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Nice Projects Ltd. Through The ... vs Hindustan Urvarak And Rayasan Ltd & Anr on 2 May, 2025

Author: Jyoti Singh

Bench: Jyoti Singh

                          $~58
                          *    IN THE HIGH COURT OF DELHI AT NEW DELHI
                          +         O.M.P.(I) (COMM.) 151/2025
                                    NICE PROJECTS LTD. THROUGH THE LIQUIDATOR MR
                                    VIVEK PARTI                               .....Petitioner
                                                   Through: Mr. Angad Mehta, Mr. Karan Gandhi,
                                                   Mr. Arsh, Mr. Sikhar Tiwari and Ms. Vidhika
                                                   Kapoor, Advocates.

                                                                  versus

                                    HINDUSTAN URVARAK AND RAYASAN LTD
                                    & ANR.                                 .....Respondents
                                                  Through: Mr. Adarsh Tripathi, Advocate for
                                                  R-1.
                                    CORAM:
                                    HON'BLE MS. JUSTICE JYOTI SINGH
                                                                  ORDER

% 02.05.2025 CAV 164/2025

1. Since Mr. Adarsh Tripathi, learned counsel enters appearance on behalf of Respondent No. 1, caveat stands discharged.

2. Allowed, subject to all just exceptions.

3. Application stands disposed of.

O.M.P.(I) (COMM.) 151/2025 & I.A. 10987/2025

4. This petition is preferred on behalf of the Petitioner under Section 9 of the Arbitration and Conciliation Act, 1996 ('1996 Act') seeking a stay on the impugned letter dated 21.04.2025 albeit inadvertently typed as 21.04.2024 in the prayer clause.

5. At the outset, learned counsel for Respondent No. 1 submits that this O.M.P.(I) (COMM.) 151/2025 Page 1 of 2 This is a digitally signed order.

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 29/06/2025 at 16:48:45 petition is rendered infructuous as the communication has been given effect to and the Bank Guarantee bearing No. 0960119BG0000128 for an amount of Rs. 8,70,58,559/- has been encashed on 01.05.2025. This position is confirmed by learned counsel for the Petitioner, from the Petitioner on a passover.

6. Accordingly, this petition is disposed of as infructuous, leaving all rights and contentions of the parties open in the pending litigation before the NCLT and/or any arbitral proceedings to which the parties may take recourse in future.

7. Pending application stands disposed of.

JYOTI SINGH, J MAY 02, 2025/shivam O.M.P.(I) (COMM.) 151/2025 Page 2 of 2 This is a digitally signed order.

The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 29/06/2025 at 16:48:45