Appeal under Section 37 against arbitral interim orders allowing conditional encashment of fixed deposits furnished by the appellant, with a bank guarantee protecting the balance. The court held the arbitrator exercised discretion judiciously and declined interference, leaving contentions open for final adjudication.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
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LIVFIN INDIA PRIVATE LIMITED .....Petitioner
Through: Mr. Amulya Dhingra and Mr. Aashutosh Jagtap, Advs. versus UGRO CAPITAL LIMITED .....Respondent Through: None.
CORAM:
HON’BLE MR. JUSTICE PURUSHAINDRA KUMAR KAURAV
I.A. 30824/2025 (delay)
This is a digitally signed order.
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been able to establish a case warranting complete restraint on encashment. Learned Sole Arbitrator has taken note of the Co-Lending Agreement dated 06.11.2022, which expressly records a First Loss Default Guarantee of 15%, and has held that the question as to whether the RBI Circular dated 08.06.2023, limiting FLDG to 5%, overrides the contractual stipulation is a mixed question of fact and law requiring detailed examination at the stage of final adjudication.
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 20/12/2025 at 11:17:45
Sole Arbitrator has issued the following directions:
“a. The Respondent is permitted to encash the FDRs furnished by the Claimant.
b. Out of the encashed amount, the Respondent shall be entitled to adjust only 15% of the defaulted amount in the account of M/s Gupta Power Infrastructure Ltd., which works out to approximately Rs.38.50 Lacs;
c. For the balance amount, the Respondent shall, within two weeks, furnish a Bank Guarantee in favour of the Claimant, initially for 6 months and further renewable till disposal of the arbitral proceedings, so that the Claimant's interests remain safeguarded.
d. The above directions are subject to final adjudication of the respective claims and counter-claims in the arbitral proceedings.”
PURUSHAINDRA KUMAR KAURAV, J
DECEMBER 10, 2025/P/MJ
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 20/12/2025 at 11:17:45
1 issue framed by the court
Whether appellate interference was warranted under Section 37 against interim orders permitting conditional encashment of fixed deposits in arbitral proceedings.
1 provisions across 1 enactments
LIVFIN INDIA PRIVATE LIMITED
UGRO CAPITAL LIMITED
Purushaindra Kumar Kaurav
As recorded by the court registry
Judgements on the same questions, provisions and authorities, from every court
