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DELHI HIGH COURT
YASHWANT VARMA
Fermina Developers Private Limited – Appellant
Versus
Indiabulls Housing Finance Limited – Respondent
ORDER
1. These petitions under Section 9 of the Arbitration and Conciliation Act, 1996 [The 1996 Act] assail the validity of recall notices dated 10 November 2022 issued by the respondent. The petitioners seek a restraint against all coercive action that may be taken by the respondent pursuant to the aforenoted recall notices including and extending to the invocation of guarantees furnished by the petitioners and taking any steps for disposal of valuable securities which were furnished by the petitioners under the loan agreements.
2. Since the facts in all the petitions were common and the challenge was raised against identical recall notices, the Court for the purposes of brevity proposes to notice the facts as they exist on the record of O.M.P.(I) (COMM.) 368/2022 and on which arguments were addressed by learned senior counsels.
3. From the record it transpires that the said petitioner was extended credit facilities in the shape of a term loan of Rs.25 crores in 2019. The rights and obligations of parties in connection therewith came to be embodied in a Loan Agreement dated 16 August 2019. For the purposes of securing repayment of the aforesaid loan, the petitioners also cr
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