Aditya Birla Finance Limited v. Vivek Krishna
Case brief
What is this about?
Bombay High Court, OOCJ, ARBP No. 289 of 2024, decided 11-02-2025 by Somasekhar Sundaresan, J.; ex parte ad-interim order under Section 9 of the Arbitration and Conciliation Act, 1996 in favour of lender Aditya Birla Finance Limited against borrower Vivek Krishna; loan default 05-01-2024 under Loan Agreement dated 17-01-2022; loan recall-cum-invocation notice 23-02-2024; dues Rs. 32,96,842/-; directions for sworn affidavits disclosing assets (bank accounts linked with PAN AUNPK5433F), debts and receivables, and last three years' P&L and balance sheets within two weeks; security of INR 32,96,842 as on 21-02-2024 by bank guarantee or deposit; liberty to seek variation/vacation at next date; stood over to 02-04-2025 ('Post Notice Matters'); no precedents cited.
What did the court decide?
Ad-interim reliefs granted in prayer clauses (a), (b), (f) and (g): Respondent directed, within 2 weeks, (i) to file a comprehensive affidavit disclosing on oath movable and immovable assets, jointly and severally, including all bank accounts (with account numbers, Bank, Branch and amounts lying therein, including accounts linked with PAN No. AUNPK5433F); (ii) to file a comprehensive affidavit disclosing on oath all debts and receivables payable by third parties to the Respondent with precise addresses; and (iii) to disclose the P&L and balance sheet of the last three financial years; and (iv) the Respondent and persons claiming through them directed to furnish security for the outstanding amount of INR 3296842 as on 21 February 2024, either by bank guarantee in favour of the Petitioner or by depositing the said amount in Court. Respondent may appear on the next date to seek variation, alteration or vacating of the ad-interim relief; Petitioner's advocates to serve a copy of the order on the Respondent. Petition stood over to April 2, 2025 under the caption 'Post Notice Matters'.