Sammaan Finserve Limited Vs Mr. Chimanlal Talreja

(FORMERLY KNOWN AS INDIABULLS COMMERCIAL CREDIT LIMITED) A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 WITH REGISTERED ADDRESS AT: 2^ND FLOOR PLOT NO-3 BLOCK-A

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POCKET-2, SECTOR-17 DWARKA RESIDENTIAL SCHEME,

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Digitally signed by SRIDEVI S Location: High Court of Karnataka

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DISTRICT COURT COMPLEX DWARKA SOUTH WEST DELHI - 110 075 REPRESENTED BY ITS AUTHORISED REPRESENTATIVE, MR. ABDUL JAMEEL R.V.

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SAMMAAN CAPITAL LIMITED (FORMERLY KNOWN AS INDIABULLS HOUSING FINANCE LIMITED) A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956 WITH REGISTERED ADDRESS AT: A-34, 2^ND AND 3^RD FLOOR LAJPAT NAGAR-II SOUTH DELHI - 110 024

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HC-KAR

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AND HAVING ONE OF THE BRANCH OFFICES AT : PLOT NO. 87/6, GROUND MEZZANINE INDIABULLS HOUSE RICHMOND TOWN BANGALORE - 560 025 REPRESENTED BY ITS AUTHORISED REPRESENTATIVE, MR. DAMODAR S

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OMKARA ASSETS RECONSTRUCTION PRIVATE LIMITED A COMPANY INCORPORATED UNDER THE COMPANIES ACT, 1956, HAVING ITS REGISTERED OFFICE AT: NO. 9, M.P. NAGAR, FIRST STREET KONGU NAGAR EXTENSION TIRUPUR - 641607, TAMIL NADU

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AND CORPORATE OFFICE AT: KOHINOOR SQUARE, 47^TH FLOOR N.C. KELKAR MARG, R.G. GADKARI CHOWK, DADAR (WEST) MUMBAI - 400 028 MAHARASHTRA. REPRESENTED BY ITS AUTHORISED SIGNATORY RAJENDRA BHOSLE

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…APPELLANTS

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(BY SRI CHINTAN CHINNAPPA M., ADVOCATE)

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AND:

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MR. CHIMANLAL TALREJA AGED ABOUT 78 YEARS SON OF LATE SHRI. LALCHAND TALREJA RESIDING AT: 45, NANJAPPA ROAD SHANTI NAGAR, BENGALURU - 560 027.

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HC-KAR

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PROPCARE DEVELOPERS PRIVATE LIMITED (FORMERLY KNOWN AS MANTRI DEVELOPERS PRIVATE LIMITED) WITH REGISTERED ADDRESS AT: C-5, RICH HOMES, NO 5/1 RICHMOND ROAD, RICHMOND TOWN BENGALURU - 560 025 REPRESENTED BY: DIRECTORS MR. MOHANKUMAR SINGAPURA JAYANNA AND MR. METHUKU SRINIVAS

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MR. B.S.N. HARI AGED ABOUT 70 YEARS SON OF LATE SHRI. BN SATYANNA RESIDING AT: NO. 473, 9^TH CROSS, 1^ST BLOCK JAYANAGAR, BENGALURU - 560011 WITH ADDRESS ALSO AT: NO.1, GUTTE ANJANEYA TEMPLE STREET HOSUR ROAD, WILSON GARDEN, BENGALURU - 560 027

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MR. JAVED HAROON AGED ABOUT 61 YEARS SON OF LATE SHRI. SYED ALI RESIDING AT NO. 20, 30^TH CROSS, BANNERGHATTA ROAD LAYOUT, JAYANAGAR, BENGALURU - 560 041

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MR. NASEER HUMAYUN AGED ABOUT 62 YEARS SON OF LATE SHRI. SYED ALI RESIDING AT: NO. 82 AND 83, FERNA RESIDENCY K NARAYANAPURA CROSS ROAD KOTHANUR, BENGALURU - 560 077

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HC-KAR

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NAVA KARNATAKA PROPERTY HOLDINGS PRIVATE LIMITED WITH REGISTERED ADDRESS AT: NO. 232/C, GROUND FLOOR, 2^ND MAIN 7^TH CROSS, KORAMANGALA 4^TH BLOCK BENGALURU - 560 034 REPRESENTED BY: DIRECTOR MR. HULIMANGALA VIJAYARAGHAVAREDDY

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MR. K LOKESH AGED ABOUT 50 YEARS SON OF LATE SHRI KRISHNAPPA RESIDING AT: NO.69, NAGESHWARA NAGENAHALLI K NARAYANAPURA MAIN ROAD SRK NAGAR POST BENGALURU - 560 077

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SMT. K NANDINI AGED ABOUT 43 YEARS WIFE OF MR K LOKESH RESIDING AT: NO.69, NAGESHWARA NAGENAHALLI K NARAYANAPURA MAIN ROAD SRK NAGAR POST BENGALURU - 560 077

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MR K. MANJUNATH AGED ABOUT 47 YEARS SON OF LATE SHRI KRISHNAPPA RESIDING AT: NO.69, NAGESHWARA NAGENAHALLI K NARAYANAPURA MAIN ROAD SRK NAGAR POST BENGALURU - 560 077

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HC-KAR

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MR. S SOMASHEKHAR AGED ABOUT 57 YEARS SON OF LATE SHRI SONNAPPA RESIDING AT: NO.188, HOMBALE NILAYA OPPOSITE DINNANILAYA CONVENT KOTHANUR BENGALURU - 560 077

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SMT. PAOLA RAVISHANKAR AGED ABOUT 62 YEARS WIFE OF MR D RAVISHANKAR RESIDING AT: L-3, LIC HOUSING SCHIME J P NAGAR 1^ST PHASE BENGALURU - 560 078

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WITH ADDRESS ALSO AT: NO.1, GUTTE ANJANEYA TEMPLE STREET HOSUR MAIN ROAD WILSON GARDEN BANGALORE - 560 027

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12. SMT. ALMITRA H. PATEL

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AGED ABOUT 88 YEARS WIFE OF SHRI HOSHANG COOVERJI PATEL RESIDING AT NO. 50, KOTHANUR BAGALUR ROAD, K.R. PURAM BANGALORE - 560 077

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SMT. LOUISA RODRIGUES AGED ABOUT 94 YEARS WIFE OF LATE SHRI MANUAL RODRIGUES RESIDING AT: NO. 283, ”AMMA" 7^TH CROSS, 7^TH BLOCK JAYANAGAR, BENGALURU - 560 011

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HC-KAR

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WITH ADDRESS ALSO AT NO.1, HARA HOUSE GUTTE ANJANEYA TEMPLE STREET HOSUR MAIN ROAD WILSON GARDEN BENGALURU - 560 027

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MR. D. RAVISHANKAR AGED ABOUT 70 YEARS SON OF LATE SHRI D. KAMESH RESIDING AT: NO. L-3, LIC HOUSING SCHEME J.P. NAGAR, 1 PHASE BENGALURU - 560 078 WITH ADDRESS ALSO AT: NO.1, GUTTE ANJANEYA TEMPLE STREET HOSUR MAIN ROAD, WILSON GARDEN BENGALURU - 560 027

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…RESPONDENTS

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(BY MS. SREELAKSHMI SYLESH CAVIN PONNAD, ADVOCATE FOR SRI ASHWIN RADHAKRISHNAN, ADVOCATE FOR C/R-1, SRI V. SRINIVASAN RAGHAVAN, SENIOR ADVOCATE A/W SRI ANISH ACHARYA, ADVOCATE FOR R-2 (V/O. DATED 30.10.2025, NOTICE TO RESPONDENTS 3 TO 14 IS DISPENSED WITH SRI NISHANTH NANDAGOPAL, ADVOCATE FOR IMPLEADING APPLICANT IN I.A. 2/2025)

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THIS COMMERCIAL APPEAL IS FILED UNDER SECTION 13 (1-A) OF THE COMMERCIAL COURTS ACT, 2015 R/W SECTIONS 37 (1) (b) OF THE ARBITRATION AND CONCILIATION ACT, 1996 PRAYING TO ALLOW THIS COMMERCIAL APPEAL AND SET ASIDE THE ORDER DATED 06.09.2025 PASSED IN INTERLOCUTORY APPLICATION NOS.3 AND 4 BY THE HONBLE XI ADDITIONAL DISTRICT AND SESSIONS JUDGE, BENGALURU RURAL DISTRICT,

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HC-KAR

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BENGALURU, COMMERCIAL COURT IN COMMERCIAL A.A. NO.21/2025 (ANNEXURE-A) AND CONSEQUENTLY ALLOW THE INTERLOCUTORY APPLICATION NOS.3 AND 4 PREFERRED BY APPELLANT NOS.1 AND 2 RESPECTIVELY UNDER ORDER XXXIX RULE 4 R/W SEC.151 OF THE CPC, 1908 BOTH ADOPTED BY APPELLANT No.3 HEREIN & ETC.

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THIS APPEAL, COMING ON FOR ADMISSION, THIS DAY, JUDGMENT WAS DELIVERED THEREIN AS UNDER:

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CORAM: HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE and HON'BLE MR. JUSTICE C.M. POONACHA

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ORAL JUDGMENT

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(PER: HON'BLE MR. VIBHU BAKHRU, CHIEF JUSTICE)

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The appellants have filed the present appeal impugning an order dated 06.09.2025 passed by the learned Commercial Court in applications being IA No.3 and 4 in Commercial AA.No.21/2025 filed by respondent No.1. Respondent No.1 had filed the said application (AA.No.21/2025) under Section 9 of the Arbitration and Conciliation Act, 1996 [A & C Act] and he has also secured the ad interim orders on 24.07.2025. The appellants had filed applications in IA No.3 and 4 seeking vacation of the said ex parte interim orders. The said applications have been disposed of by restraining the appellants from initiating any proceedings under Securitization

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HC-KAR

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and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 [ SARFAESI Act ] till the constitution of the Arbitral Tribunal or till expiry on 90 days from the date of the first order. This Court is informed that the said period of 90 days has been further extended by subsequent orders.

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In the meanwhile, respondent No.1 has also filed an application for amendment of the prayers in the application filed under Section 9 of the A&C Act (AA.No.21/2025), inasmuch as the prayer made in the said application is confined to seeking ex parte order. However, respondent No.1 had filed application seeks interim measure till the disposal of the arbitral proceedings. Since the prayers made under Section 9 of the A&C Act are for interim measures till the disposal of the arbitral proceedings, no amendment to the said prayers are required solely for the reason that the prayers mention ex parte orders only.

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We note from the impugned order that the learned Commercial Court did not examine the import of Section 34 of the SARFAESI Act, which expressly provides that the Civil Courts would not have the jurisdiction to entertain any proceedings in respect of any matter which a Debt Recovery Tribunal or an

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HC-KAR

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Appellate Tribunal is empowered under the SARFAESI Act. The learned Commercial Court had also not examined that the SARFAESI Act as a special Act.

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Since by its very nature, an application under Section 9 is for interim measures pending culmination of the arbitral proceedings or other proceedings, and the considerable time has elapsed since the application were moved, we consider it apposite to request the learned Commercial Court to conclude the proceedings in AA.21/2025 as expeditiously as possible.

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We are informed that the main application under Section 9 of the A&C Act is now listed for hearing before the learned Commercial Court on 19.01.2026, we request the Commercial Court to dispose of the said application. Since impugned order was passed pursuant to the request to vacate the ex parte interim order and considering that some of the vital issues have not been considered, we set aside the impunged order. Consequently, the ex parte order dated 24.07.2025 shall continue till the disposal of the main application which be disposed of as expeditiously as possible.

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HC-KAR

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If the main application is not disposed of within a period of one month from date, the appellants are at liberty to file an application afresh, including raising a challenge to the ex parte order dated 24.07.2025.

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All contentions of the parties are kept open.

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Sd/(VIBHU BAKHRU) CHIEF JUSTICE

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Sd/(C.M. POONACHA) JUDGE

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SD List No.: 2 Sl No.: 14

Sammaan Finserve Limited v. Mr. Chimanlal Talreja

Case brief

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Sammaan Finserve Limited v. Mr. Chimanlal Talreja

Case brief

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