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* IN THE HIGH COURT OF DELHI AT NEW DELHI Reserved on: 09^th March, 2026 Pronounced on: 16^th March, 2026 + FAO(OS) (COMM) 31/2026, CM APPL. 11415/2026, CM APPL.

11416/2026 & CM APPL. 11417/2026 ASIAN HOTELS NORTH LIMITED .....Appellant Through: Mr. Rajiv Nayyar, Sr. Adv with Mr.

Sidhant Kumar, Ms. Shagun Chopra, Mr. Pratham Mehrotra, Mr. Madhav Bhatia, & Ms. Muskan Aggarwal, Advs. versus EXCLUSIVE CAPITAL LIMITED & ORS. .....Respondents Through: Mr. Siddharth Yadav, Sr. Adv. with Mr. Manav Goyal, Ms. Ritika Gusain, Ms. Amrita Sony & Mr. Aditya Kumar, Advs. for R1.

Ms. Devika Mohan & Mr. Dhruv Negi, Advs. for R3.

Mr. Kunal Tandon, Sr. Adv. with Mr. Chetan Roy, Ms. Natasha & Mr.

Prakhar Sah, Advs. for R5.

CORAM:

HON'BLE MR. JUSTICE DINESH MEHTA HON'BLE MR. JUSTICE VINOD KUMAR

J U D G M E N T

REPORTABLE Per DINESH MEHTA, J.

1. The instant appeal preferred under Order XLIII Rule 1 of the Code of Civil Procedure, 1908 (hereinafter referred to as „the CPC‟) read with Section 13 of the Commercial Courts Act, 2015 impugns the order dated

07.01.2026 (hereinafter referred to as the „impugned order‟), whereby the learned Single Judge while issuing notices has also considered plaintiff’s prayer for ad-interim relief (I.A. No. 31761/2025) and passed an order, relevant part of which is as under:-

“6. Till the next date, the defendant no.5 shall hold the title deeds as an interim measure.”

2. Bereft of unwarranted details, what is necessary to be taken note of for the present purpose is that respondent No.1/Exclusive Capital Limited instituted a suit for declaration and permanent injunction praying that the Inter-Corporate Loan agreement dated 14.12.2022, (hereinafter referred to as the „ICL Agreement‟) said to have been executed in the name of plaintiff (respondent No. 1 herein) and defendant No. 1 (respondent No. 2 herein) be declared void and illegal and also that the assignment deed dated 01.02.2024 purportedly executed between defendant No.1 and defendant No. 2 (respondent No. 2 and respondent No. 3 herein respectively) be also declared void.

3. Permanent injunction was also claimed seeking restraint order qua defendant nos.1, 2 and 4, from claiming any rights under the aforesaid ICL Agreement dated 14.12.2022 and assignment deed dated 01.02.2024. An injunction was also prayed that defendant No.5 be restrained from handing over the security documents in its possession to defendant No. 4 or any other entity claiming rights under the ICL Agreement.

4. The facts as pleaded in the original plaint are that the defendant No.4 (Appellant herein- Asian Hotels (North) Limited (in short ‘AHNL’)), had availed credit facilities from a consortium of banks including IndusInd Bank Limited, YES Bank Limited, Bank of Maharashtra and Axis Bank. These facilities were secured by various security documents and were subsequently restructured under the one-time restructuring framework introduced by the Reserve Bank of India during the COVID-19 pandemic, pursuant to which a Master Amendment Agreement and a Trust and Retention Account Agreement were executed. Thereafter, by a Deed of Assignment dated 28.12.2022, IndusInd Bank assigned its exposure in the AHNL loan facilities amounting to approximately ₹126.83 crores together with all underlying rights and security interests to the plaintiff- Exclusive Capitals Limited (respondent No.1 herein). To finance part of the acquisition consideration, Respondent No. 1 had earlier received ₹60 crores from Respondent No. 2, Clover Media Private Limited, under an Inter-Corporate Deposit arrangement.

5. The dispute arose when Respondent No. 2- Clover Media Private Limited, relied upon the ICL Agreement and claimed certain rights in relation to the debt of AHNL. Thereafter, by an Assignment Agreement dated 01.02.2024, Respondent No. 2 purportedly assigned such rights to Respondent No. 3 following which claims were made that the rights over the receivables arising from the AHNL debt, together with the related security interests, stood