16-CARBP-602-2021.doc

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION

IN ITS COMMERCIAL DIVISION

COMMERCIAL ARBITRATION PETITION NO. 602 OF 2021

Tata Capital Financial Services Ltd.

.. Petitioner

Vs.

Prasad Enterprises & Ors.

.. Respondents

Mr. Ziyad Madon a/w. Ms. Ashrita Anand Chindarkar a/w. Mr. Lalit

Katariaya i/b. Katariya & Associates for the Petitioner.

CORAM :- B.P.COLABAWALLA, J.

DATE :- 13^th DECEMBER, 2021.

P. C.:

1.

The above Petition is filed under Section 9 of the

Arbitration and Conciliation Act, 1996 (for short “the Arbitration Act”)

seeking the following reliefs:

“(a) that pending hearing and final disposal of the Petition and

arbitral proceedings, passing of the Arbitral Award and until final

execution of the Award this Hon’ble Court be pleased to order and

direct the Respondents jointly and/or severally to deposit the

amount of Rs.1,82,77,685.83 (Rupees One Crore Eighty Two

Lacs Seventy Seven Thousand Six Hundred Eighty Five and

Paise Eighty Three Only) due as on 24^th March, 2021 as more

particularly set out in Particulars of Claim Exhibit “SS” hereto

along with agreed interest @ 12.55% per annum from 15^th

Ganesh Lokhande 1/6

GANESH

SUBHASH

LOKHANDE

Digitally signed by

GANESH SUBHASH

LOKHANDE

Date: 2021.12.15

15:30:17 +0530

16-CARBP-602-2021.doc

January, 2021 and additional interest @ 24% per annum till

payment and/or realization and other expenses, costs, charges

etc. in terms of the said Agreement or furnish Bank Guarantee of

the Nationalized Bank of the said amount in favour of the

Prothonotary & Senior Master, High Court, Bombay for an

initial period of one year and to be renewed thereafter for such

additional period as this Hon’ble Court deems fits;

(b) that pending the hearing and final disposal of the Petition, this

Hon’ble Court be pleased to direct the Respondents to disclose on

oath and / or on affidavit, the assets and properties, movable

and / or immovable, owned by each of them given complete

details and this Hon’ble Court be pleased to attach the movable

and immovable properties, that may be disclosed by the

respondents on oath and / or on affidavit.

(c) that pending the hearing and final disposal of the arbitration

proceedings, the Hon’ble Court be pleased to order and direct the

Respondents to surrender the Goods / inventory and permit the

Petitioner to sell the same by public auction or private treaty

and / or to receive and / or to realise the same and to pay over

the net sale proceeds and / or net recoveries and / or the net

realization thereof to the Petitioner in or towards the satisfaction

of its dues.

(d) that pending the hearing and final disposal of the Petition, this

Hon’ble Court be pleased to attach the movable and immovable

properties described in the Schedules at Exhibit “TT – 1” to “TT-

3” hereto.

(e) that pending the hearing and disposal of Arbitration proceedings,

making of the Arbitral Award and until final execution of the

Arbitral Award, the Respondents, by themselves, their employees,

be restrained by an order and injunction form in any manner

selling, transferring, disposing of, or alienating or hypothecating

or charging or parting with possession of or transferring or

creating any right, title or interest or license in favour of anyone

else in respect of the (i) Goods/inventory funded by the

Petitioner under the said Agreements (ii) the movable or

immovable properties described in the Schedules at Exhibit “TT-

1” to “TT-3” hereto and [(iii) the other assets / properties,

movable and immovable, that may be disclosed by the

Respondents on oath and/or on affidavit.]

Ganesh Lokhande