13.Carbp.244.21.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION

IN ITS COMMERCIAL DIVISION

COMMERCIAL ARBITRATION PETITION NO. 244 OF 2021

UB Stainless Ltd

..Petitioner

Vs.

Blue Bends (India) Ltd

..Respondent

Mr. Piyush Raheja a/w Mr. Sahil Gandhi, Ms. Dimple Vora i/b M/s

Markand Kandhi & Co, for the Petitioner.

Mr. Jindagi Shah i/b K. V. Legal, for the Respondent.

CORAM:- B. P. COLABAWALLA,J.

DATE :- OCTOBER 8, 2021.

P. C.:

The above Arbitration Petition is filed under Section 9 of

The Arbitration and Conciliation Act, 1996 (for short “the Arbitration

Act”) seeking the following reliefs:-

a)

This Hon’ble High Court be pleased to pass an order and

direction calling upon the Respondent to forthwith disclose

on affidavit before this Hon’ble High Court, the complete

particulars, including the location and valuation of each

Aswale 1/6

ANJALI

TUSHAR

ASWALE

Digitally signed

by ANJALI

TUSHAR ASWALE

Date: 2021.10.13

12:23:46 +0530

13.Carbp.244.21.doc

and every asset and property, whether movable or not, as

also the details of all such assets, monies, bank deposit and

accounts held by the Respondent, singly or jointly (with

any person or entity) and/or severally and to further

disclose on affidavit, before this Hon’ble High Court, the

details of all transactions entered into by the Respondent

including assets and cash transfers in the last 1 (one) year

prior to the filing of the present Petition;

b) Pending the hearing and final outcome of the Arbitration,

this Hon’ble High Court be pleased to pass an order of

injunction restraining the Respondent and/or his

representatives, agents of any other person claiming

through or by the Respondent from dealing with his

personal assets, movable and immovable, monies,

investment including shares,mutual fund, SIP’s bank

accounts and deposits wherever situated and from

encumbering, selling, transferring or creating any third

party interest by parting with possession of the assets

disclosed by the Respondent.

c) This Hon’ble High Court be pleased to appoint the Court

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13.Carbp.244.21.doc

Receiver, High Court as the receiver of the assets and

properties as may be disclosed by the Respondent on

Affidavit with all powers in law, including the power to take

possession thereof, and if required to take forcible physical

possession of such properties from the Respondent and/or

any person found in possession or occupation thereof by

directing to take possession, and if necessary, with the help

of the Police.”

2

The learned advocate appearing on behalf of the

Respondent has stated before the Court that as an ad-interim measure

and without prejudice to the rights and contentions of the Respondent,

the Respondent makes a statement that it shall not part with possession

and/or dispose of and/or create any third party right/ interest in any of

the immovable properties belonging to the Respondent. She submitted

that this statement should adequately protect the Petitioner at this stage

and the above Section 9 Petition can be converted into an Application

under Section 17 to be heard and decided by the Arbitral Tribunal.

3

Mr. Raheja, the learned advocate appearing on behalf of the

Petitioner was agreeable to this course of action being adopted.

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13.Carbp.244.21.doc

4

Both parties have agreed that to