Jindal Poly Films Dispute Sent to Arbitration

Case Details

• Case Name: Jindal Poly Films Limited vs Monet Securities Private Limited (Civil Appeal No. 25829/2026).
• Court/Authority: Supreme Court of India, Civil Appellate Jurisdiction.
• Case/Order Numbers: Civil Appeal Diary No. 25829/2026; NCLAT CAAT No. 47/2026; NCLT order dated 05‑02‑2026; NCLAT order dated 26‑02‑2026.
• Date of Supreme Court Order: 8 June 2026.
• Statutory Provision: Appeal filed under Section 423 of the Companies Act, 2013.
• Period of Dispute: Issues arising from Company Petition No. 58/2024 and subsequent orders dated 05‑02‑2026 (NCLT) and 26‑02‑2026 (NCLAT).

Parties Involved

• Appellant: Jindal Poly Films Limited.
• Respondents: Monet Securities Private Limited and others.
• Petitioner in Company Petition No. 58/2024: Jindal Poly Films Limited (sole respondent in the original petition, now substituted).
• Counsel for Appellant: Mr. Shardul Singh (Advocate), Mr. Nikhlesh Ramachandran (Advocate), Khaitan & Co.
• Counsel for Respondent No. 1: Mr. Santosh Paul (Senior Advocate) assisted by Ms. Neeha Nagpal (via video conference), Ms. Vanya Gupta, Ms. Sanya Sud.
• Arbitrator Appointed: Justice Manindra Mohan Shrivastava, Retd. Chief Justice (sole arbitrator, seat Delhi).
• Supreme Court Judges: Justice Prashant Kumar Mishra and Justice Atul S. Chandukar.

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.
• The appellant alleges that the NCLAT order is erroneous and that the respondent, originally not the petitioner before the NCLT, was improperly substituted.
• The parties contend that the nature of the disputes is more suitably resolved through arbitration rather than continued litigation before the NCLT/NCLAT.

Findings & Observations

• The Court notes that both parties have consented to refer the matter to arbitration and have submitted a draft consent order.
• The Court sets aside both the NCLT order dated 05‑02‑2026 and the NCLAT order dated 26‑02‑2026, keeping all contentions of the parties open for arbitration.
• The Court observes that the disputes can be adjudicated more efficiently by an arbitrator appointed by the Court.

Penalties / Settlements / Directions

• Arbitration Direction: The disputes are referred to arbitration.
• Arbitrator Appointment: Justice Manindra Mohan Shrivastava, Retd. Chief Justice, is appointed as the sole arbitrator.
• Seat of Arbitration: Delhi.
• Arbitrator’s Fee: To be decided by the arbitrator in consultation with the parties.
• No monetary penalties or fines are imposed in this order.

Corrective Actions & Future Obligations

• The parties must proceed with arbitration before the appointed arbitrator on an expedited basis.
• Company Petition No. 58/2024 is disposed of with the consent of the parties.
• All pending applications, if any, are ordered to stand disposed of.

Final Ruling & Enforcement

• The Civil Appeal is disposed of in accordance with the signed consent order.
• The NCLT order dated 05‑02‑2026 and the NCLAT order dated 26‑02‑2026 are set aside.
• The disputes between Jindal Poly Films Limited and Monet Securities Private Limited are to be resolved through arbitration as directed.
• The Court’s order is effective immediately, and the parties are bound to comply with the arbitration process.

---

Note: An earlier admission hearing (IA No. 171607/2026) on 08‑06‑2026 resulted in condonation of delay, after which the Civil Appeal was disposed as per the signed order.