Dlf Limited vs Pnb Housing Finance Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2024 Supreme(Del) 474

SACHIN DATTA
Dlf Limited – Appellant
Versus
Pnb Housing Finance Limited – Respondent

Advocates appeared:
Mr. Rajiv Nayar, Sr. Advocate, Mr. Darpan Wadhwa, Sr. Advocate, along with Ms. Ruby Singh Ahuja, Mr. Pravin Bahadur, Mr. Ishan Gaur, Mr. Jappan Preet Hora, Ms. Kanika, Ms. M. Das Gupta and Ms. Manjira, Advocates, for the Petitioner; Mr. Akhil Sibal, Sr, Advocate, along with Ms. Shalaka Patil, Ms. Paulomi Mehta, Ms. Srishti Khare, Mr. Kartikeya Jha, Mr. Porus Titina and Ms. Bahuli Sharma, Advs., Mr. Arunabh Chaudhary, Sr. Advocate, along with Mr. Ashish Kr. Singh, Ms. Palak Tyagi, Ms. Muskan Malhotra, Mr. Amit K. Singh, Mr. Rishabh Sharma and Mr. Ritvik Bhardwaj, Advs. for PNBHFL., Mr. Parag Tripathi, Sr. Advocate, and Mr. Dayan Krishnan, Sr. Advocate, along with Mr. Vijay Nair, Mr. Rajat Joneja, Mr. Arpit Dwivedi, Ms. Sakshi Kapoor, Mr. Anmol Kumar and Ms. Vasundhara and Ms. Amshi Mishra Advs. for Omkara., Mr. Saurabh Kirpal, Sr. Advocate, along with Mr. Nishit D. and Mr. Yash, Advs. for JHL., Mr. Arun Kathpalia, Sr. Advocate, and Mr. Pratik Seksariya, Sr. Adv alongwith Mr. Sajit Suvarma, Mr. Nirau Shah, Ms. Aneesha Cheema, Ms. Shivani Khanwilkar, Mr. Varun Kalra, Mr. Nikunj Mahajan, and Mr. Rohit Aggarwal Advs. for Hubtown. Mr. Sandeep Sethi, Sr. Advocate, along with Ms. Kanika Agnihotri, Mr. Jasmeet Singh, Mr. Mahinder Singh Hura, Mr.Divjot Singh Bhatia, Mr. Saif Ali, Mr. Pushpendra S. Bhadoriya Ms. Rusheet Saluja, Ms. Sonam Mhatre, Mr. Amit Mishra, Mr. Sumer Dev Seth, Ms. Shreya Sethi and Ms. Riya Kumar, Advs. for Chinsha. Mr. Harin P. Raval, Sr. Adv alongwith Mr. Karan Bharihoke and Mr. Siddhant Sharma, and Ms. Shreshtha, Advs. for Twenty Five South. Mr. Nakul Dewan, Sr. Advocate, along with Mr. Aditya Dewan and Mr. Parth Tiwari, Advs. for Akruti., for the Respondents

JUDGMENT

Sachin Datta, J. - The present petition has been filed by DLF Limited ("DLF" / "petitioner") seeking appointment of a sole arbitrator to adjudicate the disputes between itself and PNB Housing Finance Limited ("PNBHFL" / "respondent no.1"), Omkara Asset Reconstruction Company Limited ("Omkara" / "respondent no.2"), Joyous Housing Limited, ("JHL / "respondent no.3"), Hubtown Limited ("Hubtown" / "respondent no.4"), Chinsha Property Private Limited ("Chinsha / "respondent no.5"), Twenty Five South Realty Limited ("Twenty-Five South" / "respondent no.6") and Akruti Nirman Private Limited ("Akruti / "respondent no.7").

Factual Background

2. DLF alongwith Hubtown and Chinsha have been shareholders in JHL, in the ratio of 37.5% (DLF Ltd.), 37.5% (Chinsha) and 25% (Hubtown). DLF had purchased 37.5% shareholding in JHL vide Memorandum of Understanding dated 15.04.2004.

3. In 2017, JHL had availed a loan of Rs.800 Crores from PNBHFL under a Loan Agreement-cum-Mortgage Deed dated 20.12.2017, later modified vide Supplementary Loan Agreement dated 27.08.2020, for cluster development project/ slum rehabilitation project at Mahalaxmi Racecourse, Tulsiwadi, Mumbai. The said loan was secured b

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2024 Supreme(Del) 474

SACHIN DATTADlf Limited – AppellantVersusPnb Housing Finance Limited – Respondent

Cases Referred (33)

SACHIN DATTA
Dlf Limited – Appellant
Versus
Pnb Housing Finance Limited – Respondent