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NC: 2026:KHC:21671

AP.IM No. 2 of 2023

HC-KAR

IN THE HIGH COURT OF KARNATAKA AT BENGALURU

DATED THIS THE 21^ST DAY OF APRIL, 2026

BEFORE

THE HON'BLE MR. JUSTICE S SUNIL DUTT YADAV

ARBITRATION PETITION-INTERIM MEASURE NO. 2 OF 2023

BETWEEN:

SHUBHADRA REALTORS PRIVATE LIMITED

A COMPANY INCORPORATED UNDER THE

COMPANIES ACT 1956

BEARING CIN: U70109WB2006PTC111280

HAVING ITS CORPORATE OFFICE AT

NO.3, 4 FLOOR,

SALARPURIA WINDSOR,

ULSOOR ROAD,

BENGALURU - 560 042

REPRESENTED BY ITS AUTHORIZED

REPRESENTATIVE

MR. ASHWIN SANCHETI

…PETITIONER

Digitally (BY SRI. P. CHINNAPPA, ADVOCATE)

signed by

VIJAYA P

Location: AND:

HIGH

COURT OF

KARNATAKA 1. FIRST ESTATE PROPERTIES PRIVATE LIMITED

A COMPANY INCORPORATED UNDER THE

COMPANIES ACT 1956

HAVING ITS REGISTERED OFFICE AT

11/1, PLAIN STREET, OFF INFANTRY ROAD,

BENGALURU - 560 001

REPRESENTED BY ITS DIRECTOR

MR. PRADEEP JOE

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NC: 2026:KHC:21671

AP.IM No. 2 of 2023

HC-KAR

2. MR. PRADEEP JOE

SON OF LATE JOSEPH VARKEY

AGED ABOUT 56 YEARS,

HAVING HIS OFFICE AT

11/1,PLAIN STREET, OFF INFANTRY ROAD,

BENGALURU - 560 001

3. VARKEY PROPERTY INVESTMENTS PRIVATE LIMITED

A COMPANY INCORPORATED UNDER THE

COMPANIES ACT 1956,

HAVING ITS REGISTERED OFFICE AT

11/1 PLAIN STREET, OFF INFANTRY ROAD,

BENGALURU- 560 001

REPRESENTED BY ITS DIRECTOR MR. PRADEEP JOE.

4. ARACKAL HOLDINGS PRIVATE LIMITED

A COMPANY INCORPORATED UNDER THE

COMPANIES ACT 1956

HAVING ITS REGISTERED OFFICE AT

11/1, PLAIN STREET, OFF INFANTRY ROAD,

BENGALURU- 560 001

REPRESENTED BY ITS DIRECTOR MR. PRADEEP JOE

5. ELBIT IMAGING LIMITED

(FORMERLY ELBIT IMAGING LIMITED)

A COMPANY INCORPORATED IN ISRAEL

HAVING ITS REGISTERED OFFICE AT

3, SHIMSON STREET,

OLYMPIA A TOWER, PETACH TIKVA,

ISRAEL - 4912502

REPRESENTED BY ITS AUTHORIZED

REPRESENTATIVE.

…RESPONDENTS

(BY SRI. ROHAN VEERANNA TIGADI, ADVOCATE FOR C/R1 - 4)

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NC: 2026:KHC:21671

AP.IM No. 2 of 2023

HC-KAR

THE ADVOCATE FOR THE APPELLANT HAS FILED THE

ABOVE AP.IM /ARBITRATION PETITION INTERIM MEASURE

UNDER SEC. 9 OF THE ARBITRATION AND CONCILIATION ACT,

1996, R/W SECTION 2 OF THE ARBITRATION AND

CONCILIATION (AMENDMENT) ACT, 2015, PRAYING THAT THIS

HONBLE COURT BE PLEASED TO GRANT INTERIM MEASURES

OF PROTECTION, DURING THE PENDENCY OF THE ARBITRAL

PROCEEDINGS AND UNTIL THE FINAL ARBITRAL AWARD IS

PASSED BY A DULY CONSTITUTED ARBITRAL TRIBUNAL (AS

AND WHEN CONSTITUTED), IN CONTEXT OF THE

MEMORANDUM OF UNDERSTANDING DATED 25.08.2006

(ANNEXURE A), FIRST SUPPLEMENTAL AGREEMENT DATED

18.01.2007 (ANNEXURE E), AND SECOND SUPPLEMENTAL

AGREEMENT DATED 25.06.2013 (ANNEXUR G) BY WAY OF -

A) AN INTERIM ORDER OF TEMPORARY INJUNCTION

RESTRAINING THE RESPONDENT NOS. 1 - 4 (THEIR

SERVANTS, AGENTS AND ALL OTHER PERSONS CLAIMING

THROUGH OR UNDER ONE OR MORE OF THE RESPONDENTS)

FROM DIRECTLY OR INDIRECTLY ALIENATING/ MORTGAGING/

PLEDGING/ DEALING WITH/ ENCUMBERING/ TRANSFERRING/

CREATING THIRD PARTY RIGHTS, AND/OR PARTING WITH

POSSESSION, IN ANY MANNER WHATSOEVER, IN RESPECT OF

THE SCHEDULE 'B' PROPERTY AND ETC.

THIS PETITION, COMING ON FOR ADMISSION, THIS DAY,

ORDER WAS MADE THEREIN AS UNDER:

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NC: 2026:KHC:21671

AP.IM No. 2 of 2023

HC-KAR

CORAM: HON'BLE MR. JUSTICE S SUNIL DUTT YADAV

ORAL ORDER

1. The present petition has been filed seeking for grant

of interim measures till the arbitral award is passed. In

the interregnum, both the parties have filed a joint memo

and request that the petition itself be disposed of

recording terms of the joint memo. The joint memo reads

as hereunder;

JOINT MEMO ON BEHALF OF THE PETITIONER AND

THE RESPONDENTE NO.1-4.

"1. The Petitioner instituted the present proceedings

under Section 9 of the Arbitration and Conciliation

Act 1996 ("A&C Act"), pleading relevant facts and

seeking urgent interim reliefs. This Hon'ble High

Court, upon hearing the parties, was pleased to

pass an Ad-Interim Order dated 15.06.2023, which

was subsequently extended by Order dated

06.12.2023 until further orders, and continues to

remain in force as on date.

2. In the meantime, by virtue of an Order dated

17.03.2025 in Arbitration Petition No. 11/2024

passed by the Hon'bl