Lender sought Section 9 interim relief against a borrower in default of a loan agreement who failed to respond to a loan recall notice. The court found prima facie breach, invoked arbitration justifiedly, and ordered the respondent to file affidavits disclosing assets and debts/receivables within two weeks.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
42-2-ARBP-289-2024.DOC
Shephali
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
ARBITRATION PETITION NO. 289 OF 2024
Aditya Birla Finance Ltd …Petitioner Versus Vivek Krishna …Respondent
Ms Tikshta Modi , with Jenny Somaiya, i/b Akhil Modi & Associates, for the Petitioner.
CORAM: ARIF S. DOCTOR, J DATED: 1st October 2024
PC:-
SHEPHALI SANJAY MORMARE
Digitally signed by SHEPHALI SANJAY MORMARE Date: 2024.10.05 13:18:12 +0530
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42-2-ARBP-289-2024.DOC
out. From a perusal of the record, I find that the Respondent is in breach of his obligation under the Loan Agreement. The Petitioner is therefore justified in invoking arbitration and seeking interim relief in view of a default which today is not disputed. Hence, there shall be an order in terms of prayer clauses (a) and (b), which read as follows:
“(a) That pending the hearing and final disposal of this petition and arbitration proceedings, the Hon’ble Court be pleased to order and direct the Respondent, to file their respective comprehensive affidavit disclosing on oath the assets both movable and immovable held by them jointly and or severally including details of all bank accounts (with account numbers, Bank, Branch etc) and all the amounts lying in the Bank accounts, including accounts linked with PAN No. AUNPK5433F within a period of 2 weeks from the date of the order or within such time as this Hon’ble Court may deemed fit;
(b) That pending the hearing and final disposal of this petition and arbitration proceedings, the Hon’ble Court be pleased to order and direct the Respondent, to file their respective comprehensive affidavit disclosing on oath all debts and receivables payable by third parties to the borrower/s/Respondent with their precise and exact address within a period of 2 weeks from the date of the order or within such time as this Hon’ble Court may deemed fit.”
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42-2-ARBP-289-2024.DOC
(ARIF S. DOCTOR, J)
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1 issue framed by the court
Whether interim relief requiring the respondent to disclose his assets and debts should be granted pending arbitration under Section 9 of the Arbitration and Conciliation Act 1996.
1 provisions across 1 enactments
Aditya Birla Finance Ltd
Vivek Krishna
Arif S. Doctor
As recorded by the court registry
14 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
