PARSVNATH DEVELOPERS LIMITED & ORS. vs ASSET RECONSTRUCTION COMPANY INDIA LIMITED & ORS.

Judgment text excerpt

$~J * IN THE HIGH COURT OF DELHI AT NEW DELHI Judgment reserved on: 08.12.2025 Judgment pronounced on: 19 .02.2026 + O.M.P. (I) (COMM) 330/2025, I.A. 20016/2025, I.A. 26706/2025 PARSVNATH DEVELOPERS LIMITED & ORS. ...Petitioners Through: Mr. Rajat Joneja, Mr. Manoranjan Sharma, Mr. Arpit Dwivedi, Mr. Karan Rajpurohit and Ms. Sakshi Kapoor, Advs. versus ASSET RECONSTRUCTION COMPANY INDIA LIMITED & ORS. ...Respondents Through: Mr. Rajiv Nayar, Sr Adv., Mr. Dayan Krishnan, Sr. Adv. with Mrs Meghna Mishra, Mr Karan Luthra, Ms Ujjwala Gupta and Mr Shubham Madaan, Advs. Mr Siddharth Joshi, Adv. + O.M.P. (I) (COMM) 367/2025 NOIDA MARKETING PRIVIATE LIMITED. …Petitioner Through: Mr. Rajat Joneja, Mr. Manoranjan Sharma, Mr. Arpit Dwivedi, Mr. Karan Rajpurohit and Ms. Sakshi Kapoor, Advs. versus ASSET RECONSTRUCTION COMPANY INDIA LIMITED & ORS. … Respondents Through: Mr Rajiv Nayar, Sr Adv., Mr. Dayan Krishnan, Sr. Adv. with Digitally Signed By:MAYANK Signing Date:19.02.2026 O.M.P. (I) (COMM) 330/2025 & O.M.P. (I) (COMM) 367/2025 Page 1 of 46 19:23:38 Mrs Meghna Mishra, Mr Karan Luthra, Ms Ujjwala Gupta and Mr Shubham Madaan, Advs. Mr Siddharth Joshi, Adv. CORAM: HON'BLE MR. JUSTICE JASMEET SINGH JUDGMENT O.M.P. (I) (COMM) 330/2025 1. This is a petition filed under Section 9 of the Arbitration and Conciliation Act, 1996 (“the Act”) seeking the following reliefs: ―a) Pass an interim Order staying the effect of Email dated 16.07.2025 issued by Respondent No. 1 whereby Respondent No. 1 has unilaterally rejected the Restructuring Proposal of the Petitioners and/or all actions arising therefrom; b) Pass an interim order restraining the Respondents, their employees, officers and agents from alienating or creating any third-party rights on the securities, guarantees and shares pledged b