Bombay High Court
Holista Tranzworld Private Limited And ... vs Iifl Wealth Finance Ltd on 19 October, 2018
Author: S.J. Kathawalla
Bench: S.J. Kathawalla
ssp 938 carbpl 1165 of 2018.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
IN ITS COMMERCIAL DIVISION
ARBITRATION PETITION (L) NO.1165 OF 2018
Holista Tranzworld Pvt. Ltd. And Anr. ... Petitioners
versus
IIFL Wealth Finance Ltd. ... Respondent
Dr. Birendra Saraf I/by Ms. Kalyani Tulankar & Ms. Devashree Tulankar, for
Petitioner.
CORAM: S.J. KATHAWALLA, J.
DATE: 19th OCTOBER, 2018 P.C.:
1. Perused the Petition. For reasons set out in the Affidavit dated 17 th October, 2018, notice is not given to the Defendant. I am satisfied that if notice is given to the Respondent, they may sell the security to interested buyers and the purpose of filing the present petition will be defeated. In view thereof, there shall an ad-interim injunction against the Respondent upto 22nd October, 2018 in terms of prayer clauses
(a) and (b) of the Petition, which is reproduced hereunder :
"(a) that pending the arbitral proceedings, making of the arbitral award and until final execution of the arbitral award, the Respondent be restrained by an order and injunction of this Hon'ble Court from demanding repayment of the loan under Holista Tranzworld Pvt. Ltd., Loan Account No.LASCRN477683 prior to the tenure of 12 months;
(b) that pending the arbitral proceedings, making of the Arbitral 1/2 ::: Uploaded on - 20/10/2018 ::: Downloaded on - 22/10/2018 01:33:28 ::: ssp 938 carbpl 1165 of 2018.doc Award and until final execution of the arbitral award, the Respondent be restrained by an order of injunction of this Hon'ble Court from selling 1,56,000 (One Lakh Fifty Six Thousand shares) of the Tamilnad Mercantile Bank Ltd., Toothukudi, offered as security for loan facility under Holista Tranzworld Pvt. Ltd., Loan Account No.LASCRN477683;"
Stand over to 22nd October, 2018.
( S.J.KATHAWALLA, J. ) 2/2 ::: Uploaded on - 20/10/2018 ::: Downloaded on - 22/10/2018 01:33:28 :::