C&M successfully represents Axis Trustee in REIT-related arbitral proceedings before the Supreme Court, Karnataka High Court, and Bengaluru District Commercial Court

C&M recently represented Axis Trustee Services Limited (ATSL), trustee of a prominent Real Estate Investment Trust (REIT), in a complex commercial dispute across three judicial forums, i.e., the Commercial Court at Bengaluru, the Karnataka High Court, and the Supreme Court of India. The firm secured favourable orders at every stage, culminating in a decisive affirmation of the validity of the underlying commercial transaction.

The dispute arose from a Section 9 petition under the Arbitration and Conciliation Act, 1996, where certain unitholders sought interim relief and challenged a concluded share purchase transaction. The courts examined key issues relating to the arbitrability of REIT-related disputes and whether an alleged unilateral mistake of fact could vitiate a fully performed transaction. The Commercial Court dismissed the petition, the Karnataka High Court upheld the decision with costs, and the Supreme Court dismissed the Special Leave Petition on the first date of hearing, finding no reason to interfere with concurrent findings.

The decision provides valuable clarity on interim reliefs, arbitrability, and transactional certainty in the context of REITs.

C&M team comprised