ARROW BUSINESS DEVELOPMENT CONSULTANTS PVT. LTD. vs UNION BANK OF INDIA

Judgment text excerpt

Arrow Business Development Consultants Vs. Union Bank of India & Ors. WP/11132/2025 IN THE HIGH COURT OF JUDICATURE AT BOMBAY IN ITS CIVIL APPELLATE JURISDICTION WRIT PETITION NO.11132 OF 2025 Arrow Business Development Consultants Pvt. Ltd. ...Petitioner Versus 1. Union Bank of India 2. Neha Punit Agarwal, Insolvency Professional & Company Secretary 3. Ravindra Chaudhari ...Respondents _______________________________________ Mr. G.S.Hegde (Senior Advocate) a/w. Ms. P.M.Bhansali, Mr. Arafat Siddique and Ms. Juhi Pandey, Advocates for the Petitioner Ms. Mable Soans of M/s. Mable & Associates, Advocate for Respondent No.1- Bank Mr. Shrirang Katneshwarkar, Advocate for Respondent No. 2 – Resolution Professional Mr. Gajendra Rajput a/w. Mr. Shubham Kahite Mr. Naushad Engineer (Senior Advocate) – Amicus Curiae a/w. Mr. Sharad Bansal and Mr. Yohann Limathwalla _______________________________________ CORAM : R.I. CHAGLA AND FARHAN P. DUBASH, JJ. RESERVED ON : 24th NOVEMBER 2025 PRONOUNCED ON : 10th DECEMBER 2025 Page 1 of 39 --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- Order dated 10th December 2025 Arrow Business Development Consultants Vs. Union Bank of India & Ors. WP/11132/2025 JUDGMENT ( Per Farhan P. Dubash, J) TABLE OF CONTENTS: A] Factual overview…………………………………………………… 4–7 B] Submissions of the Petitioner……………………………………… 8 – 10 C] Submissions of Respondent No. 1/Bank…………………………… 10 D] Submissions of Respondent No. 2…………………………………… 11 – 12 E] Submissions of Respondent No. 3…………………………………… 12 F] Submissions of the Amicus Curiae…………………………………… 13 – 15 G] Analysis of SARFAESI Act & SARFAESI Rules…………………… 15 – 20 H] Transfer of ownership of secured a