Shree Naman Developers Private Limited vs Premier Textile Processors

Judgment text excerpt

F-OJ-11-IAL-16259-2025+.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION INTERIM APPLICATION (L) NO. 16259 OF 2025 WITH INTERIM APPLICATION (L) NO. 16200 OF 2025 IN COMMERCIAL ARBITRATION PETITION (L) NO. 16197 OF 2025 Shree Naman Developers Private Limited ...Applicant/ Petitioner Versus Premier Textile Processors ...Respondent Mr. Akshay Doctor, a/w Sahil Harjani, Aradhana More, i/b Desai & Diwanji, for the Applicant. Mr. Vikram Nankani, Senior Advocate, for Petitioner. Mr. Gaurav Joshi, Senior Advocate,(through VC), a/w Shrey Fatterpekar, Ameet Mehta, Nirav Marjadi, Aditya Bhatt, Srushti Mehta, Rebha Dogra, Sujith Suresh, Torsa De, Khushal Harnesha, i/b Solicis Lex, for Respondent. CORAM : SOMASEKHAR SUNDARESAN, J. DATE : JULY 4, 2025 Oral Judgement: Context and Factual Background: 1. This Petition is an appeal filed under Section 37 of the Arbitration ASHWINI JANARDAN and Conciliation Act, 1996 (“the Act”) impugning an order (originally VALLAKATI Digitally signed by Page 1 of 16 ASHWINI JANARDAN VALLAKATI Date: 2025.07.11 10:49:35 +0530 July 4, 2025 F-OJ-11-IAL-16259-2025+.doc passed on January 4, 2025 and later modified on April 7, 2025, collectively, “Impugned Order”) passed by a Learned Arbitral Tribunal under Section 17 of the Act. Except for a minor modification, for all practical purposes of this Petition, the original order of January 4, 2025 remains intact. 2. The core challenge made by the Petitioner, Shree Naman Developers Private Limited (“Naman”) is that the Learned Arbitral Tribunal grossly erred in not factoring in two adjustments of amounts proposed by Naman against the amount of security that the Respondent, Premier Textile Processors (“ Premier”), has been directed to post. Premier is the claimant in the arbitration