Bombay High Court
ASA INTERNATIONAL INDIAversusIDFC First Bank Limited
- Decided
- Disposal
- DISPOSED OFF
Holding
The petition is dismissed as withdrawn, with liberty granted to the petitioner to approach the tribunal for modification of the impugned order.
Summary
ASA International India Microfinance Ltd. filed a commercial arbitration petition before the Bombay High Court against IDFC First Bank Ltd. The petitioner, through Senior Advocate Mr. Jayprakash Sen, sought to withdraw the petition and instead approach the arbitral tribunal for modification of the impugned order. The respondent, represented by Senior Advocate Mr. V. R. Dhond, raised no objection to the withdrawal. The Court allowed the withdrawal, dismissed the petition, and granted the petitioner liberty to file a modification application before the tribunal. It also directed that the impugned order not be acted upon for a week and that the pending interim application stand disposed.
Issues considered
- Whether the petitioner may withdraw the arbitration petition and seek modification before the tribunal
- Whether a stay of the impugned order for a week is appropriate pending the modification application
- Whether the interim application remains pending after withdrawal of the main petition
Subjects
- commercial arbitration
- petition withdrawal
- modification application
- stay of order
- Bombay High Court
Judgment
1/2 1 IA(L)-21525-2026.DOC
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
IN ITS COMMERCIAL DIVISION
COMMERCIAL ARBITRATION PETITION NO. 796 OF 2026
Digitally
signed by
SAIRAJ
SAIRAJ SANJAY
SANJAY KARANDE
KARANDE Date:
2026.09.30
ASA International India Microfinance Ltd. … Petitioner
13:46:04
+0530
Vs.
IDFC First Bank Limited … Respondent
_______
Mr. Jayprakash Sen, Senior Advocate a/w Mr. S. Das, Ms. Arushi Kavlaskar. Ms.
Ishita Jawaharani i/b Suvaaankoor Das for Petitioner.
Mr. V. R. Dhond, Senior Advocate a/w Mr. Siddharth Ranade, Mr. Prakshal Jain,
Ms. Arunima Athavale, Mr. Dhaval Bothara i/b Trilegal for Respondent.
_______
CORAM : ARIF S. DOCTOR, J.
DATE : 28th September, 2026.
P.C.
1. Mr. Sen, learned Senior Counsel appearing for the Petitioner, after arguing
the Petition at some length, sought leave to withdraw the Petition and approach
the Tribunal with application for modification of the impugned order. Mr.
Dhond does not have any objection.
2. Hence, the Petition is dismissed as withdrawn with aforesaid liberty
granted.
Sairaj
2/2 1 IA(L)-21525-2026.DOC
3. It is clarified that till a period of one week, the impugned order shall not
be acted upon.
4. The Tribunal will pass the appropriate order on the application.
5. Nothing survives for consideration in pending Interim Application and the
same stands disposed of.
(ARIF S. DOCTOR, J.)
Sairaj
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