TJSB SAHAKARI BANK LTD. vs AMRITLAL P SHAH

Judgment text excerpt

Neeta Sawant FC-COMMERCIAL ARBITRATION PETITION NO.370 OF 2024 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL ARBITRATION PETITION NO.370 OF 2024 WITH INTERIM APPLICATION NO.7392 OF 2025 TJSB Sahakari Bank Ltd. …..Petitioner : Versus : Amritlal P Shah ….Respondent Mr. Shadab Jan with Mr. Nikhil Rajani and Mr. Ajay Deshmane i/b M/s. V. Deshpande & Co.for the Petitioner. Mr. Sharad Bansal i/b Mr. Laxman I. Jain for the Respondent. CORAM: SANDEEP V. MARNE, J. Reserved On: 03 December 2025. Pronounced On: 19 December 2025. Judgment: 1) The Petition challenges the Award of the learned sole Arbitrator dated 2 May 2024 under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act). By the impugned Award, the learned Arbitrator has held that the Respondent is entitled to recover amount of Rs.4,05,558/- on account of four fixed deposit receipts in possession of the Petitioner-Bank w.e.f. 19 March 2001 and total of Rs.14,07,409/- received under eight LIC policies from the date of maturity of each policy with 17.5% interest p.a. with quarterly rests till the date of the Award. The learned Arbitrator has further directed that upon failure to pay the awarded sum and interest, the same shall carry additional interest of 1% p.a. with _____________________________________________________________________________ PAGE NO. 1 of 29 19 December 2025 Neeta Sawant FC-COMMERCIAL ARBITRATION PETITION NO.370 OF 2024 quarterly rests till realisation. The learned Arbitrator has also awarded costs of arbitration to the Respondent. 2) Petitioner is a Multi-State Co-operative Bank registered under the Multi State Co-operative Societies Act, 2002 (MSCS Act). Petitioner-Bank had extended financial facilities to M/s. A. S. Constructions from t