Red Fort Capital Finance Pvt. Ltd. v. Ind Agiv Commerce Limited & ORS.

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IN THE HIGH COURT OF DELHI AT NEW DELHI

+ O.M.P.(I) (COMM.) 63/2025 RED FORT CAPITAL FINANCE PVT. LTD.

.....Petitioner Through:

Mr. Asav Rajan, Mr. Akash Saxena, Ms. Kashish Chadha, Mr. Devang Shrotriya, Advs.

versus IND AGIV COMMERCE LIMITED & ORS.

.....Respondents Through:

Mr. Jatin Sapra, Mr. S.M. Arif, Advs.

CORAM:

HON'BLE MR. JUSTICE JASMEET SINGH

O R D E R

% 19.05.2025 1.

This is a petition filed under Section 9 of the Arbitration and Conciliation Act, 1996, seeking interim reliefs. 2.

In the present case, vide the order dated 21.02.2025 passed by this Court, in para 8, it was held as under:

"8. In the meantime, the Pilot and Demonstration facilities of Audio Video at E Class Room, multipurpose auditorium. Computer lab. Open Area and smart cities at the three properties, namely, Indian Institute of Technology (Ropar), IIT Roper Electrical Project Division, CPWD, Birla farm, B.O Poolkhurd Sub office: Bela, Ropar-140111 amounting to Rs.79,29,371/-, DDU College Sector-3, Dwarka, New Delhi, HEED (B-141), PWD, IIT Sector-9, Dwarka, New Delhi-110077 amounting to Rs. 1,30,08,951/- and Aurangabad Smart City, CPWD- /KEC International Ltd. amounting to Rs. 1,76,35,899/- are attached till the next date of hearing." 3.

Mr. Sapra, learned counsel for the respondents, has drawn my attention to the registered mortgage deed dated 16.12.2022 executed by respondent No. 2 in favour of the petitioner, wherein immovable 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 01/07/2025 at 16:21:29

property, being Industrial Non-Agricultural Land bearing Plot No 13 admeasuring about 4282 Sq. Mtrs, Plot No. 71 admeasuring about 1525 Sq. Mtrs & Plot No. 72 admeasuring, about 1610 Sq. Mtrs., totally admeasuring 7419 Sq. Mtrs, in GUT No. 495 & 498, situated within the local limits of Village Kondle, Taluka Wada, DistrictThane, Maharashtra, already stands mortgaged. 4.

In addition, he also states that the equipment mentioned in para 8 of the order dated 21.02.2025 does not belong to the respondents as they have sold the same long time back after the completion of the project. 5.

For the said reasons and since the petitioner already stands secured vide the said registered mortgage deed, the order dated 21.02.2025 is modified and the attachment made in the said order is vacated. 6.

However, this will not preclude the petitioner from moving an appropriate application under Section 17 of the Arbitration and Conciliation Act, 1996 before the learned arbitrator for appropriate reliefs.

7.

As and when the Section 17 petition is filed, the same shall be disposed of by the learned arbitrator as expeditiously as possible. 8.

The petition is disposed of accordingly.

JASMEET SINGH, J MAY 19, 2025/sp Click here to check corrigendum, if any 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 01/07/2025 at 16:21:29