Hindustan Petroleum Corporation Limited vs Aegis Logistics Pvt Ltd

Judgment text excerpt

Neeta Sawant FC- ARBITRATION PETITION NO. 579 OF 2024 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 579 OF 2024 WITH INTERIM APPLICATION NO. 3509 OF 2024 Hindustan Petroleum Corporation Ltd. …..Petitioner : Versus : Aegis Logistics Pvt. Ltd. ….Respondent Mr. Zal Andhyarujina, Senior Advocate with Mr. Nilesh Modi. Ms. Akanksha Agarwal, Ms. Serena Jethmalani, Ms. Drishti Modi, Mr. Ashish Rebello & Ms. Pratishtha Chari i/b Rustamji & Ginwala, for Petitioner Mr. Mustafa Doctor, Senior Advocate with Ms. Spenta Kapadia. Mr. Aruz Gazdar, Mr. Dhruv Dhandekar & Ms. Prarthana Balasubramanian i/b Veritas Legal, for Respondent CORAM: SANDEEP V. MARNE, J. Reserved On: 05 December 2025. Pronounced On: 19 December 2025. JUDGMENT:- 1) By this Petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act), Petitioner has challenged Arbitral Award dated 30 May 2024 passed by the learned sole Arbitrator. By the impugned Award, the learned Arbitrator has set aside order dated 3 March 2017 ____________________________________________________________________________ PAGE NO. 1 of 53 19 DECEMBER 2025 Neeta Sawant FC- ARBITRATION PETITION NO. 579 OF 2024 passed by the Petitioner terminating the Operating and Services Agreement dated 5 May 2015 (OSA). The learned Arbitrator has awarded to the Respondent sum of Rs. 1,93,79,734/- together with interest @13% p.a. from 30 October 2017 till date of the Award towards unpaid dues of the Respondents. The Arbitral Tribunal has further awarded claim in favour of the Respondent in sum of Rs. 2,31,78,733/- towards damages in the form of loss of profit with interest @13% p.a. from 30 October 2017 till date of the Award. The Arbitral Tribunal has also awarded sum of Rs