ITEM NO.2 COURT NO.7 SECTION IX-A S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS SPECIAL LEAVE PETITION (CIVIL) Diary No(s). 29597/2025 [Arising out of impugned final judgment and order dated 22-02-2018 in JO No. 74/2017 passed by the High Court of Judicature at Bombay]

SANJAY DATTATREYA KAKADE & ANR. Petitioner(s)

VERSUS VISTRA ITCL (INDIA) LTD. (FORMERLY KNOWN AS IL AND FS TRUST COMPANY LIMITED) & ORS.Respondent(s)

FOR ADMISSION and I.R.

IA No. 166854/2025 - CONDONATION OF DELAY IN FILING IA No. 166843/2025 - CONDONATION OF DELAY IN REFILING / CURING THE DEFECTS IA No. 166851/2025 - EXEMPTION FROM FILING C/C OF THE IMPUGNED

JUDGMENT

IA No. 172322/2025 - PERMISSION TO FILE ADDITIONAL DOCUMENTS/FACTS/ANNEXURES IA No. 166859/2025 - PERMISSION TO PLACE ON RECORD SUBSEQUENT FACTS WITH Diary No(s). 14111/2025 (IX-A)

IA No. 106352/2025 - CONDONATION OF DELAY IN REFILING / CURING THE DEFECTS IA No. 106354/2025 - EXEMPTION FROM FILING C/C OF THE IMPUGNED

JUDGMENT

Date : 24-02-2026 These matters were called on for hearing today.

CORAM :

HON'BLE MR. JUSTICE J.B. PARDIWALA HON'BLE MR. JUSTICE K.V. VISWANATHAN For Petitioner(s) :

Mr. Mukul Rohatgi, Sr. Adv.

Mr. C. A. Sundaram, Sr. Adv.

Mr. Shivaji M. Jadhav, Adv.

Signa ture No t Ve rifi ed Mr. Shivaji M. Jadhav, AOR Digita lly s ign ed b y Mr. Mahesh Bhoite, Adv.

HARPREET KAUR Date: 2026.02.28 Reason:

Mr. Brij Kishor Sah, Adv.

Ms. Apurva, Adv.

Mr. Aditya S. Jadhav, Adv. Mr. Amit Kumar Gupta, Adv.

For Respondent(s) :

M/S. D.s.k. Legal, AOR Mr. Shyam Divan, Sr. Adv. Mr. Nakul Dewan, Sr. Adv.

Mr. Jatin Pore, Adv.

Ms. Gargi Patil, Adv.

Mr. Vishal Mandal, Adv.

Mr. Chandra Prakash, Adv.

UPON hearing the counsel the Court made the following

O R D E R

1. Delay condoned.

2. Since the issues raised in both the captioned petitions are the same and the parties are also the same, those were taken up for hearing analogously and are being disposed of by this common order.

3. This is a long-drawn litigation between the parties and it is high time we give a quietus to the same.

4. It all started with a share subscription and shareholders agreement dated 30.01.2007, executed by Kakade Construction Company Private Limited, for short, KCCPL, i.e., the respondent no.3 before us and its promoters, Ms. Usha Kakade i.e., petitioner no.2 and Mr. Sanjay Kakade, petitioner no.1 respectively before us with Vistra ITCL (India) Ltd., formerly known as “IL and FS Trust Company Limited”, a company incorporated under the Companies Act, 1956, i.e., the respondent no.1 before us.

5. The respondent nos.1 and 2, respectively were the investors who were looking to invest in the capital of the respondent no.3 company for the project referred to above.

6. In accordance with the agreement, the respondent nos.1 and 2, respectively agreed to invest an amount of Rs.75 crore in tranches in the respondent no.3 company by subscribing to (i) Equity shares; and (ii) Class A Redeemable Optionally Convertible Cumulative Preference shares of the respondent company.

7. It appears from the materials on record that both the parties executed supplementary agreement dated 05.02.2007 to further the understanding reached in the earlier agreement dated 30.01.2007 referred to above.

8. Sometime in 2011, disputes arose between the parties. In such circumstances, an Arbitral Tribunal had to be constituted.

9. On 14.07.2014, the Arbitral Tribunal passed its award in terms of the consent terms signed by the parties before us.

10. It is not in dispute that respondent nos.1 and 2 respectively agreed to accept a reduced amount of Rs.178 crore with interest from the respondent no.3 company in lieu of their claim.

11. In view of such understanding, the respondent no.3 company also agreed to drop the arbitration proceedings against the petitioners and respondent no.4 before us.

12. Sometime in 2017, the respondent nos.1 and 2, respectively preferred a Commercial Execution Application (L) bearing no.31/2017 before the High Court of Judicature at Bombay under Section 36 of the Arbi