Premier Textile Processors v. Shree Naman Developers Private Limited
Case brief
What is this about?
Bombay High Court OOCJ; CONP 39 of 2025 in Arbitration Petition 339 of 2024; contempt petition under Section 27(5), Arbitration and Conciliation Act 1996; contempt of Section 17 order dated January 4, 2025; fixed deposits with lien in favour of Prothonotary & Senior Master; Rs. 159.21 crores security entitlement; FDs of Rs. 75 crores, Rs. 18.55 crores and Rs. 65.66 crores; 14 units unsold; replacement of fixed deposits with bank guarantee; lien on FDs not to be released without bank guarantee; contempt purged; Premier Textile Processors v. Shree Naman Developers Private Limited; Somasekhar Sundaresan J; January 8, 2026.
What did the court decide?
Contempt Petition finally disposed of with the alleged contempt purged; Alleged Contemnors to report sales of the residual units and secure the Petitioner's corresponding entitlement in terms of the Section 17 Order; fixed deposits with lien in favour of the Prothonotary & Senior Master may be replaced with a bank guarantee as directed in the Section 17 Order, but the lien on the fixed deposits shall not be released unless a bank guarantee is furnished; Contempt Petition (L) No. 29456 of 2025 disposed of by consent as infructuous.