GLOBAL IMPEX Vs. SIPPING TEA CINEMAS LLP

JUDGEMENT

(1.) This Petition is filed under Sec. 9 of the Arbitration and Conciliation Act, 1996 ("the Act") seeking urgent interlocutory intervention in connection with an Investment and Assignment of Rights Agreement dated April 24, 2025 ("Agreement") entered between the parties.

(2.) Under the Agreement, the Petitioner, M/s Global Impex ("Global Impex") has agreed to provide the Respondent, Sipping Tea Cinemas LLP ("Sipping Tea") with an investment of Rs.5.00 crores to finance a movie tentatively titled Charak on the terms and conditions set out in the Agreement. The Petitioner essentially seeks intervention of this Court, by pointing to the blatant disregard of the terms of the Agreement on the part of Sipping Tea, which would, in turn, contend that it is Global Impex that has not been ready and willing to perform under the Agreement, and that the the Agreement does not document an assignment of rights in the movie but is merely an agreement to assign rights in future.

(3.) A brief overview of the terms and conditions set out in the Agreement would be necessary. Suffice it to say that such review of the terms of the Agreement is purely prima facie in nature, bearing in mind the jurisdiction of this Court under Sec. 9 of the Act i.e. to examine broadly what the bargain between party is and to see what appropriate protective measures to preserve the subject matter of the arbitration agreement would meet the ends of justice.