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DELHI HIGH COURT
C.HARI SHANKAR
Indiabulls Housing Finance Limited – Appellant
Versus
Ambience Projects and Infrastructure Private Limited – Respondent
| Table of Content |
|---|
| 1. invocation of court jurisdiction under section 9 of the arbitration act (Para 1 , 2) |
| 2. loan agreements, events of default, and obligations of the borrowers (Para 4 , 5 , 6) |
| 3. cause of action for invoking section 9 due to insolvency proceedings (Para 10 , 11) |
| 4. contentions regarding alleged defaults and requested reliefs (Para 14 , 17 , 18) |
| 5. criteria for interim relief under section 9 (Para 35 , 41) |
| 6. denial of interim relief based on financial adequacy and absence of urgency (Para 49 , 54 , 56) |
| 7. next steps and future procedures in dispute resolution (Para 57 , 58 , 59) |
JUDGMENT
1. 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 Ni
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