Case Details

  • Case name: Jindal Poly Films Limited vs Monet Securities Private Limited & Ors.
  • Court: Supreme Court of India, Civil Appeal No. (of 2026), Diary No. 25829/2026.
  • Order date: 8 June 2026.
  • Relevant prior orders: NCLT order dated 05.02.2026 (Principal Bench) and NCLAT order dated 26.02.2026 (CAAT No. 47/2026).
  • Statutory basis: Appeal filed under Section 423 of the Companies Act, 2013; underlying Company Petition No. 58/2024 filed under Section 245 of the Act.

Parties Involved

  • Appellant / Petitioner: Jindal Poly Films Limited.
  • Respondents: Monet Securities Private Limited and others.
  • Counsel for petitioner: Mr. Shardul Singh (advocate), Mr. Nikhlesh Ramachandran (advocate), AORs as listed.
  • Counsel for respondents: Mr. Santosh Paul (Senior Advocate), Ms. Neeha Nagpal (advocate), Ms. Vanya Gupta (advocate), Ms. Sanya Sud (AOR).
  • Arbitrator appointed: Justice Manindra Mohan Shrivastava, Retd. Chief Justice.

Issues / Allegations / Violations

  • The appeal challenges the NCLAT judgment dated 26.02.2026, which dismissed the Company Appeal and upheld the NCLT order dated 05.02.2026.
  • Jindal Poly Films contends that the NCLAT order is erroneous and that the respondent in Company Petition No. 58/2024 was improperly substituted.
  • Both parties agree that arbitration would be a more effective forum for resolving the dispute.

Findings & Observations

  • The Supreme Court noted the parties’ mutual consent to refer the matter to arbitration and accepted that arbitration is the appropriate remedy.
  • The Court set aside both the NCLT order of 05.02.2026 and the NCLAT order of 26.02.2026.
  • All contentions raised by the parties remain open for determination by the appointed arbitrator.

Penalties / Settlements / Directions

  • No monetary penalties or fines were imposed.
  • The Court directed that the dispute be referred to arbitration, appointing Justice Manindra Mohan Shrivastava as the sole arbitrator.
  • The seat of arbitration is Delhi; the arbitrator may determine his own fee in consultation with the parties.

Corrective Actions & Future Obligations

  • Parties must proceed with arbitration before the appointed arbitrator.
  • The arbitrator is instructed to decide the disputes expeditiously.
  • Any pending applications before the Supreme Court are to stand disposed of.
  • The parties are to comply with any fee determination made by the arbitrator.

Final Ruling & Enforcement

  • The Civil Appeal is disposed of in accordance with the signed consent order.
  • Delay in filing was condoned.
  • Orders of the NCLT (05.02.2026) and NCLAT (26.02.2026) are set aside.
  • The matter now proceeds to arbitration, and the arbitrator’s award will be enforceable under applicable law.