Delhi High Court - Orders
Morgan Securities And Credits Pvt. Ltd vs Bpl Limited & Ors on 23 December, 2025
Author: Jasmeet Singh
Bench: Jasmeet Singh
$~40
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P.(I) (COMM.) 531/2025
MORGAN SECURITIES AND CREDITS PVT. LTD......Petitioner
Through: Mr Simran Mehta and Mr. Avinash
Kashyap, Advs.
versus
BPL LIMITED & ORS. .....Respondents
Through: Mr. Ajit Warrier (Adv.), Mr.
Himanshu Setia (Adv.) and Ms.
Aishwarya Prasad (Adv. - through
VC)
CORAM:
HON'BLE MR. JUSTICE JASMEET SINGH
ORDER
% 23.12.2025 I.A. 32473/2025 & I.A. 32474/2025 Exemption allowed, subject to all just exceptions. The applications are disposed of.
O.M.P.(I) (COMM.) 531/2025
1. This is a petition filed under Section 9 of the Arbitration and Conciliation Act, 1996 ("1996 Act") seeking the following reliefs:
"A. Restraining the Respondents from acting in furtherance of the resolution dated 11.11.2025, in any manner whether directly or indirectly, in so far as it seeks to create any encumbrance over the assets of Respondent No. 1, in favour of any third party, including but not confined to Respondent No. 2.
B. Restraining Respondent No. 1 from registering and/or recognizing any transfer of its shares held under promoter 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 24/12/2025 at 20:49:49 category, by Respondents Nos. 2 & 3, to any one including Respondent No. 4.
C. Restraining the Respondents from selling, disposing, encumbering or creating any third-party interest, whatsoever, in the assets, undertaking, business and investments of Respondent No. 1. D. Pass any other such/further Orders as this Hon'ble Court deems fit in facts of the present case."
2. Mr. Mehta, learned counsel for the petitioner, states that the respondent No. 1 owes about Rs. 1321 crores to the petitioner the said claims has been adjudicated up to Hon'ble Supreme Court. He further states that respondent No. 1 is hiving off assets to respondent No. 2 only to ensure that the Award in favour of the petitioner becomes a paper formality.
3. Mr. Setia, learned counsel accepts notice for respondent No. 1, seeks and is granted 10 days to file a response and list of assets.
4. Let notice be issued all the respondent Nos. 2, 3 and 4 through all modes, including electronic on the petitioner taking steps within 1 week from today, returnable on 06.02.2026.
5. The claims of the petitioner are of about Rs. 1321 crores. The same have been crystallised. There are averments made by learned counsel for the petitioner as well as there is a board resolution dated 13.10.2025 passed on 11.11.2025 of respondent No. 1, wherein the Board of Directors of respondent No. 1 have been authorized to secure the loan from respondent No. 2 for respondent No. 1 by creation of charge/pledge on tangible/intangible assets of respondent No. 1.
6. Prima facie, respondent No. 2 is the promoter and the holding company of respondent No. 1 and the claims of the petitioner have been 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 24/12/2025 at 20:49:49 crystallised as the award has been upheld till the Hon'ble Supreme Court.
7. The abovesaid board resolution of respondent No. 1 may result in the Award being rendered a paper award in case interim orders are not passed.
8. The Court under Section 9 of the 1996 Act can pass interim directions to protect the subject matter of the Award.
9. For the said reasons, respondent No. 1 is restrained from acting on the board resolution dated 13.10.2025 passed on 11.11.2025, wherein the Directors are authorized to create charge/pledge on tangible/intangible assets of respondent No. 1.
10. Additionally, respondent No. 1 shall maintain status quo regarding its shareholding.
JASMEET SINGH, J DECEMBER 23, 2025/DM 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 24/12/2025 at 20:49:49