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Amica Financial Technologies Pvt. Ltd. – Appellant
Versus
Hip Bar Pvt. Ltd. – Respondent
JUDGMENT :
N. Anand Venkatesh, J.
1. This application has been filed by the applicant/plaintiff seeking for an order of interim injunction restraining the respondents/defendants from undertaking any business in connection with the pre-paid instruments license (hereinafter referred to as "PPI License"), dated 22.08.2016.
2. The case of the applicant/plaintiff is that they are engaged in the business of providing technology solutions and services by way of digital based platforms for payment and card related processes, offering products and services in relation to savings credit facilities, investment products and financial management to its customers and providing credit facility to the customers under its brand name and a variety of financial services.
3. The applicant initiated negotiations with the 1st and 2nd respondents to acquire 100% shareholding in the 1st respondent Company, in August 2021. The applicant was interested in acquiring the 1st respondent Company, as a valid PPI License would have enabled them to carryout business related to payment systems for semi-closed pre-paid instruments. After negotiations, on 12.08.2021, a Term Sheet was executed by the applicant and the 1st
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