We are pleased to announce the successful resolution of a complex, high-stakes arbitration arising out of the sale of cement assets by Jaiprakash Associates Limited (“JAL”) to UltraTech Cement Limited (“UTCL”), where Vaish Associates appeared and advised JAL.
The dispute pertained to the transfer of the Dalla Super cement plant, township and captive mining assets in Uttar Pradesh—strategically significant assets with substantial limestone reserves. The transaction structure made such transfer contingent upon fulfilment of conditions precedent, including receipt of key environmental and regulatory clearances.
The arbitration was particularly intensive and multi-layered, involving:
· Cross-examination of multiple fact and expert witnesses over several days;
· Extensive final hearings dealing with intricate questions of environmental and mining laws; and
· Detailed interpretation of complex transaction documents, including the interplay between contractual conditions precedent, regulatory approvals, and escrow mechanisms.
Vaish Associates Advocates represented JAL throughout the arbitration proceedings, including the conclusion of final arguments.
The proceedings culminated in a consent award, securing the redemption of the entire ₹1,000 crore in favour of JAL—bringing closure to a dispute through a commercially prudent and legally robust settlement.
This matter highlights our experience in navigating complex, document-heavy arbitrations, where careful strategy and rigorous advocacy remain central to achieving effective outcomes.
The arbitration was handled by Mr. Shlok K Parekh (Senior Associate) with expertise guidance of Mr. Bomi Daruwala (Joint Managing Partner), Ms. Sandhya Iyer (Senior Partner) and Mr. Yatin Narang (Partner), with the assistance of Ms. Drishti Bhatia (Associate).