New Delhi: Former Jammu and Kashmir High Court Chief Justice Manmohan Sarin has been appointed as arbitrator in a dispute between Hero Fincorp Ltd and Feedback Power Operations and Maintenance Services Ltd, in connection with the Sanction of a Working Capital Term Loan.
Counsel for the respondent Feedback Power before the bench of Justice Sanjeev Sachdeva submitted that they are willing to settle their disputes with the petitioner and even had a meeting in the office of the petitioner.
On the other hand, the petitioner submitted that though a meeting had taken place, however, the same was not successful and the petitioner has instructed the counsel that no settlement has been arrived at and to proceed with the matter.
“Since there is no dispute that the subject sanction letter contains an arbitration clause and parties have agreed to settle their disputes through arbitration and disputes that have arisen between the parties could not be resolved, the petition is allowed,” said the order passed on Wednesday.
Accordingly, with the consent of the parties, Justice Manmohan Sarin (retd) former Chief Justice, Jammu and Kashmir High Court is appointed as the sole Arbitrator to adjudicate the claims and counterclaims, if any, of the parties, stated the order.
The Arbitrator shall furnish the requisite disclosure under section 12 of the Arbitration and Conciliation Act, 1996 within two weeks of entering reference, the order read.
, (IANS)
