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C. HARI SHANKAR
Indiabulls Housing Finance Limited – Appellant
Versus
Ambience Projects And Infrastructure Private Limited & Ors – Respondent
| Table of Content |
|---|
| 1. jurisdiction invoked under arbitration act (Para 1 , 4 , 5) |
| 2. default allegations and loan agreements (Para 10 , 11) |
| 3. implications of nclat and supreme court ruling (Para 12 , 15) |
| 4. arguments presented by parties (Para 17 , 18 , 20) |
| 5. judicial observations on default and relief (Para 21 , 22 , 35) |
| 6. no prioritization of debts in private parties (Para 39 , 48 , 53) |
| 7. conclusion on interim relief rejected (Para 56 , 59) |
JUDGMENT
C.Hari Shankar, J. - The petitioner Indiabulls Housing Finance Ltd ("IHFL") has invoked the jurisdiction of this Court under Section 9 of the Arbitration & Conciliation Act, 1996 ("the 1996 Act"). The prayer clause in the petition reads thus:
"In view of the aforesaid facts and circumstances and the grounds pleaded above, it is respectfully prayed that this Hon'ble Court may be pleased to:
a) direct the Respondent Nos. 1-11 to deposit the total outstanding amount of INR 14,38,44,59,993 (Indian Rupees One Thousand Four Hundred Thirty Eight Crores Forty Four Lakhs Fifty Nine Thousand Nine Hundred and Ninety Three only) as of January 21, 2021, al
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