Tata Motors Finance Limited v. Fast Track Logistics

Digitally signed by MUGDHA MANOJ PARANJAPE Date:

2024.08.20 10:07:54 +0530 MUGDHA MANOJ PARANJAPE 1 34-CARBP 237-24.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION COMMERCIAL ARBITRATION PETITION NO.237 OF 2024 Tata Motors Finance Limited ... Petitioner V/s.

Fast Track Logistics & Anr.

... Respondents ----- Mr. Gaurav Jangle a/w Kunjika Shah i/by I V Merchant & Company for the Petitioner.

----- CORAM :

ARIF S. DOCTOR, J.

DATE :

19TH AUGUST 2024 P.C. :

1.

The present Petition under Section 9 of the Arbitration & Conciliation Act, 1996 is filed for the disputes and differences between the parties arises out of Fuel Loan Agreement dated 30 th April 2023.

2.

Learned Counsel appearing on behalf of the Petitioner points out that under the terms of the said Agreement, an amount of 3,50,00,000/- was lent to the Respondents. He invites my attention to Clause 6.4 of the said Agreement which set outs the events of default. He also invites my attention to the Arbitration Clause contained in the said Fuel Loan Agreement. He then

2 34-CARBP 237-24.doc invites my attention to the Loan Recall Notice dated 8 th February 2024, by which the said loan was recalled in view of the defaults on the part of the Respondents. He then invites my attention to the Notice invoking arbitration dated 2 nd April 2024 and points out that the Respondents did not reply to the abovesaid Notices. He places reliance upon an Affidavit of Service dated 16 th August 2024 to prove due service upon the Respondents, despite which today none appeared on behalf of the Respondents.

3.

It is in this backdrop of the case, he presses for limited interim reliefs in terms of prayer clauses (b) and (d), which read as follows :- "b) that pending hearing and final disposal of the present Arbitration proceedings, making of the Arbitral Award and until final execution of the Arbitral Award, the Respondent No.

3 34-CARBP 237-24.doc any other person/s claiming through or under them or under any instrument, whatsoever, from in any manner selling, alienating, transferring, parting with the possession of, encumbering, dealing with, disposing of or creating any third party rights or interest of whatsoever nature and in any manner whatsoever in respect of their in respect of movable and/or immovable properties/assets, or any portion thereof, directly and/or indirectly, belonging to Respondents and also on the properties/assets disclosed and belonging to the Respondents from the date of disbursement of the said Loan facility till date."

4.

I have heard Learned Counsel, perused the Fuel Loan Agreement as also Loan Recall Notice and Notice invoking arbitration. There is no dispute in all of these documents today, therefore I am inclined to allow the Interim Application in terms of prayer clauses (b) and (d), as already reproduced above. 5.

Stand over to 18 th September 2024.

6.

Learned Counsel appearing on behalf of the Petitioner submits that the Petitioner shall also be filing an Application under Section 11 of the Arbitration & Conciliation Act, 1996. In the event if such Application is filed, the same shall be listed alongwith the present Petition on 18 th September 2024.

(ARIF S. DOCTOR, J.)