THERMAX LTD vs RASHTRIYA CHEMICALS AND FERTILIZERS LIMITED RCF

RJ-CARBP 394.2023 with IAL-23263-23.doc Kavita S.J. & Sharayu Khot IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL ARBITRATION PETITION NO.394 OF 2023 Thermax Limited …Petitioner Versus Rashtriya Chemicals & Fertilizers Ltd., …Respondent WITH INTERIM APPLICATION (L) NO. 23263 OF 2023 IN COMMERCIAL ARBITRATION PETITION NO.394 OF 2023 ---------- Mr. Janak Dwarkadas, Senior Counsel a/w Mr. Mustafa Doctor, Senior Counsel a/w Mr. Aditya Thakkar, Mr. R. Sudhinder, Mr. Ranjit Shetty, Mr. Rahul Dev & Ms. Monika Vyas i/b Argus Partner for the Petitioner. Mr. Shyam Mehta, Senior Counsel a/w Mr. Aditya Bapat, Mr. Mac. C. Bodhanwala, Mr. Sheraj M. Bodhanwalla, Ms. Sayali Puri, Mr. Akash Singh and Mr. Shreyas Thakur i/b M.S. Bodhanwala & Co., for the Respondent. ---------- SHARAYU PANDURANG KHOT CORAM : R.I. CHAGLA, J. 2025. KHOT Date: 2025.12.09 17:53:03 +0530 PRONOUNCED ON : 9th DECEMBER 2025. 1 RJ-CARBP 394.2023 with IAL-23263-23.doc JUDGMENT: 1. By this Commercial Arbitration Petition, the Petitioner has challenged the Award dated 5 th June, 2023 (“the said/subject Award”) passed by the learned Sole Arbitrator, under Section 34 of the Arbitration &