1. This is an application for appointment of an Arbitrator. The
parties entered into a service provider agreement dated
March 01, 2019, and another addendum agreement was
executed on September 30, 2020.
2. By the addendum agreement, clause 5.2 of the service
provider agreement was substituted. According to the
petitioner, the addendum agreement forms an integral part of
the service provider agreement. In terms of the addendum
agreement, the petitioner contends to have paid Rs.40 lakhs
as security deposit to the respondent. The petitioner was
admitted under the Corporate Insolvency Process by an order
dated October 8, 2021. The respondent submitted its claim
before the administrator for an amount of Rs.57.40 lakhs.
The administrator accepted the said claim. The respondent
received payment with respect to the claim in the approved
resolution plan.