Direct Media Distribution Ventures Pvt ... vs Idbi Trusteeship Services Ltd And Anr on 15 June, 2020

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Delhi High Court - Orders

Direct Media Distribution Ventures Pvt ... vs Idbi Trusteeship Services Ltd And Anr on 15 June, 2020

Bench: V. Kameswar Rao

$~4
*     IN THE HIGH COURT OF DELHI AT NEW DELHI
+     OMP(I)(COMM) 136/2020, I.As. 4504/2020 & 4505/2020

      DIRECT MEDIA DISTRIBUTION VENTURES PVT LTD
                                                      ..... Petitioner
                   Through: Mr. Harish Salve, Mr. Parag
                             Tripathi, Sr. Advs. with
                             Mr. Vijay Aggarwal, Mr. Tarun
                             Singla, Mr. Naman Joshi and Mr.
                             Lalltaksh Joshi, Advs.
                   versus

      IDBI TRUSTEESHIP SERVICES LTD AND ANR.
                                                            ..... Respondents
                          Through:      Mr. Dinesh Suryakant Ladwa, Vice-
                                        President of R-1
                                        Mr. Jagdeep Sharma, Adv. for R-2
      CORAM:
      HON'BLE MR. JUSTICE V. KAMESWAR RAO
                   ORDER

% 15.06.2020 This matter is being heard through video-conferencing and has been listed in the post lunch session on mentioning. I.A. 4505/2020 (for exemption) Exemption allowed subject to all just exceptions. Application stands disposed of.

I.A. 4504/2020 (by petitioner seeking exemption from filing attested affidavits on record and requisite Court fee) For the reasons stated in the application, the same is allowed and the petitioner is exempted from filing attested affidavits on record.

Subject to the applicant / petitioner filing the necessary Court fee within 72 hrs from the date of resumption of regular functioning of the Court, as mandated in terms of Office Order dated April 04, 2020 issued by this Court, exemption from filing the requisite court fees is granted. Application is disposed of.

OMP(I)(COMM) 136/2020 The present petition has been filed by the petitioner under Section 9 of the Arbitration and Conciliation Act, 1996 with the following prayers:

"In view of the facts and circumstances as stated above, it is most respectfully prayed that this Hon'ble Court may be pleased to:

A. Restrain the Respondent No.1 from acting on the Pledge Invocation Notice against the Petitioner, including from invoking the pledge and / or selling the pledge shares in open market, during the pendency of the present petition and / or conclusion of arbitration proceedings; B. Restrain the Respondent No.1 from acting on the Corporate Guarantee Notice against the Petitioner during the pendency of the present Petition / or conclusion of arbitration proceedings;

C. Grant ad-interim reliefs in terms of Prayers A and B above;

D. Order costs of the present proceedings in favour of the Petitioner;

E. Pass any such other or further orders as may be deemed fit by this Hon'ble Court in the facts and circumstances of the present case."

Issue notice. Mr. Dinesh Suryakant Ladwa, Vice President, IDBI accepts notice for the respondent No.1 and Mr. Jagdeep Sharma, Adv. accepts notice for the respondent No.2. Mr. Dinesh Suryakant Ladwa states that he need to take instructions on the submissions made by Mr. Salve for the petitioner. He seeks and is allowed a week's time to take instructions.

He also states that till the next date of hearing, the Pledge Invocation Notice dated June 12, 2020 shall not be acted upon. The statement is taken on record.

List on June 23, 2020.

V. KAMESWAR RAO, J JUNE 15, 2020/aky

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Delhi High Court - Orders