Himachal Pradesh High Court
M/S. Vil Limited vs Il&Fs Transportation Networks Ltd on 23 August, 2019
Author: V. Ramasubramanian
Bench: V. Ramasubramanian
IN THE HIGH COURT OF HIMACHAL PRADESH, SHIMLA
.
Arb. Case No. 29 of 2018
Decided on: 23.08.2019
M/s. VIL Limited ...Petitioner
Versus
IL&FS Transportation Networks Ltd.
Coram
r to
The Hon'ble Mr. Justice V. Ramasubramanian, Chief Justice.
...Respondent
Whether approved for reporting?1
For the petitioner: Mr. Vivek Singh Attri, Advocate.
For the respondent: Mr. R.L. Sood, Senior Advocate, with
Mr. Arjun Lall, Advocate.
V. Ramasubramanian, Chief Justice. (Oral)
This is an application under Section 11 (6) of the Arbitration and Conciliation Act, 1996 seeking the appointment of an Arbitrator for resolving the disputes between the petitioner and the respondent.
1Whether reporters of the local papers may be allowed to see the judgment?
::: Downloaded on - 29/09/2019 02:32:18 :::HCHP 22. Heard Mr. Vivek Singh Attri, learned counsel for the petitioner and Mr. R.L. Sood, learned Senior Counsel .
appearing for the respondent.
3. Mr. R.L. Sood, learned Senior Counsel produced a copy of the order passed on 15.10.2018 by the National Company Law Appellate Tribunal, New Delhi in Company reads as follows:
r to Appeal (AT) No. 347 of 2018, the operative portion of which "6. .....Taking into consideration the nature of the case, larger public interest and economy of the nation and interest of the Company and 348 group companies, there shall be stay of
(i) The institution or continuation of suits or any other proceedings by any party or person or Bank or Company, etc. against 'IL&FS' and its 348 group companies in any Court of Law/Tribunal/Arbitration Panel or Arbitration Authority; and
(ii) Any action by any party or person or Bank or Company, etc. to foreclose, recover or enforce any security interest created over the assets of 'IL&FS' and its 348 group companies including any action under the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002;
::: Downloaded on - 29/09/2019 02:32:18 :::HCHP 3(iii) The acceleration, premature withdrawal or other withdrawal, invocation of any term loan, corporate loan, bridge loan, .
commercial paper, debentures, fixed deposits, guarantees, letter of support, commitment or comfort and other financial facilities or obligations vailed by 'IL&FS' and its 348 group companies whether in respect of the principal or interest or hedge liability or any other amount contained therein.
(iv) Suspension of temporarily the acceleration of any term loan, corporate loan, bridge loan, commercial paper, debentures, fixed deposits and any other financial facility by the 'IL&FS' and its 348 group companies by any party or person or Bank or Company, etc. as of the date of first default.
(v) Any and all banks, financial institutions from exercising the right to set off or lien against any amounts lying with any creditor against any dues whether principal or interest or otherwise against the balance lying in any bank accounts and deposits, whether current or savings or otherwise of the 'IL&FS' and its 348 group companies.
The interim order will continue until further orders and not be applicable to any petition under Article 226 of the Constitution of India before any Hon'ble High court or under any jurisdiction of the Hon'ble Supreme Court."
::: Downloaded on - 29/09/2019 02:32:18 :::HCHP 44. In view of the above, as on date, it is not possible for this Court to appoint an Arbitrator. The application is .
disposed of accordingly.
(V. Ramasubramanian)
Chief Justice
August 23, 2019
( rajni )
r to
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