Axis Finance Limited vs M/s Bansal Manish And Associates & Ors.

Vide order dated 24.08.2026, interim order was granted. Service is sufficient in this matter. No one has put in appearance on behalf of the Respondents.

Learned Counsel appearing on behalf of the Petitioner submits that they have already invoked arbitration and sent Section 21 notice.

Accordingly, it is directed that the Petitioner shall take steps for the constitution of the Arbitral Tribunal within a period of three weeks from today.

Upon the constitution of the Arbitral Tribunal, the present petition filed under Section 9 of the Arbitration and Conciliation Act, 1996¹ shall stand treated as an application under Section 17 and shall be placed before the Sole Arbitrator for consideration of disputes in accordance with law.

The interim arrangement granted vide order dated 24.08.2026 shall continue until the learned Sole Arbitrator considers the matter and passes appropriate orders thereon.

It shall be open to the learned Arbitral Tribunal, upon consideration of the matter on its own merits, to continue, modify, vary or vacate the aforesaid interim arrangement.

It is made clear that if the petitioner fails to initiate arbitration proceedings within the aforesaid period, the interim arrangement granted by order dated 24.08.2026 shall stand vacated automatically.

All the rights and contentions of the parties are left open and nothing contained in this order or in the order dated 24.08.2026 shall be construed as an expression of opinion on the merits of the disputes.

Accordingly, the petition along with pending application(s), if any, is disposed of in the aforesaid terms.

¹ “Act” hereinafter