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ARTICLE · 02 MAY 2023

Dispute Resolution & Arbitration Monthly Update | April 2023

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Mantras Green Resources Ltd (Applicant), a company engaged in eco-friendly solutions for conservation of environment, executed a common hypothecation agreement (Agreement)...

IndiaLitigation, Mediation & Arbitration
Faranaaz Karbhari
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Kshitiz Khera
Kshitiz Khera
Rahul Jain
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Khushboo Rupani
Khushboo Rupani
Mahafrin Mehta
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Akriti Shikha
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Mantras Green Resources Ltd & Ors v. Canara Bank

High Court of Bombay | Commercial Arbitration Application (L) No. 12570 of 2021

Background facts

  • Mantras Green Resources Ltd (Applicant), a company engaged in eco-friendly solutions for conservation of environment, executed a common hypothecation agreement (Agreement) with Canara Bank (Respondent) on December 19, 2017, wherein it was agreed that any dispute arising in connection with the Agreement would be referred to an Arbitrator or if there is no agreement reached, then to be referred to a panel of three Arbitrators, one appointed by each party and third selected by the two Arbitrators.
  • The Applicant availed facility from the Respondent amounting approximately INR 8.5 crore out of the total sanctioned facility of INR 20 crore. However, on account of numerous breaches committed by the Respondent, the Applicant suffered a loss amounting to INR 14,20,51,051.

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