Indiabulls Housing Finance Limited v. Surabhi Gehlot
Case brief
What is this about?
The Delhi High Court directed the respondent to deposit the entire sale consideration of ₹638 crore paid by the petitioner under Agreements to Sell for residential units, pending arbitration, while continuing the interim stay on alienating the units until such deposit is made.
What did the court decide?
Directed the respondent to deposit ₹6380775728/- with the Court Registry within four weeks; interim restraint on alienating disputed units continued until deposit; restraint lifted upon deposit.
What the court decided
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- IN THE HIGH COURT OF DELHI AT NEW DELHI
Reserved on: 18 September 2024
Pronounced on: 23 December 2024
- O.M.P.(I) (COMM.) 401/2023, I.As. 4358/2024 & 34878/2024
INDIABULLS COMMERCIAL CREDIT LTD. .....Petitioner Through: Mr. Anirudh Bakhru, Mr. Ankit Banati, Mr. Adith Nair, Mr. Naman Gowda, Mr. Nikhil Rathi and Ms. Mallika Kamal, Advs.
versus
AMBIENCE PRIVATE LTD. .....Respondent Through: Mr. Rajeeve Mehra, Sr. Adv. with Mr. Anush Raajan, Mr. Madhusudan, Mr. Pradyumn Yadav and Mr. G.S. Sachdeva, Advs.
- O.M.P.(I) (COMM.) 405/2023, I.A. 34882/2024
- INDIABULLS HOUSING FINANCE LIMITED .....Petitioner Through: Mr. Karan Bharihoke, Mr. Ankit Banati, Mr. Adith Nair, Mr. Naman Gowda, Mr. Nikhil Rathi and Ms. Mallika Kamal, Advs.
versus
Issues for consideration
3 issues framed by the court
Whether the High Court can grant interim relief under Section 9 of the Arbitration and Conciliation Act, 1996 to direct the respondent to deposit the sale consideration paid by the petitioner towards
Whether a direction to deposit the disputed amount is maintainable even though the main petitions prayed for restraint on creating third-party rights and not explicitly for deposit.
Whether the requirements of Order XXXVIII Rule 5 of the CPC are strictly mandatory for granting a direction to secure the amount in dispute under Section 9 before arbitration commences.
Parties & counsel
- petitioner
Indiabulls Housing Finance Limited
- respondent
Ambience Projects And Infrastructure Pvt Ltd
- respondent
Ambience Private Ltd
- respondent
Ambience Commercial Developers Pvt Ltd
- respondent
Sara Estates Private Limited
- respondent
Case details
As recorded by the court registry
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