$~59 * IN THE HIGH COURT OF DELHI AT NEW DELHI + CS(COMM) 177/2026, I.A. 5022/2026, I.A. 5023/2026, I.A.

5024/2026, I.A. 5026/2026, I.A. 5027/2026 VARDHMAN TRUSTEESHIP PVT LTD .....Plaintiff Through: Mr. Yashvardhan, Mr. Devesh Mohan, Mr. Gyanendra Shukla, Mr.

Pranav Das, Advs.

versus SMT JYOTSANA DUBEY & ANR. .....Defendants Through: Mr. Ankit Jain, Senior Advocate with Mr. Mihir Gujjewar, Mr. Parth Gautam, and Ms. Divyanshu Rathi, Advocates for D-1.

Mr. Abhinav Garg, Mr. Deepanshu Latka, Ms. Mahima Ahuja, Advocates for D-2.

CORAM:

HON'BLE MR. JUSTICE SUBRAMONIUM PRASAD

O R D E R

% 24.02.2026 I.A. 5025/2026

1. This application under Section 12A of the Commercial Courts Act, 2015 [“CC Act”] has been filed on behalf of the Plaintiff seeking exemption from undergoing pre-institution mediation proceedings.

2. Shorn of unnecessary details, facts leading to the filing of the present Plaint are as under:

a) The Plaintiff is a company incorporated under the Companies Act, 1956. The Plaintiff is engaged in the business of providing trusteeship services such as Debenture Trusteeship, Security Trusteeship, Share Pledge Trusteeship, Escrow Agency, Safe Keeping Agent, Securitization Trustee, Alternative Investment Fund and Facility Agent etc to its customers.

b) Defendant No.1 is the owner of entire ground floor portion, admeasuring 241.66 sq. yards, consisting of three bedrooms along with three bathrooms, one drawing-cum-dining room, family lounge, one kitchen, front and back courtyard along with 25% freehold right in the land underneath the Property Bearing No.56, Block E, E.P. Railway Refugees Rehabilitation House Building Cooperative Society Ltd., presently known as Greater Kailash Enclave-II, New Delhi [“Subject Property”] which has been mortgaged by Defendant No.1 by deposit of title deeds in favour of the Plaintiff.

c) Defendant No.2 is a company registered under the Companies Act, 1956, engaged in the business of providing technology solutions in the information and communication technology space such as deploying secure Enterprise Networks, Data Centre Builds, Audio- Video Integration Solutions, Command and Control Centres etc. that consolidates, integrates and enables management of information for mission critical applications.

d) It is stated that Defendant No.2 had borrowed money by issuing debentures and the Plaintiff had given a loan to Defendant No.2. Defendant No.1’s property has been used as security for this borrowing.

e) Material on record indicates that the Subject Property was first allotted to one Smt. Shakuntla Bhasin by executing a Perpetual Sub-

Lease. It is stated that after the demise of Smt. Shakuntla Bhasin, the Subject Property devolved upon her three sons, namely, Vijay Bhasin, Avinash Bhasin and Sanjeev Bhasin and after devolution, the Subject Property was mutated in their name. It is stated that subsequently, the aforesaid lease was converted from leasehold into freehold vide a Conveyance Deed dated 06.09.2006 executed by Delhi Development Authority. It is stated that, thereafter, the Subject Property was sold to Defendant No.1 herein for a total sale consideration of Rs.45,00,000/-. A meeting of Board of Directors of Defendant No. 2 was held on 12.10.2023 wherein it was resolved that financial assistance to the tune of Rs. 50,00,00,000/- is required by way of Debenture Trust Deed and Private Placement Offer cum Application Letter. It is stated that on 23.10.2023, a Debenture Trustee Appointment Agreement dated 23.10.2023 [“Agreement No.1”] was executed between the Plaintiff and Defendant No.2 for appointment of the Plaintiff as the Debenture Trustee. In accordance with Agreement No.1, Defendant No.2 issued 5000 unlisted, senior, secured, redeemable, taxable, transferable, non-convertible debentures having a face value of Rs.1,00,000/- each. These debentures were subscribed to by one Vivriti Asset Management Pvt. Ltd. [“Debenture Holders”]. On

23.10.2023, the following documents were executed:

i. Debenture Trustee Appoin