Kumar Urban Development Private Limited v. Union of India
Case brief
What is this about?
Withdrawal of deposited award amount; interim application in commercial arbitration petition; Bombay High Court Commercial Division; undertaking of director/shareholder in lieu of security; Lalit Kumar Jain 99% shareholding undertaking; redeposit within eight days of Court's direction; undertaking filed within one week; Prothonotary and Senior Master deposit; arbitral award Rs. 43.62 crores; 50% deposit about Rs. 21.81 crores; order dated 1st October 2025; Union of India petitioner; Kumar Urban Development Private Limited respondent/applicant; Pandian and Gautam Modanwal for UOI; Rohaan Cama, Ishani, Mohit Goyal i/b Wadia Ghandy and Co.; Sharmila U. Deshmukh J.; decided 7 March 2026; IA No. 8049 of 2025; Commercial Arbitration Petition No. 19 of 2025; petition listed 8 April 2026.
What did the court decide?
Permission granted to the Respondent to withdraw the amount deposited with the learned Prothonotary and Senior Master pursuant to the order dated 1st October, 2025, upon filing within one week an undertaking of Mr. Lalit Kumar Jain (who along with his family members hold 99% shareholding in the Respondent-company) that upon direction by this Court the Respondent shall redeposit the amount within eight days; the statement in the undertaking accepted as an undertaking given to the Court.