Calcutta High Court
Tata Capital Limited vs Rakesh Enterprises on 8 April, 2026
OCD-22
ORDER SHEET
IN THE HIGH COURT AT CALCUTTA
COMMERCIAL DIVISION
ORIGINAL SIDE
AP-COM/215/2026
TATA CAPITAL LIMITED
VS
RAKESH ENTERPRISES
BEFORE:
The Hon'ble JUSTICE GAURANG KANTH
Date : 8th April, 2026.
Appearance
Mr. Avishek Guha, Adv.
Ms. Arunika Dutta, Adv.
Ms. Ankush Majumder, Adv.
...for petitioner
The Court:- Affidavit of service is taken on record.
Despite service, none appears for the respondent.
The petitioner has preferred the present petition under Section 11 of
the Arbitration and Conciliation Act, 1996, seeking constitution of an
Arbitral Tribunal comprising of a sole Arbitrator to adjudicate the dispute
between the parties.
Learned Counsel for the petitioner submits that the respondent
availed loan facility in the form of Channel Finance from the petitioner to the
tune of Rs.25,00,000/- under sanction letter dated 23.11.2024 and Loan-
cum-Guarantee Agreement for Channel Finance dated 28.11.2024 read with
the Registered Master Terms and Conditions for Channel Finance dated
31.12.2018.
2
It is submitted that the respondent committed defaults in adhering to
the repayment schedule and hence his account was classified as an NPA.
In view thereof, the petitioner vide loan recall and invocation of
arbitration letter dated 10.10.2025 terminated the contract between the
parties and called upon the respondent to clear the outstanding dues.
Despite receipt of the said notice the respondent failed to liquidate the
outstanding amount.
The dispute between the parties has arisen out of the alleged default
in repayment of the admitted loan amount. The notice invoking the
arbitration was issued on 13.12.2025.
Prima facie it appears that disputes have arisen between the parties in
terms of the Loan cum Guarantee Agreement for Channel Finance dated
28.11.2024 read with the Registered Master Terms and Conditions for
Channel Finance agreement dated 31.12.2018, which contains an
arbitration clause thereof.
Accordingly, this Court is satisfied that the present case is a fit case
for reference to arbitration. The agreement itself confers jurisdiction upon
this Court.
Accordingly, this Court appoints Mrs. Shrayashee Das, Advocate
(Mob. No.8420004462) as the sole Arbitrator to adjudicate the dispute
between the parties.
The appointment the learned sole Arbitrator shall be subject to
compliance with Section 12 of the Arbitration and Conciliation Act, 1996.
3
The Learned sole Arbitrator shall be entitled to fix the remuneration in
accordance with the Fourth Schedule of the Act.
A copy of this order shall be communicated by the petitioner to the
learned sole Arbitrator for necessary action.
All the questions relating to arbitrability of the dispute, admissibility
of the claims, limitation or any other issues are kept open to be urged before
the learned sole Arbitrator.
With the aforesaid directions, the present petitioner stands disposed
of.
(GAURANG KANTH, J.)
gb.
