ORAL ORDER

1. Heard learned Senior Advocate Mr. Devang Nanavati with learned advocate Mr. Ankit Shah for the petitioner and learned Senior Advocate Mr. Mihir Thakore with learned advocate Mr. S.

P. Majmudar for the respondents no. 1 and 2.

2. Learned advocate Mr. S. P. Majmudar is permitted to file his V.P.

on behalf of the respondents no. 1 and 2. Registry to accept the same.

3. By way of this petition, the petitioner has prayed for the following reliefs:-

A. That this Hon’ble High Court be pleased to pass an order directing the Respondent to pay to the petitioner a sum of INR 2,37,69,446.93 [Two Crore Thirty-Seven Lacs Sixty Nine Thousand Four Hundred Forty-Six Rupees and Ninety-Three Paisa) (equivalent to USD 2,86,161), being the total of the admitted pending dues of the Invoice payable to the Petitioner, in the interest of justice, till the culmination of the arbitral proceedings and in the alternative this Hon'ble High Court be pleased to pass an order directing the Respondent to offer security in the form of cash security or furnishing an unconditional and irrevocable bank guarantee of a nationalized bank or other security as this Hon'ble Court deems fit for a sum of INR 2,37,69,446.93 [Two Crore Thirty- Seven Lacs Sixty Nine Thousand Four Hundred Forty-Six Rupees and Ninety-Three Paisa) (equivalent to USD 2,86,161), being the total of the admitted pending dues of the Invoice payable to the Petitioner;

B. That this Hon'ble Court be pleased to pass an order to restrain the Respondents under Section 9 (ii) (b), (d) & (e) of the Arbitration and Conciliation Act, 1996 from selling, transferring, alienating, encumbering or otherwise creating any third-party rights or interest, directly or indirectly, in the assets and properties of the Respondent, whether tangible and intangible, as per Annexure F till the culmination of the arbitral proceedings;

C. That this Hon'ble Court be pleased to pass an order under Section 9 (ii) (b), (d) & (e) of the Arbitration and Conciliation Act, 1996 for the attachment of all the bank accounts held by the Respondent Company, till the interim relief application is decided in the proposed Arbitration proceeding;

D. Be pleased to grant ad-interim and interim reliefs in terms of prayer clauses (B)& (C) above till the final disposal of this petition, in the interest of justice;

E. For the costs of the present petition; and F. For such further and other reliefs as this Hon'ble Court may deem fit and proper having regard to the facts and circumstances of the present case.

4. In view of above, on 28.03.2024, this Court had passed the following order:- 1. Leave to amend.

2. Heard learned Senior Advocate Mr. Devang Nanavati with learned advocate Mr. Ankit Shah for the petitioner.

3. It was submitted by learned Senior Advocate Mr. Devang Nanavati for the petitioner that there existence arbitration clause between the parties which provides for an International Arbitration having seat at Geneva, by way of notice dated 21.03.2023 in respect of dispute between the parties, the petitioners have already disclosed their intention that the petitioners are opting for arbitration either as per the Arbitration Clause as per the agreement or if the respondents are agreeable in India.

4. Learned Senior Advocate Mr. Nanavati also drew attention of this Court to the email dated 04.07.2023, the respondents have agreed to the outstanding invoice to the tune of Rs. 2,38,69,446.93 and thereafter, as the negotiation has failed between the parties, the petitioner is constrained to prefer this petition as there are no other assets except substantial asset of the respondent accept the machinery lying at Bharuch and therefore, learned Senior Advocate Mr. Nanavati prays for ad-interim relief as the petitioner apprehends that the respondents in view of disclosure of intention to go for Arbitration by the petitioner may create some third party rights by seling the assets of the respondent - Company.

5. In view of above statement, issue NOTICE to