Madras High CourtArb O.P(COM.DIV.)/189/2025closed

Assets Care And Reconstruction Enterprises Limited v. Prafful Overseas Private Limited

2025-09-08Honourable Mr Justice N. Anand Venkatesh16 pages

IN THE HIGH COURT OF JUDICATURE AT MADRAS

DATED: 08-09-2025

CORAM

THE HONOURABLE MR JUSTICE N. ANAND VENKATESH Arb O.P(COM.DIV.) No. 189 of 2025 AND OA NO. 255 OF 2025, ARB APPLN NO. 451 OF 2025, ARB APPLN NO. 450 OF 2025,ARB APPLN NO. 452 OF 2025,ARB APPLN NO. 453 OF 2025,ARB APPLN NO. 449 OF 2025 Assets Care And Reconstruction Enterprises Limited A Company incorporated under the Companies Act, 1956 Registered as as Asset Reconstruction Company under Section 3 of SARFAESI Act, 2002.

Having its registered Office at.14th Floor, Eros Corporate Towers, Nehru Palace, New Delhi-110019.

And Corporate Office at 502, C.Wing, one BKC, Bandra Kurala Complex, Mumbai-400051.

(Amended as per Order dt.17.6.2025 in Appln.No.2648 of 2025) Petitioner (s) Vs

1. Prafful Overseas Private Limited A Company incorporated under the Companies Act, 1956 Having its registered office at 349, 1st Floor, Naya Katra, Chandni Chowk, New Delhi 110006.

Also having its corporate office 101-102, Sagar Shopping Centre, Sahar Darwaja Ring Road, Surat, Gujarat 395 003 2.Raveesh Aggarwal Promoter, 601 701 Dharam Palace 2 Parle Point, Surat Gujarat 395007 3.Mr.Ayush Aggarwal, Promoter/ Authorised Signatory 401-501 Dharam Palace 2 Parle Point, Surat-395007.

Gujarat.

4.Shiv Narain Aggarwal Promoter 401 501 Dharam Palace 2 Parle Point Surat -395007. Gujarat 5.Varun Aggarwal, Promoter Surat-395007, Gujarat 6.Sri Narain Aggarwal, Promoter Surat-395007, Gujarat Respondent(s)

OA No. 255 of 2025

1. Vivriti Capital Limited Prestige Zackria Metropolitan No 200 1 8 2nd Floor Block 1 Anna Salai Chennai Tamil Nadu 600002 And having its office at Vibgyor Towers Unit No 302 3rd Floor Block G Bandra Kurla Complex Mumbai Appellant(s) Vs

1. Prafful Overseas Private Limited Prestige Zackria Metropolitan No 200 1 8 2nd Floor Block 1 Anna Salai Chennai Tamil Nadu 600002 And having its office at Vibgyor Towers Unit No 302 3rd Floor Block G Bandra Kurla Complex Mumbai 2.Raveesh Aggarwal Surat 395007 Gujarat 3.Ayush Aggarwal 401 501 Dharam Palace 2 Parle Point Surat 395007 Gujarat 4.Shiv Narain Aggarwal 401 501 Dharam Palace 2 Parle Point Surat 395007 Gujarat

5.Varun Aggarwal Surat 395007 Gujarat 6.Sri Narain Aggarwal Surat 395007 Gujarat Respondent(s) Arb Appln No. 451 of 2025

1. Assets Care And Reconstruction Enterprises Limited A Company Incorporated Under The Companies Act, 1956 Registered As An Asset Reconstruction Company Under Section 3 Of Sarfaesi Act 2002 Having Its Registered Office At 14th Floor, Eros Corporate Tower, Nehru Palace, New Delhi 1100019 And Corporate Office At 502, C Wing, One Bkc Bandra Kurla Complex Mumbai 400051 (amended As Per Order Dt 17.06.2025 In Arb.Appln No.159/2025) Appellant(s) Vs

2.Raveesh Aggarwal Surat 395007 Gujarat 3.Ayush Aggarwal 401 501 Dharam Palace 2 Parle Point Surat 395007 Gujarat 4.Shiv Narain Aggarwal 401 501 Dharam Palace 2 Parle Point Surat 395007 Gujarat 5.Varun Aggarwal Surat 395007 Gujarat 6.Sri Narain Aggarwal Surat 395007 Gujarat Respondent(s) Arb Appln No. 450 of 2025

1. Assets Care And Reconstruction Enterprise Limited, A Company Incorporated Under The Companies Act, 1956 Registered As An Asset Reconstruction Company Under Section 3 Of Sarfaesti Act, 2002 Having Its Registered Office At 14th Floor, Enos Corporate Towers, Nehru Palace, New Delhi 110019 And Corporate Office 502, C Wing One Bkc, Bandra Kurla Complex Mumbai 400 051 (amended As Per Order Dt 17.06.2025 In Arb.Appln No.158/2025) Appellant(s)

Arb Appln No. 452 of 2025

1. Assets Care And Reconstruction Enterprises Limited A Company Incorporated Under The Companies Act, 1956 Registered As An Asset Reconstruction Company Under Section 3 Of Sarfaesti Act, 2002 Having Its Registered Office At 14th Floor, Eroscorporate Towers, Nehru Palace, New Delhi 110019 And Corporate Office At 502, C Wing, One Bkc, Bandra Kurla Complex Mumbai 400 051 (amended As Per Order Dated 17.06.2025 In Arb.Appln No.160/2025) Appellant(s) Vs

4.Shiv Narain Aggarwal 401 501 Dharam Palace 2 Parle Point Surat 395007 Gujarat 5.Varun Aggarwal Surat 395007 Gujarat 6.Sri Narain Aggarwal Surat 395007 Gujarat Respondent(s) Arb Appln No. 453 of 2025

1. Asset Care And Reconstruction Enterprises Limited, Prestige Zackria Metropolitan No 200 1 8 2nd Floor Block 1 Anna Salai Chennai Tamil Nadu 600002 And having its office at Vibgyor Towers Unit No 302 3rd Floor Block G Bandra Kurla Complex Mumbai Appellant(s) Vs

1. Assets Care And Reconstruction Etnerprises Limited Prestige Zackria Metropolitan No 200 1 8 2nd Floor Block 1 Anna Salai Chennai Tamil Nadu 600002 And having its office at Vibgyor Towers Unit No 302 3rd Floor Block G Bandra Kurla Complex Mumbai Appellant(s) Vs

1. Prafful Overseas Private Limited 349, 1st Floor, Naya Katra, Chandni Chowk, New Delhi 110 006.

2.Mr.Raveesh Aggarwal Promoter/personal Guarantor, 601-701, Dharam Phase 2, Parle Point, Surat 395007 Gujarat.

3.Mr.Ayush Aggarwal Promoter/authorised Signatry/personal Guarantor 4.Mr.Shiv Narain Aggarwal Promoter/personal Guarantor 5.Mr.Varun Aggarwal Promoter/personal Guarantor 6.Mr.Sri Narain Aggarwal Promoter/personal Guarantor.

Respondent(s) Arb O.P(COM.DIV.) No. 189 of 2025 PRAYER This Petition filed under Section 11(6)(a) of the Arbitration and Conciliation Act, 1996, to appoint any retired Judge of this Honble Court or any other fit person as the Sole Arbitrator to arbitrate/resolve upon the disputes between the petitioner and the Respondents that have arisen in terms of facility agreement and facility documents dates 23rd September 2023 in accordance with Section 11(6) of the arbitration and conciliation act, 1996. b) for costs.

OA No. 255 of 2025 PRAYER Application filed under Section 9 of Arbitration and Conciliation Act, 1996 Rule 3(i) of the Madras High Court Arbitration Rules 2020 and Section 2(1)(C)(xviii) and Section 10(2) of the Commercial Courts Act, 2015, to grant an order of Injunction restraining the Respondents, by themselves, their employees, agents from in any manner selling, transferring, disposing of or alienating or hypothecating or charging or parting with possession of or transferring or creating any right, title.

Arb Appln No. 451 of 2025 PRAYER Application filed under Order XIV Rule 8 Original Side Rules read with Order XXII rule 1 of Code of Civil Procedure, to direct the Respondent No.2 to 6 to disclose on oath and/or on affidavit the assets and properties movable and/or immovable,, owned by it giving complete details and this Honble Court to attach the movable and immovable properties, be disclosed by the Respondent on oath and/or on affidavit.

Arb Appln No. 450 of 2025 PRAYER Application filed under Order XIV Rule 8 Original Side Rules read with Order XXII rule 1 of Code of Civil Procedure, to direct the Respondent No.1 to disclose on oath and/or on affidavit the assets and properties movable and/or immovable,, owned by it giving complete details and this Hon'ble Court to attach the movable and immovable properties, be disclosed by the Respondent No.1 on oath and/or on affidavit.

Arb Appln No. 452 of 2025 PRAYER Application filed under Order XIV Rule 8 Original Side Rules read with Order XXII rule 1 of Code of Civil Procedure, to direct the Respondent No.1 to surrender the Hypothecated Assets and permit the petitioner to sell the same by

public auction or private treaty and/or to receive and/or to realise the same and to pay over the Applicant in or towards the satisfaction of its dues. Arb Appln No. 453 of 2025 PRAYER Application filed under Order XIV Rule 8 Original Side Rules read with Order XXII rule 1 of Code of Civil Procedure, to appoint Court Receiver, High Court, Madras or some fit and proper person including the Officer of the Applicant with all powers under Order XL Rule 1 of the Code of Civil Procedure 1908, in respect of the (i) Hypothecated Assets (ii) the movable or immovable properties described in the schedules of property and the assets and properties, movable and/or immovable that may be disclosed by the Respondents on oath.

Arb Appln No. 449 of 2025 PRAYER Application filed under Order XIV Rule 8 Original Side Rules read with Order XXII rule 1 of Code of Civil Procedure,to direct the Respondents to jointly and/or severally deposit the amount of Rs.16,25,63857/- as on 11th February 2025 along with agreed interest 13.25 percent per annum from 12th February 2025 and additional penal interest 5 percent per annum from 12 February 2025 till payment and/or realization and other expenses, costs charges etc. in terms of the said agreement or furnish bank guarantee of the Nationalized Bank of the said amount in favour of the Registrar of the Honble Madras High Court for an initial period of one year and to be renewed thereafter for such additional period as this honble Court deems fit. Arb O.P(COM.DIV.) No. 189 of 2025 For Appellant(s):

Mr.Sunil A.Vyas For Respondent(s):

Mrs.Rishika A.Jain

COMMON ORDER When the matter was taken up for hearing today, the learned counsel appearing on behalf of the applicant/petitioner in all these applications/petition submitted that the 1st respondent has entered into CIRP process under the IBC. In the light of the above development, all these applications/petition are closed and liberty is granted to the applicants/petitioner to revive the claim depending on the final result in the CIRP process. There shall be no order as to costs. 08-09-2025 Index:Yes/No Speaking/Non-speaking order Internet:Yes KP

To 1.Prafful Overseas Private Limited Prestige Zackria Metropolitan No 200 1 to 8, 2nd Floor Block 1 Anna Salai Chennai Tamil Nadu 600002A Company incorporated under the Companies Act, 1956 having its registered office at 349, 1st Floor, Naya Katra, Chandni Chowk, New Delhi 110006 also having its corporate office 101-102, Sagar Shopping Centre, Sahar Darwaja Ring Road, Surat, Gujarat 395 2.Raveesh Aggarwal Surat Gujarat 395007 3.Ayush Aggarwal, Promoter/Authorised signatory 401 501 Dharam Palace 2 Parle Point Surat Gujarat 395007 4.Shiv Narain Aggarwal 401 501 Dharam Palace 2 Parle Point Surat Gujarat 395007 5.Varun Aggarwal Surat Gujarat 395007

6.Sri Narain Aggarwal Surat Gujarat 395007

N.ANAND VENKATESH J.

kp AND OA NO. 255 OF 2025,ARB APPLN NO. 451 OF 2025,ARB APPLN NO. 450 OF 2025,ARB APPLN NO. 452 OF 2025,ARB APPLN NO. 453 OF 2025,ARB APPLN NO. 449 OF 2025 08-09-2025