JUDGMENT :

1. The Petitioners in this group of petitions are guarantors of financial assistance availed by M/s Nirmangold Alloys Private Limited and M/s.Nirmangold Plasttech Private Limited, who are sister concerns. The challenge is to the Arbitration Awards alongwith the orders passed in the applications filed by the Petitioners in the arbitration proceedings. The Learned Sole Arbitrator was appointed under Section 84 of the Multi-State Co-operative Societies Act, 2002 (for short, “MSCS Act”) in applications filed by Abhyudaya Co-operative Bank Ltd. for recovery of the outstanding amounts. Common submissions were advanced by learned counsel for the parties and the Petitions are being disposed of by this common judgment.

FACTUAL MATRIX:

2. Commercial Arbitration Petition No.843 of 2024 has been filed by Ajeet Madhukar Mulay, who was the original Opponent No.5 in Arbitration Case No.ARB/ACB/VNL/2064 of 2022. The Claimant in the arbitration case is Abhyudaya Co-operative Bank Limited. The principal borrower was M/s. Nirmangold Alloys Private Limited, which was undergoing corporate insolvency process and in view of the moratorium was not impleaded as party. Ajeet Mulay was impleaded in his capacity as guarantor alongwith other guarantors and Directors of M/s. Nirmangold Alloys Private Limited, who had given personal guarantee for repayment of the debt..

3. Commercial Arbitration Petition No.849 of 2025 has been filed by Monica Ajeet Mulay who was the original Opponent No.6 in Arbitration Case No ARB/ACB/VNL/2065 of 2022. The Claimant was Abhyudaya Co-operative Bank Limited and the principal borrower was M/s.Nirmangold Plasttech Private Limited, the sister concern of M/s. Nirmangold Alloys Private Limited. Monica Ajeet Mulay was impleaded in the capacity of guarantor alongwith other guarantors including Ajeet Mulay and Directors of M/s. Nirmangold Plasttech Private Limited, who had given personal guarantee for repayment of the debt.

4. Commercial Arbitration Petition No.1053 of 2025 is filed by Ajeet Mulay challenging the impugned Award of 12th February, 2024, which is already the subject matter of Arbitration Petition No.843 of 2024, and for setting aside the order dated 28th April, 2023 passed by the Learned Arbitrator in application below Exhibit 24 filed by the Petitioner under Section 12 r/w Section 13 of the Arbitration and Conciliation Act, 1996 (for short, “Arbitration Act”), the order dated 25th January, 2024 passed in application below Exhibit 41 seeking opportunity of cross-examination of witness in Arbitration Case No.2065 of 2022 and also seeks the relief of framing of issues in Arbitration Case No.2065 of 2022.

5. Arbitration Case No.2064 of 2022 arises of arbitration proceedings invokved by the Disputant Bank seeking recovery of outstanding amount of Rs.34,18,53,481.21 w.e.f 1st May, 2022 till payment or realisation. The facts borne out of the impugned Arbitration Award is that M/s. Nirmangold Alloys Private Limited was the principal borrower, who had availed cash credit facility, letter of credit facility and term loans from the Respondent No.1-Bank in the year 2015. There was rescheduling of seven term loans in April, 2019 at the request of the principal borrower. The rescheduled term loans were secured by hypothecation of stock and book debts and plant and machinery and all the credit facilities were secured by mortgage of immoveable properties. The documents executed by the guarantors in respect of the financial assistance availed by the principal borrower are set out in the Statement of Claim which included letters of guarantee and undertaking.

6. Due to default in repayment, the credit facility accounts of the Company were classified as NPA and notices were issued to the principal borrower and the guarantors which was not complied with. Hence, the Dispute came to be filed under Section 84 of MSCS Act.

7. During the pendency of arbitration proceedings, in view of the Petitions filed by the Opponent Nos.1 and 4