Bestech Advisors Private Limited vs Oriel Financial Solutions Private ... on 25 February, 2022

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Delhi High Court - Orders

Bestech Advisors Private Limited vs Oriel Financial Solutions Private ... on 25 February, 2022

Bench: Sanjeev Narula

                          $~20
                          *      IN THE HIGH COURT OF DELHI AT NEW DELHI
                          +      O.M.P.(I) (COMM.) 67/2022
                                 BESTECH ADVISORS PRIVATE LIMITED                        ..... Petitioner
                                                    Through:      Mr. Raghvendra Mohan Bajaj,
                                                                  Mr. Agnish Aditya and Mr. Kumar
                                                                  Karan, Advocates.

                                                    versus

                                 ORIEL FINANCIAL SOLUTIONS PRIVATE LIMITED
                                                                        ..... Respondent
                                                    Through:      None.

                               CORAM:
                               HON'BLE MR. JUSTICE SANJEEV NARULA
                                       ORDER

                          %            25.02.2022
                          [VIA HYBRID MODE]

I.A. 3197/2022 (seeking leave to file a lengthy list of dates and synopsis)

1. For the grounds and reasons stated therein, the application is allowed.

I.A. 3198/2022 (seeking exemption from filing of complete records and dim, illegible, improper margined annexures) and I.A. 3199/2022 (seeking exemption from filing of original/certified copies of documents)

2. Exemption is granted, subject to all just exceptions.

3. The Petitioner shall file better copies of exempted documents, compliant with practice rules, before the next date of hearing.

4. Accordingly, the application stands disposed of.

Signature Not Verified Digitally Signed By:SAPNA SETHI Signing Date:07.03.2022 12:18:39

O.M.P.(I) (COMM.) 67/2022

5. The instant petition under Section 9 of the Arbitration and Conciliation Act, 1996, seeks urgent interim measures pending constitution of the Arbitral Tribunal.

6. The case of the Petitioner inter alia is that the Respondents have illegally and prematurely attempted to terminate the Channel Partner Agreement dated 19th June, 2021 [hereinafter, "the Agreement"], which is in complete violation of the termination clause as provided in the said Agreements.

7. It is the contention of the Petitioner that the termination on part of the Respondent is in violation of Clause 9B which requires them to issue a three months notice, and that too only in case there is a material breach of the Agreement. Without prejudice, it is further submitted that in the event of termination upon issuance of a three months' notice, valuation of shares is required to be undertaken under Clause 9C of the Agreement. For this purpose, it is necessary that the Respondent maintains status quo as on today.

8. Issue notice, upon filing of process fee, by all permissible modes including dasti, returnable on 4th March, 2022.

SANJEEV NARULA, J FEBRUARY 25, 2022 nk Signature Not Verified Digitally Signed By:SAPNA SETHI Signing Date:07.03.2022 12:18:39

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Delhi High Court - Orders