JUDGMENT

Vibhu Bakhru, J. - Introduction

1. The petitioner (hereinafter DLF) has filed the present petition under Section 9 of the Arbitration and Conciliation Act, 1996 (hereinafter the A&C Act) inter alia, praying that the respondents be restrained from selling, transferring, alienating or otherwise creating any third-party rights or interest, directly or indirectly, in the land admeasuring 73 acres [2,95,421 square meters] situated in Sector 128, Noida, District Gautambudh Nagar, Uttar Pradesh (the Sale Property), which is the subject matter of the Agreement to Sell dated 30.05.2021 (hereinafter the ATS).

2. Respondents nos. 1 to 4 had entered into the ATS for selling the Sale Property to DLF. The Sale Property is owned by respondent no. 2 (hereinafter Kadam) but is mortgaged to respondent no. 4 (hereinafter Indiabulls) to secure financial loans extended by Indiabulls to respondent no.1 (Shipra Estates Limited), Shipra Hotels Ltd. and Shipra Leasing Private Limited. Indiabulls has since terminated the ATS in favour of DLF and has withdrawn its letter of no objection (NOC) on the ground that it has not received the agreed amount of Rs. 900 Crores within the period stipulated there