AIRGATE HOLDINGS LIMITED Vs. SUMIT MOHAN SINGH GANDHI

JUDGEMENT

(1.) The appeal has been heard by way of video conferencing.

(2.) Present appeal has been filed challenging the order dated 22nd January, 2021 passed by the learned Single Judge in a Section 9 petition being OMP(I) COMM 374/2020 filed under Arbitration and Conciliation Act, 1996.

(3.) The learned Single Judge by the impugned order has stayed the operation of the Put Option Notices dated 15thNovember, 2020 issued by respondents No. 1 and 2 in respect of 19.98% shares of the respondent No. 3 company subject to the petitioner depositing an amount of Rupees Sixty Seven Crores Sixty Seven Lakhs Fifty Eight Thousand and Thirty Seven (Rs. 67,67,58,037/-) with this Court within two weeks. Upon deposit of the said amount, the respondents No. 1 and 2 were directed to maintain statusquo as regards 19.98% of the shares of the respondent No. 3 company. The deposit was also to abide by further orders to be passed either in the arbitration or by the National Company Law Tribunal as the case may be.