Learned Counsel for the petitioner alleges default in repayment of the
said loan, pursuant to which the petitioner issued a Loan Recall Notice
dated 03.09.2025. It is further stated that the petitioner has duly invoked
the arbitration clause contained in the Loan-cum-Hypothecation Agreement
by issuing a valid notice under Section 21 of the Arbitration and
Conciliation Act, 1996, dated 19.09.2025.
2
It is an admitted position that the Arbitral Tribunal stands constituted,
that the arbitral proceedings have concluded, and that the matter is
presently reserved for pronouncement of the award.
In this factual backdrop, this Court finds no justification to entertain
the present petition at this stage. The legislative scheme is explicit that once
an Arbitral Tribunal is constituted, the Court ought not to exercise its
jurisdiction under Section 9 of the Act, except where the remedy under
Section 17 is shown to be inefficacious.
