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Bombay HC – Majority Arbitral Award – Mumbai Metro One Project – MMRDA

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HELD that in the absence of any evidence on record, huge sum of Rs.125 crores is offered on a platter to MMOPL by recording generic finding on additional interest and financial expenditure.   This finding is again based on a surmise in the absence of any concrete evidence on record.  The dissenting minority award rightly holds that no account books have been produced by the Respondent.  Rejection of claim in the light of the absence of evidence in the dissenting award appears to be in order.  Here also, it needs to be clarified that the dissenting opinion in the Award is considered only for buttressing the finding that the award of claim towards additional interest / financial expenses is without any evidence. Award of claim in the Majority Award is independently found to be grossly perverse and patently illegal.

Judgment dated 24.2.2026 of the High Court of Bombay in Commercial Arbitration Petition No.427 of 2024 of Mumbai Metropolitan Regional Development Authority   Vs.  Mumbai Metro One Private Limited with I.A.No.3495 of 2025  of National Asset Reconstruction Company Limited

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