Indiabulls Commercial Credit Ltd. vs Ambience Private Ltd.

ik-22998908 Delhi High Court 23 December 2024 • 74 min read

Judges (1)

C. Hari Shankar Delivered

Counsel (12)

Adith Nair Counsel Petitioner Anirudh Bakhru Counsel Petitioner Ankit Banati Counsel Petitioner Anush Raajan Counsel Respondent G.S. Sachdeva Counsel Respondent Karan Bharihoke Counsel Petitioner Madhusudan Counsel Respondent Mallika Kamal Counsel Petitioner Naman Gowda Counsel Petitioner Nikhil Rathi Counsel Petitioner Pradyumn Yadav Counsel Respondent Rajeeve Mehra Counsel Respondent

Parties (4)

Ambience Private Ltd. Respondent Indiabulls Commercial Credit Ltd. Petitioner Indiabulls Housing Finance Limited Petitioner Surabhi Gehlot Respondent

Case Significance

Indiabulls Commercial Credit Ltd. vs Ambience Private Ltd. is a Delhi High Court decision dated December 23, 2024 (citation: ik-22998908). Indiabulls filed connected Section 9 petitions under the Arbitration Act against Ambience group entities and their director, alleging siphoning of loan funds disbursed under credit facilities. The Court examined whether interim measures were warranted to preserve the subject matter of the dispute pending institution of arbitration. The 60-page judgment addressed multiple connected petitions involving loan default, fund diversion, and interim asset protection orders. The case was heard by Justice C. Hari Shankar.

Summary

Indiabulls filed connected Section 9 petitions under the Arbitration Act against Ambience group entities and their director, alleging siphoning of loan funds disbursed under credit facilities. The Court examined whether interim measures were warranted to preserve the subject matter of the dispute pending institution of arbitration. The 60-page judgment addressed multiple connected petitions involving loan default, fund diversion, and interim asset protection orders.

What was the outcome of Indiabulls Commercial Credit Ltd. vs Ambience Private Ltd.?

Indiabulls filed connected Section 9 petitions under the Arbitration Act against Ambience group entities and their director, alleging siphoning of loan funds disbursed under credit facilities. The Cou...

Judgment

Read the full judgment on the official India Courts portal.

Read on Indian Kanoon

Source: Indian Kanoon (ik-22998908)