Incred Financial Services Ltd. v. Business Broadcast News Pvt. Ltd. And 3 ORS.

30-IAL-6889-2021 IN CARBP-238-2021.DOC Arun

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION INTERIM APPLICATION (L) NO. 6889 OF 2021 IN COMM ARBITRATION PETITION NO. 238 OF 2021 Incred Financial Services Ltd ... Petitioner

Versus

Business Broadcast New Pvt Ltd & Ors

...Respondents

Mr Rohan Savant, with C Das, i/b Manilal Kher Ambalal & Co, for the Petitioner.

Mr Omar Khaiyam Shaikh, i/b Vikas Salvi & Associates, for Respondent No.1.

Mr DN Kher, Court Receiver present.

ARUN RAMCHANDRA SANKPAL ARUN RAMCHANDRA SANKPAL Date: 2021.03.24 10:53:00 +0530 CORAM: G.S. PATEL, J DATED:

23rd March 2021 PC:- 1.

The movable property in question has been sold. The sale proceeds of Rs. 65 lakhs are with the Court Receiver. The Receiver will have to stand discharged but after making a disbursement of the amount received plus accrued interest, if any in favour of the Petitioner. This amount is to be adjusted by the Petitioner against its dues as permissible in law. The costs of the Court Receiver will be deducted from the amount of disbursement.

23rd March 2021

30-IAL-6889-2021 IN CARBP-238-2021.DOC 2.

Mr Savant states that arbitration will be invoked, if not already done, within a period of 45 days from today. 3.

In arbitration, all contentions are kept open. 4.

The Interim Application is disposed of in these terms. 5.

The Commercial Arbitration Petition is disposed of accordingly.

6.

The remaining claims in Section 9 Petition may be taken as claims in arbitration, either final or in a Section 17 application for interim relief.

7.

Personal Assistant of this Court. All concerned will act on (G. S. PATEL, J) 23rd March 2021