Religare Finvest Limited Vs Siddhitech Homes Private Limited & Ors. — Arbitration | Delhi HC (2025)

Religare Finvest Limited Vs Siddhitech Homes Private Limited & Ors. — Arbitration | Delhi HC (2025)

What the court decided

AI extract

Outcome

Confirmation of the interim order dated 7th February, 2020 (restraining transfer/alienation/disposal of assets to the tune of the award amount except in the ordinary course of business, and barring discharge of any financial liability other than liabilities of banks/financial institutions without court permission) till adjudication of the respondent's Section 34 petition; liberty to the parties to file a fresh petition based on the Section 34 outcome.

Issue for consideration

Whether the interim directions of 7th February, 2020 restraining the respondents from transferring/alienating/disposing of assets to the tune of the award amount (except in the ordinary course of business) and from discharging financial liabilities other than those of banks/financial institutions without court permission should continue pending adjudication of the respondent's Section 34 petition.

Court's answer

The interim directions passed on 7th February, 2020 are confirmed and shall continue till the adjudication of the petition filed by the respondent under Section 34 of the Arbitration and Conciliation Act, 1996.

Ratio / Principle

Liberty is given to the parties to file a fresh petition based on the outcome of the Section 34 petition.

Detailed headnote1 paragraphs

Delhi High Court (Amit Bansal, J., 04.12.2025): Disposed of Religare Finvest Limited's petition under Section 9 of the Arbitration and Conciliation Act, 1996 (O.M.P.(I) (COMM.) 22/2020) by confirming the interim directions of 7th February, 2020, whereby Siddhitech Homes Private Limited & Ors. were restrained from transferring, alienating or disposing of or otherwise parting with possession of any assets to the tune of the award amount except in the ordinary course of business (such as payment of salary and statutory dues), and from discharging any financial liability other than the liabilities of banks/financial institutions without the Court's permission. The confirmed restraints operate till adjudication of Siddhitech's petition under Section 34 of the Act (O.M.P. (COMM) 192/2019). Liberty was given to the parties to file a fresh petition based on the outcome of the Section 34 petition. The connected Section 34 petition was listed for hearing on 26th February, 2026; counsel for the petitioners therein contended the parties were in talks to resolve the disputes, a contention disputed by the respondent's counsel.

$~6 & 8

* IN THE HIGH COURT OF DELHI AT NEW DELHI

6.

O.M.P.(I) (COMM.) 22/2020 RELIGARE FINVEST LIMITED .....Petitioner Through: Mr. Siddharth Sharma, Ms. Ishika Chauhan and Ms. Aishwarya Srivastava, Advocates.

versus

SIDDHITECH HOMES PRIVATE LIMITED & ORS. .....Respondents Through: Mr. Vishesh Kalra and Ms. Sonia Sharma, Advocates. 8. + O.M.P. (COMM) 192/2019 with I.A. 7103/2019, I.A. 9018/2019 and I.A. 1730/2020 SIDDHITECH HOMES PVT. LTD & ORS. .....Petitioners Through: Mr. Vishesh Kalra and Ms. Sonia Sharma, Advocates. versus RELIGARE FINVEST LTD .....Respondent Through: Mr. Siddharth Sharma, Ms. Ishika Chauhan and Ms. Aishwarya Srivastava, Advocates.

CORAM: HON'BLE MR. JUSTICE AMIT BANSAL

O R D E R % 04.12.2025

O.M.P.(I) (COMM.) 22/2020 & connected matter

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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 08/12/2025 at 11:53:36

O.M.P.(I) (COMM.) 22/2020

This petition has been filed under Section 9 of the Arbitration and Conciliation Act, 1996 (‘Act’), seeking the following reliefs:-

“i. An order for ad-interim injunction directing/restraining the Respondents, its agents, employees, its officers and servants and all other acting in their behalf as the case may be from selling, encumbering, alienating, transferring and/or create any third party interest in the mortgage Property bearing no. SIDDHI CITY PHASE V, SURVEY NO. 84, H.NO. 2/2A, 2/2B, 3 AND SURVEY NO. 85, H.NO. 34A, VILLAGE KHARVAI, BADLAPUR, THANE, MAHARASHTRA.

ii. Direct personal appearance of the Respondents.”

Vide order dated 7^th February, 2020, the following interim directions were passed:-

“The respondents shall not transfer, alienate or dispose of or otherwise part with possession of any assets to the tune of the award amount except in the ordinary course of business such as payment of salary and statutory dues. However, the respondents shall not discharge any financial liability other than the liabilities of banks/financial institutions without the permission of this Court.”

The said order has been continuing till date.

The present petition is disposed of confirming the aforesaid order till the adjudication of the petition filed by the respondent under Section 34 of the Act.

Liberty is given to the parties to file a fresh petition, based on the outcome of the petition under Section 34 of the Act.

O.M.P. (COMM) 192/2019

Counsel for the petitioners submits that parties are in talks to resolve

O.M.P.(I) (COMM.) 22/2020 & connected matter

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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 08/12/2025 at 11:53:36

the disputes.

This contention is disputed by the counsel appearing on behalf of the respondent.

Written submissions on behalf of the parties are on record.

List for hearing on 26^th February, 2026.

AMIT BANSAL, J

DECEMBER 4, 2025

Vivek/-

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O.M.P.(I) (COMM.) 22/2020 & connected matter

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 08/12/2025 at 11:53:36

Procedural history

How this case reached the court

AI extract

Prior proceeding
Petition filed under Section 9 of the Arbitration and Conciliation Act, 1996 ('Act') seeking ad-interim injunction and personal appearance of respondents.¶13
Prior proceeding
Relief (i) sought: ad-interim injunction restraining the Respondents, their agents, employees, officers and all others acting on their behalf from selling, encumbering, alienating, transferring and/or creating third-party interests in the mortgaged property.¶14
Prior proceeding
Subject mortgaged property identified as SIDDHI CITY PHASE V, SURVEY NO. 84, H.NO. 2/2A, 2/2B, 3 AND SURVEY NO. 85, H.NO. 34A, VILLAGE KHARVAI, BADLAPUR, THANE, MAHARASHTRA.¶14
Prior proceeding
Relief (ii) sought: direct personal appearance of the Respondents.¶15
Prior proceeding
Vide order dated 7th February, 2020, interim directions were passed restraining the respondents from transferring, alienating or disposing of or otherwise parting with possession of any assets to the tune of the award amount except in the ordinary course of business (such as payment of salary and statutory dues).¶16
Prior proceeding
Content of the 7th February, 2020 interim order: restraint on transfer, alienation, disposal or parting with possession of assets to the tune of the award amount except in the ordinary course of business.¶17
Prior proceeding
The same interim order further directed that the respondents shall not discharge any financial liability other than the liabilities of banks/financial institutions without the permission of the Court.¶17
Prior proceeding
The interim order dated 7th February, 2020 had been continuing till date.¶18
Prior proceeding
In O.M.P. (COMM) 192/2019, counsel for the petitioners submitted that the parties are in talks to resolve the disputes.¶22
Prior proceeding
The respondent's counsel disputed the contention that the parties are in talks to resolve the disputes.¶27
Prior proceeding
Written submissions on behalf of the parties are on record in O.M.P. (COMM) 192/2019.¶28
Prior proceeding
O.M.P. (COMM) 192/2019 listed for hearing on 26th February, 2026.¶29