Iifl Finance Limited vs Tirupati Overseas — Arbitration | Bombay HC (2026)

Iifl Finance Limited vs Tirupati Overseas — Arbitration | Bombay HC (2026)

What the court decided

AI extract

Outcome

Interim measures in terms of prayer clause (a): attachment/freezing of the Respondents' bank accounts to the extent of Rs. 2788035.021 and restraint on the Respondents from withdrawing and/or transferring funds therefrom, to operate for 90 days within which the Petitioner is to take steps for commencement of Arbitration.

Issue for consideration

Whether interim measures under Section 9 of the Arbitration and Conciliation Act, 1996 should be granted before commencement of arbitration, in view of the apprehension that the Respondents are likely to siphon off monies from their bank accounts.

Court's answer

Pending Arbitration and till making of the final Award, interim measures were ordered in terms of prayer clause (a) of the Petition.

Ratio / Principle

The Respondents' bank accounts are to be attached/frozen to the extent of Rs. 2788035.021 and the Respondents are restrained from withdrawing and/or transferring funds therefrom, as per prayer clause (a).

Key takeaways

The interim measures shall operate for a period of 90 days, within which the Petitioner shall take steps for commencement of Arbitration.ratio¶¶20
With the above directions, the Arbitration Petition is disposed of.ratio¶¶21

Detailed headnote1 paragraphs

Section 9 (Arbitration and Conciliation Act, 1996) interim-measures petition (Arbitration Petition No. 469 of 2025, High Court of Judicature at Bombay, Ordinary Original Civil Jurisdiction) filed by IIFL Finance Ltd. against Tirupati Overseas and Ors. arising out of a Loan Agreement dated 21 August 2023 containing an arbitration clause, the Respondents having failed to repay the loan. Notices issued on 28 January 2026 were received on 22 February 2026 by Respondent No. 2, Sunder Kumar Goel, on behalf of all Respondents, but none appeared. On learned counsel's apprehension that the Respondents were likely to siphon off monies from their bank accounts, Sandeep V. Marne, J. ordered interim measures in terms of prayer clause (a): attachment/freezing of the Respondents' bank accounts to the extent of Rs. 2788035.021 and restraint on withdrawal/transfer of funds, to operate for 90 days within which the Petitioner was to take steps to commence arbitration. The Petition was disposed of on 08 April 2026.

2026:BHC-OS:9108

Renuka 34-ARBP-469-2025

IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION ARBITRATION PETITION NO. 469 OF 2025 IIFL Finance Ltd. ...Petitioner V/s. Tirupati Overseas and Ors. ...Respondents ________________

Ms. Pooja Singh, for Petitioner.

CORAM: SANDEEP V. MARNE, J. DATED: 08 APRIL 2026.

P.C.:

This is a Petition filed under Section 9 of the Arbitration and Conciliation Act, 1996 ( the Arbitration Act ) for seeking interim measures before commencement of the arbitration proceedings. The disputes and differences have arisen out of Loan Agreement dated 21 August 2023.

It is the case of the Petitioner that the Respondents have failed to repay the loan.

This Court had issued notices to Respondents on 28 January 2026 and hamdast was granted. Affidavit of service indicates that Mr. Sunder Kumar Goel-Respondent No. 2 has received the notices on behalf of all the Respondents on 22 February 2026. However, none has appeared

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Renuka 34-ARBP-469-2025

on behalf of the Respondents. Perusal of the Loan Agreement indicates presence of arbitration clause.

Ms. Singh, the learned counsel appearing for the Applicant expresses an apprehension that Respondents are likely to siphon off monies from their Bank accounts. He prays for interim measures in terms of prayer clause(a) of the Petition.

5) I accordingly proceed to pass following order:-

(i) Pending Arbitration and till making of the final Award, there shall be interim measures in terms of prayer clause (a) which reads thus:-

a. Attach/Freeze the below-mentioned bank account/s and other bank accounts of the respondents, which are not brought to the knowledge of the petitioner company, to the extent of Rs. 2788035.021- (Rupees Twenty Seven Lakh(s) Eighty Eight Thousand Thirty Five And Paise Two Only) and restrain the respondents from withdrawing and/or transferring the funds from the following belowmentioned bank account/s:

BANK ACCOUNT HOLDER	BANK ACCOUNT NO.	BANK NAME	BRANCH ADDRESS
TIRUPATI OVERSEAS	82705001291	ICICI BANK LTD	ICICI BANK LTD., D 1 6, NEAR PVR CINEMA, PRASHANT VIM, NEWDELHI.11008 5 IFSC Code: ICIC0000827

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Renuka 34-ARBP-469-2025

(ii) The above interim measures shall continue to operate for a period of 90 days, within which the Petitioner shall take steps for commencement of Arbitration.

1. With the above directions, the Arbitration Petition is disposed of .

[SANDEEP V. MARNE, J.]

Signed by: Megha S. Parab Designation: PA To Honourable Judge Date: 10/04/2026 15:56:13

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