MUMBAI METROPOLITAN REGION DEVELOPMENT AUTHORITY vs MUMBAI METRO ONE PRIVATE LIMITED

Judgment text excerpt

Neeta Sawant STM CARBP-427 OF 2024 IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL ARBITRATION PETITION NO. 427 OF 2024 Mumbai Metropolitan Region Development Authority …..PETITIONER : VERSUS : Mumbai Metro One Private Limited ….RESPONDENT WITH INTERIM APPLICATION NO. 3495 OF 2025 National Asset Reconstruction Company Limited ...APPLICANT/INTERVENOR IN THE MATTER BETWEEN: Mumbai Metropolitan Region Development Authority …..PETITIONER : VERSUS : Mumbai Metro One Private Limited ….RESPONDENT Mr. J.P. Sen, Senior Advocate with Mr. Kunal Vaishnav, Ms. Prachi Garg, Ms. Prerna Verma & Ms. Sayalee Dolas i/b DSK Legal, for the Petitioner. Mr. J.J. Bhatt, Senior Advocate with Ms. Anjali Chandurkar, Mr. Dhishan Kukreja, Mr. D.J. Kakalia, Ms. Bhavna Singh Jaipuria, Mr. Paresh Patkar, Mr. Ayaan Zariwalla & Ms. Bhakti Chandan i/b Mulla & Mulla & CBC, for Respondent. Ms. Gathi Prakash with Ms. Nidhi Asher & Ms. Vidushi Trivedi i/b Cyril Amarchand Mangaldas, for Applicant in 1A/3495/2025. ____________________________________________________________________________ PAGE NO. 1 of 163 24 FEBRUARY 2026 Neeta Sawant STM CARBP-427 OF 2024 CORAM : SANDEEP V. MARNE, J. RESERVED ON: 30 January 2026. PRONOUNCED ON: 24 February 2026. Judgment : THE CHALLENGE 1) By this Petition filed under Section 34 of the Arbitration and Conciliation Act, 1996 (Arbitration Act), Petitioner has challenged majority Award delivered by the three-member Arbitral Tribunal on 29 August 2023. The majority Award has allowed claims of the Respondents in the sum of about Rs. 496.48 crores along with interest. The Award directs Petitioner to pay to the Respondent Rs. 35 crores towards deductions made in the tranches of Viability Gap Fund alongwith interest. The Award directs Petit