Indiabulls Infraestate Ltd. v. Imagine Realty Pvt. Ltd.
Case brief
What is this about?
Keywords: Section 29-A extension of arbitral mandate; substitution of arbitrator under Section 29-A(6); Sections 14 and 15 tests (de jure/de facto inability, undue delay); Section 42 exclusive jurisdiction / first-court principle; seat Mumbai versus conduct in New Delhi; Covid-19 suspension of statutory timelines by Supreme Court (15-03-2020 to 28-02-2022); consented six-month extension; bias and impartiality complaints deferred to Section 34 post-award challenge; parallel arbitrations (IHFL loan foreclosure and Indiabulls allotment cancellation); Indiabulls Blu Worli project; post-reservation application for additional documents; costs imposition; Bombay High Court OOCJ; IA(L) Nos. 4230 and 4204 of 2024.
What did the court decide?
Mandate of the Learned Arbitral Tribunal extended by a further period of six months (petitioners had sought one year); substitution refused; attendant Interim Applications disposed of; costs of Rs. 1,50,000 imposed jointly and severally on Bliss and Imagine, payable to Indiabulls within four weeks of upload of the judgement.