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Petition filed u/s 9 of Arbitration Act would be treated as application u/s 17 on appointment of Arbitrator: Delhi HC

May 31, 2021[2021] 127 taxmann.com 507 (Delhi)
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FEMA & BANKING : Where petitioner had sanctioned a term loan SPDPL under a Loan-cum-Mortgage Agreement and Personal guarantee given by respondents for said loan was invoked on default by SPDPL and petitioner filed instant petition under Section 9 of the Arbitration and Conciliation Act, 1996 seeking reliefs in nature of directions to Respondents to deposit outstanding amount due and payable, it was held that since Arbitrator had been appointed, parties jointly prayed that instant petition be directed to be considered by Arbitrator as an application under Section 17 and said request was accepted and accordingly, instant petition was disposed of, with a direction that same would be treated as an application under Section 17, which would be considered and decided by Arbitrator in accordance with law.

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