SHRI BN VISHWANATH & ANR. vs RELIGARE FINVEST LIMITED & ORS.

Judgment text excerpt

$~5 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of decision: 16.12.2025 + FAO (COMM) 169/2025 & CM APPL. 79144/2025 SHRI BN VISHWANATH & ANR. .....Appellants Through: Mr.Vikram Hegde, Ms.Hima Lawrence, Mr.Abhishek Wadiyar, Advs. versus RELIGARE FINVEST LIMITED & ORS. .....Respondents Through: Mr.Arvind Jadon, Adv. for R-1. Mr.Ajay Uppal Adv. for R-2 and Omkara Assets Reconstruction Pvt Ltd. CORAM: HON'BLE MR. JUSTICE NAVIN CHAWLA HON'BLE MS. JUSTICE MADHU JAIN NAVIN CHAWLA, J. (ORAL) 1. The learned counsel for the appellants submits that the respondent nos.3 to 5 have been impleaded only as proforma parties. 2. Mr. Ajay Uppal, the learned counsel appearing for the respondent no.2, that is, M/s India Resurgence ARC Private Ltd. submits that the respondent no.2 has assigned the debt of the appellants to M/s Omkara Assets Reconstruction Pvt. Ltd. and that he enters appearance for them as well. 3. On the oral request of the learned counsel for the appellants, M/s Omkara Assets Reconstruction Pvt. Ltd. is arrayed as a party- Signature Not Verified Digitally Signed FAO (COMM) 169/2025 Page 1 of 9 By:REYMON VASHIST Signing Date:19.12.2025 19:11:00 respondent. Let Amended Memo of Parties be filed within a period of two weeks from today. 4. With the consent of the parties, the appeal is being taken up for final hearing today. 5. This appeal has been filed challenging the Judgement dated 26.03.2025 passed by the learned District Judge (Commercial)-03, South, Saket Courts, New Delhi, (hereinafter referred to as ‘Trial Court’) in OMP (COMM) 68/2021 titled Shri B.N. Vishwanath & Anr. v. Sri Raj Kumar Sharma & Ors., dismissing the application filed by the appellants herein under Section 34 of the Arbitration and Conciliation Act, 1996 (‘A&C Act’) against the Arbitral Award dated 2