Mahindra and Mahindra Financial Services Limited v. Saloni Engineering Works
Case brief
What is this about?
Section 9 Arbitration and Conciliation Act 1996 ad-interim relief; Mahindra and Mahindra Financial Services Limited v. Saloni Engineering Works & Ors; ARBP 53/2025 Bombay High Court; Somasekhar Sundaresan J; 16.06.2025; loan default; Agreement dated 27.10.2022; arbitration clause 24.11; notice 21.10.2024; injunction against alienation of hypothecated Electronica Plastic Injection Moulding Machine Model Future 320; Court Receiver Order XL Rule 1 CPC police assistance handover; affidavit disclosure of assets and bank accounts; ICICI Bank account 083005001484 IFSC ICIC0000830 withdrawal freeze Rs.26,44,422.17; costs figure Rs.4614980 in asset description; Section 11 liberty 30 days; listed 21.07.2025; respondents ex parte.
What did the court decide?
Ad-interim reliefs sought in prayer clauses (a), (c), (d) and (g) granted, applying pending consideration of further interim relief by the Arbitral Tribunal: (a) injunction restraining sale, alienation, transfer, encumbrance or creation of third-party rights over the hypothecated machinery; (c) Court Receiver, High Court, Bombay appointed under Order XL Rule 1 CPC, authorised to take physical possession with police assistance if required and hand over the machinery to the Petitioner; (d) affidavit disclosure of all movable and immovable assets including bank accounts; (g) withdrawal restriction on Respondent No. 1's ICICI Bank account no. 083005001484 (IFSC ICIC0000830) up to Rs.26,44,422.17/-. Respondents may seek variation/vacation before the Arbitral Tribunal. Liberty to file the Section 11 application within 30 days of upload of the Order; Petition to be listed with the Section 11 Application on July 21, 2025.