VIJAY JAIN & 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. 1125/2025 & I.A. 1796/2026 (Delay of 3 Days in filing the rejoinder) VIJAY JAIN & 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 and Conciliation Act, 19961, has been filed seeking the appointment of a sole Arbitrator for the purpose of adjudication of disputes stated 1 Act Signature Not Verified Digitally Signed ARB.P. 1125/2025 Page 1 of 13 By:HARVINDER KAUR BHATIA Signing Date:19.02.2026 16:40:13 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. under the shareholding of the Petitioners herein. 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, it is stated in the Petition that one OFB Tech Pvt. Ltd. vide Memorandum of Understanding dated 25.11.20213 agreed to purchase 100% equity of the Respondent Company. The said MoU thereafter fructified into a Tripartite Share Purcha