Neutral Citation Number: 2022/DHC/005642

O.M.P.(I) (COMM.) 359/2022 and other connected matters

Page 1 of 67

*

IN THE HIGH COURT OF DELHI AT NEW DELHI

%

Order reserved on: December 13, 2022

Order pronounced on: December 19, 2022

39

+

O.M.P.(I) (COMM.) 359/2022 & I.A. 20831/2022 (Production

of Document)

M/S FERMINA DEVELOPERS PRIVATE LIMITED

..... Petitioner

versus

INDIABULLS HOUSING FINANCE LIMITED

..... Respondent

40

+

O.M.P.(I) (COMM.) 362/2022

M/S VATIKA ONE INDIA NEXT PRIVATE LIMITED

..... Petitioner

versus

INDIABULLS COMMERCIAL CREDIT LIMITED

..... Respondent

41

+

O.M.P.(I) (COMM.) 363/2022

M/S VATIKA ONE INDIA NEXT PRIVATE LIMITED

..... Petitioner

versus

INDIABULLS COMMERCIAL CREDIT LIMITED

..... Respondent

42

+

O.M.P.(I) (COMM.) 364/2022

M/S VATIKA INXT 2 PRIVATE LIMITED

..... Petitioner

versus

INDIABULLS HOUSING FINANCE LIMITED

..... Respondent

Digitally Signed

By:NEHA

Signing Date:19.12.2022

16:52:50

Signature Not Verified

Neutral Citation Number: 2022/DHC/005642

O.M.P.(I) (COMM.) 359/2022 and other connected matters

Page 2 of 67

43

+

O.M.P.(I) (COMM.) 365/2022 & I.A. 20876/2022 (Production

of Document)

M/S VATIKA INXT 2 PRIVATE LIMITED ..... Petitioner

versus

INDIABULLS HOUSING FINANCE LIMITED

..... Respondent

44

+

O.M.P.(I) (COMM.) 366/2022 & I.A. 20878/2022 (Production

of Document)

M/S MENDELL DEVELOPERS PRIVATE LIMITED

..... Petitioner

versus

INDIABULLS HOUSING FINANCE LIMITED

..... Respondent

45

+

O.M.P.(I) (COMM.) 367/2022

M/S VATIKA ONE INDIA NEXT PRIVATE LIMITED

..... Petitioner

versus

INDIABULLS HOUSING FINANCE LIMITED

..... Respondent

46

+

O.M.P.(I) (COMM.) 368/2022

M/S VATIKA ONE INDIA NEXT PRIVATE LIMITED

..... Petitioner

versus

INDIABULLS HOUSING FINANCE LIMITED

..... Respondent

47

+

O.M.P.(I) (COMM.) 369/2022 & I.A. 20882/2022 (Production

of Document)

M/S FERMINA DEVELOPERS PRIVATE LIMITED

..... Petitioner

versus

Digitally Signed

By:NEHA

Signing Date:19.12.2022

16:52:50

Signature Not Verified

Neutral Citation Number: 2022/DHC/005642

O.M.P.(I) (COMM.) 359/2022 and other connected matters

Page 3 of 67

INDIABULLS COMMERCIAL CREDIT LIMITED

..... Respondent

48

+

O.M.P.(I) (COMM.) 370/2022 & I.A. 20884/2022 (Production

of Document)

M/S SAHAR LAND AND HOUSING PRAVATE LIMITED

..... Petitioner

versus

INDIABULLS HOUSING FINANCE LIMITED

..... Respondent

49

+

O.M.P.(I) (COMM.) 371/2022 & I.A. 20886/2022 (Production

of Document)

M/S VATIKA LIMITED

..... Petitioner

versus

INDIABULLS HOUSING FINANCE LIMITED

..... Respondent

Through: Mr. Sandeep Sethi and Mr. Ashish Dholakia, Sr.

Advs. with Ms. Padmaja Kaul, Mr. Yugank Goel,

Ms. Tanya Manglik, Mr. Arpit Kumar, Mr.

Kushagra Shah and Mr. Vansh Bhutani, Advs. for

petitioners in all these matters.

Mr. Rajiv Nayar and Mr. Jayant Mehta, Sr. Advs.

with Mr. Rishi Agrawala, Mr. Ankit Banati and

Mr. Shravan Niranjan, Advs. for respondents in all

these matters.

CORAM:

HON'BLE MR. JUSTICE YASHWANT VARMA

O R D E R

1.

These petitions under Section 9 of the Arbitration and

Conciliation Act, 1996 ¹assail the validity of recall notices dated 10

1The 1996 Act

Digitally Signed

By:NEHA

Signing Date:19.12.2022

16:52:50

Signature Not Verified

Neutral Citation Number: 2022/DHC/005642

O.M.P.(I) (COMM.) 359/2022 and other connected matters

Page 4 of 67

November 2022 issued by the respondent. The petitioners seek a

restraint against all coercive action that may be taken by the

respondent pursuant to the aforenoted recall notices including and

extending to the invocation of guarantees furnished by the petitioners

and taking any steps for disposal of valuable securities which were

furnished by the petitioners under the loan agreements.

2.

Since the facts in all the petitions were common and the

challenge was raised against identical recall notices, the Court for the

purposes of brevity proposes to notice the facts as they exi