2024:BHC-OS:15701 Shephali REPORTABLE IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION COMMERCIAL ARBITRATION PETITION (L) NO. 25579 OF 2024

1.

Ashok Kumar Goel, Top Floor, Times Tower, Kamla Mills Compound, Senapati Bapat Marg, Lower Parel, Mumbai 400 013

2.

Vyoman India Private Limited, (Formerly Vyoman Tradelink India Private Limited)

A company within the meaning of the Companies Act, 2013 and SHEPHALI having its registered office at New SANJAY MORMARE Prakash Cinema, N. M. Joshi Marg, Digitally signed by Lower Parel, SHEPHALI SANJAY MORMARE Date: 2024.10.09 Mumbai - 400 013. …Petitioners

10:29:25 +0530 ~ versus ~

1.

EbixCash Limited & Ors, (Formerly EbixCash Private Limited) ) A company within the meaning of the Companies Act, 2013 and having registered office at l0l, First Floor, 4832124, Ansari Road, Darya Ganj, New Delhi - 1l0 002 and its corporate office at Plot No. 122 & 123, NSEZ, Phase – II, Noida Gautam Buddha Nagar, Uttar Pradesh 201 305

2.

EbixCash World Money Limited, A company within the meaning of the Companies Act, 2013 and having its office at 8th Floor, Manek Plaza, Kalina CST Road, Kolekalyan, Santacruz (East), Mumbai 400 098.

3.

Ebix Singapore Pte. Limited, A company registered under the laws of Singapore and having its address at 1 Harbourfront Avenue, #14-07 Keppel Bay Tower, Singapore (098632).

4.

Ebix Payment Services Private Limited, A company within the meaning of the Companies Act, 2013 and having its registered office at 2nd Floor, Manek Plaza, Kalina CST Road, Kolekalyan, Santacruz (East), Mumbai - 400 098. …Respondents APPEARANCES For the Petitioners Mr Sharan Jagtiani, Senior Advocate, with Nitesh Jain, Juhi Mathur, Sonia Dasgupta Ananyaa Jagirdar Surbhi Agarwa & Atul Jain, i/b Trilegal.

For Respondents Nos 1, 2 & 4 Mr Mayur Khandeparkar, with Chetan Yadav, Allen Mathew & Pratibha Tiwari, i/b VJ Juris Advocates.

CORAM : ARIF S. DOCTOR, J.

DATED : 8th October 2024.

ORAL JUDGMENT ( P er Arif S. Doctor, J) :-

1. The captioned Commercial Arbitration Petition is filed under Section 9 of the Arbitration and Conciliation Act 1996 (Arbitration Act)

in which the Petitioner seeks the following reliefs:

“ A. Direct Respondents Nos.l-3 to deposit the sum of INR 145 crore being B0% of the Enhanced Call Price determined by the Valuation Report dated 22 January 2024 issued by PwC, with this Hon'ble Court as security, pending the hearing and final disposal of the arbitral proceedings and enforcement of the arbitral award that may be passed therein;

B. In the alternative, direct Respondents Nos. 1-3 to furnish an irrevocable bank guarantee of a nationalized bank, or such other security, in favour of the Prothonotary, Hon'ble Bombay High Court for the sum of INR 145 crore, being 80% the Enhanced Call Price redeemable by the Petitioners upon the issuance of the final award by the arbitral tribunal in SIAC Arbitration No. 80 of 2024 and up to the total sum of any amounts which the tribunal orders the Respondents to pay to the Petitioners;

C. In furtherance of Relief A and B, Order appointment of a Court Receiver or such other person as this Hon'ble Court deems appropriate as Court Receiver, to do all such things including to take possession and control of all the immovable and movable properties, present and future (including general fees, income, rent, revenues, interest, other income, receivables, profits, etc.) of the Respondents including their equity interests in Schedule A and other properties disclosed by the Respondents with full powers under Section 94 and Order XL Rule I of the Code including the power to call for / demand, recover, take possession thereof and to sell the same by public auction or by private treaty and to deposit all receivables / sale proceeds in a separate account to be opened and operated by the Court Receiver to be utilized as a deposit or used as a collateral to procure a bank guarantee to the extent of INR 145 in terms of the directors passed by th