KVM 1/2 17 - EXA 42 OF 2020.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION EXECUTION APPLICATION NO. 42/2020 MAGMA FINCROP LTD. ….. APPLICANT VS HASMUKH MURJI AND COMPANY & ORS. ….. RESPONDENTS ALONGWITH INTERIM APPLICATION NO. 1164/2022 ALONGWITH IN EXECUTION APPLICATION NO. 42/2020 KOTAK MAHINDRA BANK LTD. ….. APPLICANT IN THE MATTER BETWEEN MAGMA FINCROP LTD. ….. APPLICANT VS HASMUKH MURJI AND COMPANY & ORS. ….. RESPONDENTS Adv. Nikhil Rajani i/b. M/s. V. Deshpande & Co. for the Applicant. CORAM : RAJESH S. PATIL, J. DATE : 24 MARCH, 2026 P.C. :- 1) Learned counsel appearing for the claimant submits that the execution proceedings arise out of an Arbitral Award, where the Arbitrator’s appointment was unilateral. Hence, he on instructions of his client seeks leave to withdraw the present execution application, with liberty to initiate fresh arbitration proceedings. 2) I have taken a view in the judgment of L & T Finance Ltd. KANCHAN VINOD MAYEKAR Digitally signed by KANCHAN VINOD MAYEKAR Date: 2026.03.25 11:20:58 +0530 KVM 2/2 17 - EXA 42 OF 2020.doc vs. Sangeeta Bhansali & Anr. in Commercial Execution Application (L) No. 5277 of 2022, considering the latest judgment of the Supreme Court decided on 5 January, 2026, in the matter of Bhadra International (India) Pvt. Ltd. and others vs. Airport Authority of India, Civil Appeal No. 37-38 of 2026, wherein it has been held that even at the stage of execution, an arbitral award can be set aside being void-ab-initio on the grounds that the appointment of the arbitrator was unilateral. 3) Leave and liberty as prayed for, is granted. 3.1) The Arbitral Award which is subject matter of the present proceedings is hereby declared to be non-est in law, non-executable and void-ab-initio. 4) Execution Application stands disposed of as withdrawn. 5) In sequel, the Interim Applications, if any, also stand disposed of. 6) It shall be open for the parties to initiate fresh arbitration proceedings in accordance with law. 7) As far as limitation is concerned, the period from the invocation of the arbitration till today shall stand excluded for the purpose of initiating fresh arbitration proceedings. [RAJESH S. PATIL, J.]