Authority: High Court of Judicature at Bombay
Order Date: 9 September 2026
Case Overview
- Petitioner: IIFL Finance Limited; Respondents: Maheshwar Medical Corporation & Others.
- Loan Agreement (SNE Business Loan Facility) executed on 12 December 2023 for Rs 30,00,000.
- Respondents defaulted on instalment payments; a Loan Recall Notice dated 22 April 2025 demanded repayment of the entire outstanding amount within seven days.
- Petitioner claimed Rs 31,66,335.01 including interest accrued from 14 April 2025 as per the loan agreement.
- Respondents neither replied to the recall notice nor repaid the dues, and failed to appear before the Court despite proper service.
- The Court had earlier directed respondents to disclose details of movable and immovable assets; this order remains uncomplied.
- Petition filed under Section 9 of the Arbitration and Conciliation Act, 1996 seeking interim protection pending arbitration.
Final Outcome
- The Court held that the petitioner made out a good prima facie case and that the balance of convenience favoured interim protection.
- Order: Attach/Freeze the respondents' bank accounts to the extent of Rs 31,66,335.01 and restrain any withdrawal or transfer from the following account:
| Bank Account Holder | Account No. | Bank Name | Branch Address |
| Mahesh wari Medical Corporat ion | 1477298000000030 | Karor Vyasa Bank Ltd. | D.NO: 9-10-5, BANK STREET, ARUNDEL PET, NARASARAOPET 522 601, IFSC Code: KVBL0001477 |
- The observations in this order are prima facie and confined to the Section 9 application; the arbitral tribunal will decide the dispute on its merits.
- Petition disposed of; no order as to costs.
Topics: Interim Relief, Arbitration, Banking Dispute