY 24, 2013 yg