ASCEND CAPITAL SERVICES PVT. LTD. & ORS. vs LAXMI FOILS PVT. LTD.

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment reserved on: 22.01.2026 Judgment pronounced on: 17.02.2026 + ARB.P. 1126/2025, I.A. 18454/2025 (Delay of 31 days in Re- filing of the petition) & I.A. 1797/2026 (Delay of 2 days in filing the rejoinder) ASCEND CAPITAL SERVICES PVT. LTD. & ORS. .....Petitioners Through: Mr. Jayant Mehta, Senior Advocate with Mr. Ashish Verma, Mr. Saksham Thareja, Mr. Akhil Ranganathan and Mr. Pallav Arora, Advocates. versus LAXMI FOILS PVT. LTD. .....Respondent Through: Ms. Malvika Trivedi, Senior Advocate along with Mr. Sanyam Khetarpal and Ms. Lisa Sankrit, Advocates. CORAM: HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR % JUDGMENT HARISH VAIDYANATHAN SHANKAR, J. 1. The present Petition, under Section 11(6) of the Arbitration Signature Not Verified Digitally Signed By:HARVINDER KAUR BHATIA ARB.P. 1126/2025 Page 1 of 14 Signing Date:19.02.2026 16:40:13 and Conciliation Act, 19961, has been filed seeking the appointment of a sole Arbitrator for the purpose of adjudication of disputes stated to have arisen between the parties in relation to the Facilities Agreement dated 21.02.20222. 2. As stated in the Petition, in or around March 2022, the Respondent Company was engaged in the business of manufacturing and trading aluminium hot rolled products, aluminium cold rolled products and aluminium sheets, foils, etc. It is further stated in the Petition that the Petitioners had, from time to time, granted credit facilities/unsecured loans for the purpose of the Respondent Company‟s capital expenditure and general corporate expenses. 3. Thereafter, a Tripartite Share Purchase Agreement dated 03.02.20223 was entered into between the erstwhile shareholders, Respondent and one OMAT Business Pvt. Ltd., which is the fully- owned subsidiary of OFB