Intec Capital Limited v. A.V. Industries & ORS.

$~18 * IN THE HIGH COURT OF DELHI AT NEW DELHI + O.M.P.(I) (COMM.) 402/2022 INTEC CAPITAL LIMITED ..... Petitioner Through:

Mr Akarsh Sharma, Adv.

versus A.V. INDUSTRIES & ORS.

..... Respondents Through:

Mr Harish Katyal and Ms Aditi Todaria, Advs.

CORAM:

HON'BLE MR. JUSTICE JASMEET SINGH

O R D E R

% 27.02.2024 1.

This is a petition under Section 9 of the Arbitration & Conciliation Act, 1996 seeking ad-interim orders restraining the respondents from selling, transferring, alienating, disposing of or creating third party rights in immovable property bearing No. 212, Okhla Industrial Estate, Phase 3, Okhla, New Delhi - 110020.

2.

On 20.12.2023, when the matter came up for hearing before this Court, this Court was pleased to direct the respondents to furnish a security or a bank guarantee for a sum of Rs. 50 lakhs to the petitioner. 3.

Mr Katyal, learned counsel for the respondents states that since the parties were exploring possibility of settlement, the order could not be complied with.

4.

In the section 11 petition, being ARB.P. 386/2023, which is listed today, this Court has appointed an Arbitrator. The respondents shall furnish 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 01/03/2024 at 11:20:52

the security/bank guarantee before the learned Sole Arbitrator within two weeks from the date when the learned Arbitrator enters reference and the learned Arbitrator would be entitled to take any further action/pass any further directions.

5.

With these directions, the petition is disposed of. JASMEET SINGH, J FEBRUARY 27, 2024 sr 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 01/03/2024 at 11:20:52