OIL FIELD INSTRUMENTATION INDIA PVT LTD vs XCALIBUR MULTIPHYSICS GROUP S L

Judgment text excerpt

F-J-CARBPL-16156-2026.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION COMMERCIAL ARBITRATION PETITION (L) NO. 16156 OF 2026 Oil Field Instrumentation India Pvt Ltd …Petitioner Versus Xcalibur Multiphysics Group S.L. & Ors. …Respondents Mr. J.P. Sen, Senior Counsel, a/w Piyush Raheja, Counsel, Pranav Narsaria, Counsel, Vishesh Malviya, Anuja Bhansali, Dev Menghani, i/b M/s. Rashmikant & Partners for the Petitioner. Mr. Ninad Deshpande, a/w Aishwarya Darda, Shreyas Deshpande for Respondent Nos.1 to 3. ASHWINI CORAM: SOMASEKHAR SUNDARESAN, J. JANARDAN VALLAKATI Digitally signed by ASHWINI JANARDAN VALLAKATI Date: 2026.06.08 11:29:36 +0530 DATE: JUNE 8, 2026 JUDGEMENT: Context and Factual Background: 1. The captioned Petition has been filed under Section 37 of the Arbitration and Conciliation Act, 1996 (“ the Act”) challenging an order dated April 1, 2026 passed by a three-member arbitral tribunal rejecting an application of the Petitioner seeking interlocutory reliefs. The Petitioner, Oil Field Instrumentation (India) Pvt. Ltd. (“Promoter”), is the Indian promoter of Respondent No.3, Xcalibur McPhar International Private Limited (“ JV”), in which Respondent No.1, Page 1 of 41 June 8, 2026 Ashwini Vallakati F-J-CARBPL-16156-2026.doc Xcalibur Multiphysics Group S.L., a Spanish company (“Investor”), is a joint venture partner. 2. The JV was originally a company incorporated by the Promoter to carry on the business of airborne geophysical surveys that would be commissioned by the Government of India. By a Shareholder’s Agreement dated October 17, 2022 (“Agreement”), the Promoter and the Investor agreed the terms on which the Investor would acquire 51% of the equity shareholding in the JV. 3. The term “Business” was