# ANKHIM HOLDINGS PVT. LTD. & ANR. vs. ZAVERI CONSTRUCTION PVT. LTD.

> SC judgment dated 2026-02-04. Citation: TCN-2026-SC-00081. The dispute originated from a partnership for an SRA project between Ankhim Holdings Pvt. Ltd.…

- **Court:** SC
- **Order date:** 4 Feb 2026
- **Citation:** TCN-2026-SC-00081
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/ankhim-holdings-pvt-ltd-anr-vs-zaveri-construction-pvt-ltd-v4017

## Summary

### Background

The dispute originated from a partnership for an SRA project between Ankhim Holdings Pvt. Ltd. (appellants) and Zaveri Construction Pvt. Ltd. (respondent). An arbitrator was initially appointed by the Bombay High Court. Subsequently, the NCLT initiated Corporate Insolvency Resolution Process (CIRP) against the respondent, imposing a moratorium under Section 14 of the IBC. Despite the moratorium, the Arbitral Tribunal continued proceedings and passed orders allowing the appellants to sell certain flats. Later, the NCLT initiated liquidation proceedings against the respondent. The High Court, while appointing a substitute arbitrator, declared the arbitral proceedings held during the moratorium period (17.03.2022 to 25.08.2022) as a nullity, which the appellants

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## Facts

Appellants (Ankhim Holdings Pvt. Ltd. & Anr.) and Respondent (Zaveri Construction Pvt. Ltd.) formed a partnership firm "M/s Anmol Alliance" to develop an SRA project.

Disputes arose, leading appellants to file Commercial Arbitration Petition No.347/2019 under Section 9 of the Arbitration and Conciliation Act, 1996.

On 09.07.2019, the Bombay High Court accepted consent terms and appointed Hon'ble Mr. Justice J.N. Patel as the Arbitrator.

On 26.09.2019, the NCLT Mumbai admitted the respondent to Corporate Insolvency Resolution Process (CIRP) and imposed a moratorium under Section 14 of the IBC, 2016.

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## Issues and analysis

### Issue 1: Whether the High Court was justified in saying that the proceedings held by the Arbitral Tribunal …

**Ratio:** The High Court, while acting under Section 15(2) of the Arbitration and Conciliation Act,

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**Reasoning:** The Supreme Court reasoned that Section 15(2) of the Act mandates the appointment of a

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**Interpretation:** Section 15(2) and 15(4) of the Arbitration Act, 1996, when read together, mean

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**Application:** The Supreme Court applied Section 15(2) and 15(4) of the Arbitration and

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## Parties

- **Judges:** J.B. PARD…; K.V. VISWA…
- **Appellants:** ANKHIM HOLDINGS…
- **Respondents:** ZAVERI CONSTRUCTIO…
- **Other parties:** CoC…; Home Bu…; +3 more
- **Advocates:** Ashim…; Tushar…; +3 more

## Timeline

- **2019-07-09 — High Court appointed…**: Bombay High Court passed an order in Commercial Arbitration Petition No.347/2019,…
- **2019-09-26 — NCLT imposed m…**: NCLT Mumbai passed an order in Company Petition (I.B.) No.411/2019, admitting the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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