MANMOHAN BHIMSEN GOYAL vs MADHUBAN MOTORS PVT LTD

Judgment text excerpt

2025:BHC-OS:26724 Megha 30_carbp_320_2024_fc.docx IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL ARBITRATION PETITION NO.320 OF 2024 1. Manmohan Bhimsen Goyal 2. Kavita Manmohan Goyal ...Petitioners V/s. Madhuban Motors Pvt. Ltd. ...Respondent ______________ Mr. Dharam Jumani with Mr. Ketan Parekh & Mr. Mihir Nerurkar i/b. M/s. K.R. Parekh & Co. for the Petitioners. Mr. Mutahhar Khan with Mr. Chandrajit Das & Mr. P.R. Hariharan i/b. M/s. Parinam Law Associates for the Respondent. ______________ CORAM: SANDEEP V. MARNE, J. JUDGMENT RESERVED ON: 15 DECEMBER 2025. JUDGMENT PRONOUNCED ON: 23 DECEMBER 2025. JUDGMENT: 1) By this Petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act), Petitioners challenge Award dated 18 March 2024 passed by the learned sole Arbitrator. By the impugned Award, the learned Arbitrator has allowed the claim of the Respondent in the sum of Rs.1,26,46,303/- under Loan Agreement dated 1 November 2014 alongwith interest @ 12% per annum from the date of filing of Statement of Claim i.e. 21 April 2017 till the date of Page No. 1 of 42 23 December 2025 Megha 30_carbp_320_2024_fc.docx actual payment. The Arbitral Tribunal has also awarded costs of arbitration in the sum of Rs.30,000/- in favour of the Respondent. 2) The Respondent- M/s. Madhuban Motors Pvt. Ltd. is an incorporated entity engaged inter alia in the business of sales and services of Toyota branded motor vehicles. In or about 2014, the dealership run by the Respondent set up a new division viz. Madhuban Travels. Petitioner No.1 Manmohan Goyal is the former vice president of the travel division of the Respondent. Petitioner No.2 is the wife of Petitioner No.1. Petitioner No.1 approached the Respondent for takin