M/S JAY FE CYLINDERS LTD. vs MANISH JAIN

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 20 January 2026 Judgment pronounced on: 2/2/26 + O.M.P. (COMM) 149/2023 & I.A. 7531/2023 M/S JAY FE CYLINDERS LTD. .....Petitioner Through: Mr. V.K. Garg, Senior Adv. with Mr. Kaushal Gautam, Mr. Rishi Jindal, Mr. Mrinal Sharma, Ms. Snehpreet Kaur, Ms. Hemant Dalal & Mr. K.S. Rekhi, Advs. versus MANISH JAIN .....Respondent Through: Mr. Sanjeev Mahajan, Adv. CORAM: HON'BLE MR. JUSTICE AVNEESH JHINGAN JUDGMENT 1. This petition under Section 34 of the Arbitration & Conciliation Act, 1996 (for short „the Act‟) is filed aggrieved of the arbitral award dated 14.12.2022. 2. The petitioner is a Company incorporated under the Companies Act, 1956 and engaged in the business of manufacturing Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG) and Gas Cylinders. The petitioner approached a foreign collaborator RT Chemical Technologies and Composite Materials, a Joint Stock Company for manufacturing Polymer Composite Gas Balloons/Cylinders for storage and transportation of CNG & LPG. On 02.09.2016 Memorandum on Joint Participation in Investment Project Signature Not Verified Signed By:HONEY O.M.P. (COMM) 149/2023 Page 1 of 17 ARORA Signing Date:02.02.2026 17:09:23 (for short „MOJP‟) was executed between the petitioner and the foreign collaborator. The MOJP was valid for two years and could be terminated earlier with mutual consent. A Memorandum of Understanding (for brevity „MOU‟) dated 03.08.2017 was entered between the respondent and the petitioner. The respondent was to be instrumental in execution of the Joint Venture Agreement (JVA) between the petitioner and the foreign collaborator; to arrange funds; to provide consultancy for establishment of the plant in India pursuant to the JVA and to assist in the