Aditya Birla Finance Limited vs Williamson Financial Services Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2022 Supreme(Cal) 1373

KRISHNA RAO
Aditya Birla Finance Limited – Appellant
Versus
Williamson Financial Services Limited – Respondent

Advocates:
Advocate Appeared:
For the Appellant : Mr. Ratnanko Banerjee, Ld. Sr. Adv., Mr. Sakya Sen, Adv., Mr. Rohit Das, Adv., Mr. Dwipayan Basu Mullick, Adv., Mr. Abhishek Kisku, Adv., Mr. Subhankar Das, Adv.
For the Respondent: Mr. Abhrajit Mitra, Ld. Sr. Adv., Mr. Debnath Ghosh, Adv., Mr. Ritban Sarkar, Adv., Mr. Sanjoy Ginodia, Adv., Mr. Shwetank Ginodia, Adv., Mr. Sushait Dutt Mazumdar, Adv., Mr. Bhavesh Garodia, Adv., Mr. Jishnu Saha, Ld. Sr. Adv., Mr. Soumya Roy Chowdhury, Adv., Mr. Deepak Agarwal, Adv., Mr. Jay Saha, Ld. Sr. Adv, Mr. Satadeep Bhattacharya, Adv., Mr. Ritban Sarkar, Adv., Mr. Sanket Sarkar, Adv., Subhajit Ghosh, Adv.

ORDER :

1. The question which arises for consideration is whether the petitioner is entitled for leave to file the instant suit without exhausting the remedy of pre-institution mediation as provided under Section 12-A of the Commercial Courts Act , 2015.

2. The petitioner has filed the suit praying for a decree of Rs. 132,00,04,279/-along with interest and allied prayers against the respondents.

3. The petitioner has also filed an application for grant of ad interim injunction against the respondents. The petitioner has also filed the instant application for grant of leave under Section 12-A of the Commercial Courts Act, 2015 for dispense with requirement for pre-institution of mediation and settlement.

4. The case of the petitioner in the plaint that in the month of February and March, 2017 in WM Group through the respondent nos. 2 and 3 and other entities of the WM Group, including respondent nos. 1 and 4 approached the petitioner and represented that it was in dire requirement of funds and proposed to avail of term loan facilities of Rs.150 crores and the same would be repaid by sale of treasury shares of the respondent no. 6 held by its wholly owned subsidiary, the respondent no. 1

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2022 Supreme(Cal) 1373

KRISHNA RAOAditya Birla Finance Limited – AppellantVersusWilliamson Financial Services Limited – Respondent

Cases Referred (1)

KRISHNA RAO
Aditya Birla Finance Limited – Appellant
Versus
Williamson Financial Services Limited – Respondent