Vinita Advani v. Piramal Capital And Housing Finance Ltd

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION ARBITRATION PETITION (L) NO. 4531 OF 2024 WITH INTERIM APPLICATION (L) NO. 4917 OF 2024 IN ARBITRATION PETITION (L) NO. 4531 OF 2024 Vinita Advani

...Petitioner

Versus

Piramal Capital And Housing Finance Ltd

...Respondent

AND ARBITRATION PETITION (L) NO. 4538 OF 2024 WITH INTERIM APPLICATION (L) NO. 5202 OF 2024 IN ARBITRATION PETITION (L) NO. 4538 OF 2024 AND ARBITRATION PETITION (L) NO. 4541 OF 2024 WITH INTERIM APPLICATION (L) NO. 4874 OF 2024 IN ARBITRATION PETITION (L) NO. 4541 OF 2024 AND ARBITRATION PETITION (L) NO. 4546 OF 2024 WITH INTERIM APPLICATION NO. 2483 OF 2025 IN ARBITRATION PETITION (L) NO. 4546 OF 2024 Mr. Patel, i/b AVP Partners, for the Petitioner. Ms. Priya Nigwekar, i/b Pallavi Chari, for Respondent. Digitally signed by ASHWINI JANARDAN VALLAKATI Date:

2025.07.18 18:18:06 +0530 ASHWINI JANARDAN VALLAKATI

CORAM

: SOMASEKHAR SUNDARESAN, J.

DATE : JULY 15, 2025 ORDER :

1.

Reply affidavit in Arbitration Petition (L) No.4538 of 2024 is taken on record. The contents of the affidavit are applied, as relevant, for all the captioned proceedings.

2.

Learned Counsel for the Respondent has entered appearance and acknowledges that the appointment of the arbitrator was unilateral, but hastens to add that this was the practice followed in 2024, prior to the law being made explicitly clear that unilateral appointments are bad. The Respondent concedes that the arbitral award may be set aside by consent. She, however, makes it clear that this concession would not mean that the Bank is giving up its contentions and claims. 3.

The concession to set the award aside is with liberty to take up appropriate proceedings as available to it in law, including under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. It is made clear that agreement to set aside the award shall not constitute an acknowledgment that nothing is owed by the Petitioner to the Respondent.

4.

With the aforesaid observations all these matters are finally disposed of.

5.

The Interim Applications, if any, also stand finally disposed of accordingly.

6.

All actions required to be taken pursuant to this order shall be taken upon receipt of a downloaded copy as available on this Court's website.

[ SOMASEKHAR SUNDARESAN, J.]