JUDGMENT

C Hari Shankar, J. - This petition, under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter referred to as "the 1996 Act"), seeks pre-arbitration interim relief.

Facts

2. The petitioner, Avantha Holdings Ltd., was in need of finances during 2016-2017. The Board of Directors of the petitioner, on 11th November, 2016, approved the borrowing of Rs. 1400 crores, by issuance of secured/unsecured non-convertible debentures on private placement basis. Consequent thereupon, the respondent M/s Vistra ITCL (India) Ltd. was appointed as Debenture Trustee, vide Debenture Trust Deeds dated 5th January, 2017.

3. On the same day, i.e. 5th January, 2017, two Debenture Trust Deeds, were executed, whereby 5650 non-convertible debentures, each with face value of Rs. 10 lakhs, and 7000 debentures, each with face value of Rs. 10 lakhs, were issued, in favour of a consortium of lenders comprising M/s KKR India Financial Services Pvt. Ltd. and KKR India Debt Opportunities Fund (referred to, collectively, as "KKR"), M/s L & T Finance Ltd., L & T Fincorp Ltd and Family Credit Ltd. (referred to, collectively, as "L & T") and M/s BOI AXA Corporate Credit Spectrum Fund ("BOI"), who are referred to, collectively, as the "debenture holders". The total value of the debentures was, therefore, Rs. 1400 crores, and were issued to the debenture holders on private placement basis.

Salient Features of the Debenture Trust Deeds

4. The Debenture Trust Deeds (which were identical) provided, inter alia, as follows:

(i) The debentures were issued, in favour of the debenture holders, by way of private placement, in one or more tranches.

(ii) The obligations, in respect of the debentures, were secured by way of

(a) a pari passu charge, by way of hypothecation, over Designated Bank Accounts, being Account No. 914020003736410 of the petitioner, to be maintained with Axis Bank, Bandra (E), Mumbai and Account No. 914020004636443, of the petitioner, maintained with Axis Bank, Bandra (E), Mumbai which were, in turn, referred to, in the Debenture Trust Deeds, as the "AHL Designated Bank Account" and "SFSL Designated Bank Account", respectively, and

(b) a pari passu pledge over 13,53,92,496 shares, held by the petitioner in M/s Crompton Greaves Power and Industrial Solutions Ltd. (hereinafter referred to as "CGP") and 32,26,89,019 shares held by the petitioner in M/s Ballarpur Industries Ltd. (hereinafter referred to as "BILT"), for which purpose, separate memoranda of pledge, dated 5th January, 2017 and 27th June, 2018, were entered into.

Clause 3.1 required the petitioner to execute and deliver, to the Debenture Trustee, the Memoranda of Pledge and Deeds of Hypothecation, prior to the first Deemed Date of Allotment, and prior to the signing of the Debenture Trust Deed. The Pledged Reference Entity Shares and the Designated Bank Accounts were collectively defined, in Clause 1.1.106, as "Secured Assets".

(iii) The pledged shares of CGP and BILT were required to provide a "Security Cover", relating to which Clause 3.4 of the Debenture Trust Deeds stipulated thus:

"3.4 Maintenance of Security Cover

3.4.1 At all times until all Outstanding Amounts have been paid/repaid, in full and in accordance with the terms of the Transaction Documents, the Company shall ensure that the Pledged Reference Entity Shares shall provide a Security Cover which shall at least be equal to the Required Security Cover.

3.4.2 If at any time the Security Cover falls below the Required Security Cover then, the Company shall within 7 (seven) Business Days of either becoming aware of, or being notified of the same, either (a) pledged an additional number of Reference Entity Shares ("Top Up Shares") such that the Security, after such additional pledge is at least equal to the Required Security Cover; or (b) provide Security, in a form acceptable to the Debenture Trustee ("Additional Cash Security") so that after aggregating the Pledged Reference Entity Shares Value with the Additio