Supreme Court - Daily Orders
Vasudev Garg vs Axis Trustee Services Limited on 14 November, 2025
SLP(C) No.31019/2025
ITEM NO.25 COURT NO.7 SECTION IV-A
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Petition for Special Leave to Appeal (C) No.31019/2025
[Arising out of impugned final judgment and order dated
13-08-2025 in COMAP No. 430/2025 passed by the High Court of
Karnataka at Bengaluru]
VASUDEV GARG & ORS. Petitioner(s)
VERSUS
AXIS TRUSTEE SERVICES LIMITED & ANR. Respondent(s)
FOR ADMISSION
IA No. 273217/2025 - EXEMPTION FROM FILING O.T.
IA No. 276260/2025 - PERMISSION TO FILE ADDITIONAL
DOCUMENTS/FACTS/ANNEXURES
Date : 14-11-2025 This matter was called on for hearing today.
CORAM :
HON'BLE MR. JUSTICE J.B. PARDIWALA
HON'BLE MR. JUSTICE K.V. VISWANATHAN
For Petitioner(s) :Mr. Gopal Subramanium, Sr. Adv.
Mr. Abhishek K. Singh, Adv.
Mr. Saurabh Kumar, Adv.
Ms. Rose Maria Sebi, Adv.
Ms. Simran Jain, Adv.
Ms. Kona Sai Vedasvi, Adv.
Mr. Saksham Chaturvedi, Adv.
Mr. Pavan Bhushan, Adv.
Mr. Jayavardhan Singh, Adv.
Mr. Raghav Kohli, Adv.
Mr. Adnan Yusuf, Adv.
Mr. J.s. George, Adv.
Mr. Daksh Kadian, Adv.
Mr. Faisal Sherwani, AOR
For Respondent(s) :Mr. Neeraj Kishan Kaul, Sr. Adv.
Signature Not Verified
Digitally signed by
CHANDRESH
Mr. Rahul Narayan, AOR
Date: 2025.11.28
15:48:44 IST
Reason:
Mr. Mehul Parti, Adv.
Mr. Zubin Poovathinkal, Adv.
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SLP(C) No.31019/2025
Ms. Shivangi Bajpai, Adv.
Mr. Gyanendra Singh, Adv.
Mr. Varad, Adv.
Mr. Manichandan Reddy, Adv.
Mr. S. S. Shroff, AOR
Dr. Abhishek Manu Singhvi, Sr. Adv.
Ms. Shruti Sabharwal, Adv.
Mr. Prateek Gupta, Adv.
Ms. Kshipra Pyare, Adv.
Ms. Sahaj Mathur, Adv.
UPON hearing the counsel the Court made the following
O R D E R
1. This petition arises from the order passed by the High Court of Karnataka dated 13.08.2025 in Commercial Appeal No. 430 of 2025 by which the appeal filed by the petitioners herein under Section 37 (1) (b) of the Arbitration and Conciliation Act (for short "the Act, 1996") seeking to challenge the order passed by the LXXXV Additional City Civil and Sessions Judge, Bengaluru (Commercial Courts) in Com A.A. No.61/2025 rejecting the Section 9 application filed by the petitioners came to be dismissed.
2. We heard Mr. Gopal Subramanium, the learned senior counsel appearing for the petitioners and on the other hand Dr. Abhishek Manu Singhvi and Mr. Neeraj Kishan Kaul, the learned senior counsel appearing for the respondents.
3. The learned senior counsel appearing for the petitioners is much concerned with the observations made by the High Court as contained in para 22 of the impugned order. The observations 2 SLP(C) No.31019/2025 read thus:-
"22. We are of the prima facie view that, the proceeding commenced by the appellant is a speculative one. They seek to question a commercial transaction, which was voluntarily entered into by them four years ago and one which stands performed. During the course of submissions, on a pointed query of this court as to what was the quantum of consideration received by the appellants, the learned counsel for the appellants informed this court that the appellants had received Rs. 2,300 crores for sale of the shares of VTPL. Whilst, the appellants seek to challenge their sale of shares of VTPL, there is no averment in the appeal expressing their willingness to immediately disgorge the consideration received by them."
4. We are of the view that we should not interfere with the impugned order passed by the High Court as there is no good ground to do so. However, we may only say that the Arbitral Tribunal shall proceed further without being influenced in any manner by the observations made in the impugned order passed by the High Court more particularly Para 22 referred to above.
5. With the aforesaid this petition stands disposed of.
6. In the peculiar facts and circumstances of this case, the order insofar as imposition of costs of Rs.1,00,000/-(Rs. One lakh only) is concerned, the same is set aside.
7. The impugned order of the High Court is modified to the extent as indicated above.
8. Pending application(s), if any, stand disposed of.
(CHANDRESH) (POOJA SHARMA)
ASTT. REGISTRAR-cum-PS COURT MASTER (NSH)
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