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One Mobikwik Systems Limited vs Dam Capital Advisors Limited & Ors on 14 August, 2025

Author: Amit Bansal

Bench: Amit Bansal

                          $~18
                          *         IN THE HIGH COURT OF DELHI AT NEW DELHI
                          +         O.M.P.(I) (COMM.) 321/2025 & I.A. 19782/2025
                                    ONE MOBIKWIK SYSTEMS LIMITED            .....Petitioner
                                                Through: Mr. Rajshekhar Rao, Senior Advocate
                                                         with Mr. Sumit Roy, Mr. Sidharth
                                                         Mahajan, Mr. Zahid and Mr. Utkarsh
                                                         Mishra, Advocates.

                                                                  versus

                                    DAM CAPITAL ADVISORS LIMITED &
                                    ORS.                                   .....Respondents
                                                 Through: Mr. Anuj Berry and Mr. Parimal
                                                          Kashyap, Advocates for R-1.
                                                          Mr. Subir Kumar, Mr. Varun Agarwal
                                                          and Ms. Vaishnavi, Advocates for R-
                                                          2.
                                    CORAM:
                                    HON'BLE MR. JUSTICE AMIT BANSAL
                                                                  ORDER

% 14.08.2025

1. The present petition has been filed under Section 9 of the Arbitration and Conciliation Act, 1996 seeking the following urgent reliefs:-

i. Pass an order of mandatory injunction directing the Respondent No. 1 and 2 to provide written instructions to the Respondent No. 3 to the release of Rs. 40,35,10,909/- in favour of the Petitioner, being the undisputed IPO expenses and IPO proceeds; and/or in the alternative; ii. Direct Respondent Nos. 3 to release from the Public Issue Account an amount of Rs. 41,84,38,860/- in favour of the Petitioner, being the undisputed IPO expenses and IPO proceeds;

2. Mr. Rajshekhar Rao, senior counsel appearing on behalf of the O.M.P.(I) (COMM.) 321/2025 Page 1 of 2 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 20/08/2025 at 21:34:52 petitioner submits that the petitioner urgently requires the release of the sum of Rs. 41,84,38,860/- to meet the Initial Public Offering (IPO) related expenses. He submits that a sum of Rs. 13 crores has also been incurred by the petitioner from its own pocket.

3. Mr. Rao further submits that at best, the claim of respondent no.1 is for a sum of Rs. 1.5 crores, which can be withheld from the amount payable towards the fee of respondent no.1.

4. Issue notice.

5. Notice is accepted on behalf of counsel appearing on behalf of respondents no.1 and 2.

6. Mr. Subir Kumar, counsel appearing on behalf of the respondent no.2 on advance service, submits that the respondent no.2 would have no objection to the aforesaid amount being released in favour of the petitioner, subject to the petitioner utilizing the said amount for meeting the expenses of the IPO.

7. Mr. Anuj Berry, counsel appearing on behalf of the respondent no.1 seeks time to obtain instructions.

8. At the request of Mr. Berry, re-notify on 21st August, 2025.

9. Let the Vakalatnam, as well as reply(ies) be filed before the next date of hearing, with an advance copy served upon the opposite counsel.

AMIT BANSAL, J AUGUST 14, 2025 Vivek/-

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 20/08/2025 at 21:34:52