Authority: High Court of Judicature at Bombay
Order Date: 10 September 2026
Case Overview
- Petitioner: Arka Fincap Limited; Respondents: Shri T.M. Enterprises & Others.
- Business Loan Agreement executed on 9 September 2024 for Rs 25,25,178; loan disbursed to respondents.
- Respondents defaulted on instalments; Loan Recall Notice dated 28 January 2025 demanded repayment of Rs 28,55,512.06 with interest from 21 January 2025.
- Respondents neither replied to the notice nor repaid the amount; they failed to appear before the Court and did not comply with an earlier order to disclose movable and immovable assets.
- Petitioner alleged respondents were attempting to sell or transfer assets to defeat recovery.
Final Outcome
- The Court found a prima facie case, noted the balance of convenience favoured the petitioner, and granted interim protection under Section 9 of the Arbitration and Conciliation Act, 1996.
- Order: Freeze of Respondent No. 1’s bank accounts – Account No. 50200053449330 and Account No. 16728020000040 – both with HDFC Bank, Vivek Vihar Branch, New Delhi.
- Observations are limited to interim relief; the arbitral tribunal will decide the dispute on its merits.
- Petition disposed of; no order as to costs.
Topics: Arbitration, Loan Default, Asset Freezing