# Nav Munjal Co-operative Housing Society Ltd. vs. Saranga Anil Agarwal

> HC judgment dated 2026-08-25. Citation: TCN-2026-HC-00048. Nav Munjal Co-operative Housing Society Ltd. (Society) filed a Petition under Section 34 of the…

- **Court:** HC
- **Order date:** 25 Aug 2026
- **Citation:** TCN-2026-HC-00048
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/bombay-high-court-panaji/nav-munjal-co-operative-housing-society-ltd-vs-saranga-anil-agarwal-pk1rd

## Summary

### Background

Nav Munjal Co-operative Housing Society Ltd. (Society) filed a Petition under Section 34 of the Arbitration and Conciliation Act, 1996, to challenge an arbitral award dated May 25, 2017. The award granted specific performance of a Development Agreement and compensation to Ms. Saranga Anil Agarwal (Developer), the proprietor of M/s Rockline Construction Company, for the redevelopment of the Society's property, which had stalled. The Society had terminated the Development Agreement on July 21, 2014. Personal insolvency proceedings were initiated against the Developer as a personal guarantor of a company admitted to corporate insolvency resolution process, triggering an interim moratorium under Section 96 of the IBC. The Developer contended that this moratorium barred the

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## Facts

Nav Munjal Co-operative Housing Society Ltd. (Society) filed a Petition under Section 34 of the Arbitration and Conciliation Act, 1996, to challenge an arbitral award dated May 25, 2017.

The arbitral award was issued against Ms. Saranga Anil Agarwal, proprietor of M/s Rockline Construction Company ("Developer").

The parties had executed a Development Agreement (DA) on July 24, 2006, and a Supplementary Development Agreement on July 12, 2012, for the redevelopment of the Society's property.

The redevelopment project stalled, and the Society eventually terminated the Development Agreement on July 21, 2014.

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## Issues and analysis

### Issue 1: Whether the interim moratorium triggered under Section 96 of the Insolvency and Bankruptcy Code, …

**Ratio:** The interim moratorium under Section 96 of the IBC, which applies to legal actions or

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**Reasoning:** The Court reasoned that Section 96 of the IBC stays legal actions "in respect of any

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**Interpretation:** The Court interpreted "legal action or proceeding pending in respect of

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**Application:** In the present case, the Section 34 Petition filed by the Society challenges an

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## Parties

- **Judges:** SOMASEKHAR…
- **Appellants:** Nav Munjal…
- **Respondents:** Saranga Anil…
- **Advocates:** Naushad En…; Viraj P…; +8 more

## Timeline

- **2006-07-24 — Development Agreement…**: The parties executed a…
- **2012-07-12 — Supplementary…**: A Supplementary Development Agreement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 34 — Appointment of liquidator and fee to be paid](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-34)

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