Iifl Finance Limited v. Hanumant Enterprises
Case brief
What is this about?
Section 9 Arbitration and Conciliation Act 1996 ad-interim relief; IIFL Finance Limited v. Hanumant Enterprises & Ors; Bombay High Court Commercial Division; Somasekhar Sundaresan J.; Agreement dated June 8, 2024; Clause 26 arbitration clause; loan servicing default; notice April 2, 2025; claim Rs. 32,00,627.20/-; respondents absent despite service; asset alienation restraint; disclosure on oath of accounts/assets/encumbrances; bank guarantee to secure outstanding loan amounts with contractual interest; reliefs pending Arbitral Tribunal consideration; vary/vacate before Tribunal; Section 11 application liberty within 30 days; listed August 8, 2025.
What did the court decide?
Ad-interim reliefs granted per prayer clauses (A), (B) and (C): (A) Respondents temporarily restrained from selling, transferring, alienating, encumbering or otherwise dealing with their movable/immovable assets to the extent of the amounts owed to the Petitioner; (B) Respondents to disclose on oath all bank accounts, properties and assets (movable or immovable) with details of encumbrances/fetters; (C) Respondents directed to furnish a bank guarantee to secure the Outstanding Loan Amounts with further/future interest at contractual rates till realization. Reliefs apply pending consideration by the Arbitral Tribunal to be constituted; Respondents may seek variation/vacation before the Tribunal. Liberty granted to file the Section 11 application within 30 days from upload of the Order; Petition listed with the Section 11 Application on August 8, 2025; actions executable upon receipt of a downloaded copy from the Court's website.