MANGAL CREDIT AND FINCORP LIMITED vs ULKA CHANDRSHEKHAR NAIR

Judgment text excerpt

Digitally signed by MULEY MULEY SHUBHAM SHUBHAM PRAVINRAO PRAVINRAO Date: 2025.10.01 20:22:09 +0530 1-ARBAPL-29984-2023.DOCX Mayur/Shubham IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION APPLICATION (L) NO. 29984 OF 2023 Mangal Credit and Fincorp Limited ) A public limited Company incorporated ) under the provisions of the Companies ) Act 1956 and having its registered office ) at 1701/02, 17th Floor, Lotus Corporate ) Park, Off. Western Express Highway ) Goregaon East, Mumbai 400 063. ) ...Applicant Versus Ulka Chandrshekhar Nair ) Gunvant Villa, 7 Bungalows, Versova ) Andheri West, Mumbai 400 061. ) ...Respondent ______________________________________________________ Mr. Pankaj Jain, a/w Pradeep Purohit i/by P. D. Jain & Co., for the Applicant. Mr. Reshant V. Shah, i/by Lex Conseiller Shah, for the Respondent (appeared online). ______________________________________________________ CORAM : ADVAIT M. SETHNA, J. RESERVED ON : 26 SEPTEMBER 2025 PRONOUNCED ON : 1 OCTOBER 2025 JUDGMENT: 1. This is an Application under Section 11 of the Arbitration and Conciliation Act, 1996 (“ACA” for short) praying for an appointment of a sole arbitrator under Section 11 of the ACA. This is to adjudicate disputes between the Applicant and the Respondent, arising out of the Page 1 of 23 1-ARBAPL-29984-2023.DOCX Mortgage Deed dated 28 December 2020 (“The said Mortgage Deed” for short) which entails an Arbitration Clause. Issue:- 2. The intriguing Issue that falls for determination in these proceedings revolves around the existence, maintainability and entertainability of the arbitration clause/agreement contained in the said Mortgage Deeds, given the Respondent’s contention that on account of criminality, fraud touching upon the underlying Mortgage