PACIFFIC SPIRITS PVT. LTD.  Vs MINUS30 PRIVATE LTD. & ORS. -Judgment by Delhi High Court

$~8
* IN THE HIGH COURT OF DELHI AT NEW DELHI
% Judgment delivered on: 26.04.2022
+ O.M.P.(I) (COMM.) 123/2022 & I.A. 6067/2022
PACIFFIC SPIRITS PVT. LTD. ….. Petitioner
versus

MINUS30 PRIVATE LTD. & ORS. ….. Respondent
Advocates who appeared in this case:
For the Petitioner: Mr. C.D. Mulherkar, Mr. Shailabh Tiwari and Ms. Anushka Arora, Advocates.

For the Respondent: Ms. Roopali Singh, Ms. Sayobhani Basu and Ms. Reaa Mehta, Advocates.
CORAM:-
HON�BLE MR JUSTICE SANJEEV SACHDEVA
JUDGMENT
SANJEEV SACHDEVA, J
1. Petitioner, by this petition under Section 9 of the Arbitration and Conciliation Act 1996 (hereinafter referred to as the Act), seeks a restraint on the respondent from acting contrary to the shareholders agreement dated 01.03.2019, inter-alia by inducting any new investor or shareholder without first issuing or allotting shares to the petitioner.
2. Learned counsel for the petitioner submits that the respondents have committed a breach of the shareholder agreement and acted contrary to the obligations undertaken by them as per the shareholder agreement.
3. This is disputed by the learned counsel for the respondent. She, however, under instructions submits that as of now there is no move by the said respondent for inducting any fresh investor or shareholder, though they are within their rights to do so.
4. Learned counsel for parties submit that parties have no objection to initiation of arbitration proceedings and consequently pray that the disputes be referred to an Arbitral Tribunal, to be constituted by the Court in these proceedings itself.
5. This, it is submitted, is without prejudice to the right of the petitioner to approach the Arbitral Tribunal under Section 17 of the Arbitration and Conciliation Act, if need so arises. They further agree that pending entrance of reference by the Tribunal, they shall maintain the present shareholding status.
6. Consequently, with the consent of the parties and without prejudice to their rights and contentions, Justice Badar Durrez Ahmed, former Chief Justice of Jammu and Kashmir High Court (Phone # +91 99106 15334) is appointed as the Arbitral Tribunal to adjudicate the claims and counter claims, if any, between the parties.
7. The Arbitral Tribunal shall fix its own fee. The Tribunal shall make the requisite disclosure under section 12 of the Arbitration and Conciliation Act, 1996 within two weeks of entering reference.
8. The petition is disposed of in the above terms.

SANJEEV SACHDEVA, J
APRIL 26, 2022
NA

O.M.P.(I) (COMM.) 123/2022 Page 2 of 3