Calcutta High Court
Sri Jahar De Bakshi & Ors vs Cygnus Investment & Finance Pvt. Ltd. & … on 27 August, 2025
Author: Shampa Sarkar
Bench: Shampa Sarkar
OD-14
ORDER SHEET
IN THE HIGH COURT AT CALCUTTA
COMMERCIAL DIVISION
ORIGINAL SIDE
AP-COM/481/2025
SRI JAHAR DE BAKSHI & ORS.
VS
CYGNUS INVESTMENT & FINANCE PVT. LTD. & ORS.
BEFORE:
The Hon'ble JUSTICE SHAMPA SARKAR
Date: 27th August, 2025.
Appearance:
Mr. Pratip Mukherjee, Adv.
Ms. Ankita Dey, Adv.
Mr. Purnankar Biswas, Adv.
...for the petitioners.
Ms. Manju Bhuteria, Sr.Adv.
Mr. Dwaipayan Basu Mullick, Adv.
Ms. Arundhati Barman, Adv.
Mr. Subhankar Chakraborty, Adv.
Mr. Saptarshi Bhattacharjee, Adv.
Ms. Harshita Nath, Adv.
. . . for the respondents.
The Court: Copy of the original records of the proceedings have
been handed over by the petitioners to the respondent’s Advocate. The
original records have been filed in Court. Mr. Mukherjee shall take
inspection of the said records.
The Court finds that Exhibit ‘4’ in the arbitral proceedings is a
Deed which was deposited by the parties of the 5th Part i.e. (petitioners)
before the award holder and the petitioners stood as guarantors in the
loan agreement.
Ms. Bhuteria, learned Senior Advocate submits that the Power of
Attorney executed by the petitioners permitted the borrower to also sign
the loan agreement for himself and on behalf the guarantors.
2
Mr. Mukherjee, learned Advocate for the petitioners submits that
the General Power of Attorney was revoked. Mr. Mukherjee submits, on
instructions, that the award is induced by fraud and corruption,
inasmuch as the petitioners neither signed any loan document nor
utilized the money.
In my prima facie view, the arguments of Mr. Mukherjee are on
merits, which shall be decided in the application under Section 34 of the
Arbitration and Conciliation Act, 1996. However, one last opportunity is
given to the petitioners to make their submissions on the prayer for
unconditional stay.
As of now there is no stay of operation of the award.
Let this matter appear on 2nd September, 2025.
(SHAMPA SARKAR, J.)
pa/S. Mandi
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