SANJEEV MALHOTRA vs SBI GLOBAL FACTORS LTD

Judgment text excerpt

Neeta Sawant CARBP-778 OF 2024 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION COMMERCIAL ARBITRATION PETITION NO. 778 OF 2024 Sanjeev Malhotra ….Petitioner : Versus : SBI Global Factors Ltd. & anr. ….Respondents Mr. Haresh Jagtiani, Senior Advocate with Mr. V.N. Shingnapurkar, Mr. Harshad Shingnapurkar, Mr. Pushpvijay Kanoji, Mr. Pranay Kamdar, Mr. Ritwik Kulkarni and Mr. Dhananjay Nagarkar, for the Petitioner. Mr. Cherag Balsara with Mr. Ashish Mehta and Ms. Jovita Pareira i/b. Mr. Raj Kakde, for Respondent No.1. Mr. Mahesh Ayar, for Respondent No.2. CORAM : SANDEEP V. MARNE, J. JUDG. RESD. ON : 8 DECEMBER 2025. JUDG. PRON. ON : 23 DECEMBER 2025. JUDGMENT : 1) The Petition is filed under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act) seeking invalidation of the Arbitral Award dated 4 April 2024 passed by the learned sole Digitally Arbitrator. By the impugned Award, the Arbitral Tribunal has signed by NEETA NEETA SHAILESH SHAILESH SAWANT allowed the claims of Respondent No.1 in the sum of Rs. SAWANT Date: 2025.12.23 15:24:03 +0530 _____________________________________________________________________________ PAGE NO. 1 of 40 TUESDAY, 23 NOVEMBER 2025 Neeta Sawant CARBP-778 OF 2024 28,16,51,442.87/- in respect of domestic factoring facility alongwith interest @ 18% p.a. w.e.f. 1 April 2011. The Arbitral Tribunal has further directed Petitioner and Respondent No.2 to jointly and severally pay to Respondent No.1 amount of Rs.15,29,35,047.19/- towards reverse factoring facility alongwith interest @ 18% p.a. w.e.f. 1 April 2011. Petitioner and Respondent No.2 are further ordered and directed to specifically perform the obligations in sanction letter dated 21 June 2007. The Arbitral Tribunal