LAWS(DLH)-2019-2-391

INDIA INFOLINE FINANCE LIMITED Vs. HARSHAD HIRJI THAKKAR

Decided On February 20, 2019
India Infoline Finance Limited Appellant
V/S
Harshad Hirji Thakkar Respondents

JUDGEMENT

(1.) I.A. No.2674/2019 (exemption)

(2.) This is a petition under Sec. 9 of the Arbitration and Conciliation Act, 1996 (hereinafter "the Act"). The petition has been filed by the petitioner India Infoline Finance Limited. The petitioner is the creditor and the respondent is the debtor on account of the respondent availing a credit of Rs. 10,00,00,000 under the Master Credit Facility Agreement dated 15.09.2018. It was pleaded that that the market value of the shares pledged by the respondent in the company M/s Ashapura Intimates Fashion Limited have drastically fallen down and the respondent has been found to be absconding since 02.10.2018, therefore, the subject petition has been filed under Sec. 9 of the Act seeking various interim reliefs till the disposal of the arbitration proceedings which are proposed to be invoked by the petitioner.

(3.) The address of the petitioner as stated in the memo of parties is at Mumbai and the address of the respondent is also at Mumbai, and the memo of parties in the present petition reads as under:-