Authority: Supreme Court of India

Order Date: 08-07-2026

Case Overview

  • Petitioners: Ion Exchange (India) Limited (Petitioner) vs. Trading and Agency Services Limited WLL (Respondent).
  • Petitions: Special Leave Petition (SLP) (C) No. 22689/2026 arising from the High Court of Bombay judgment and order dated 11‑06‑2026 in IA(L) No. 17205/2026, CEA(L) No. 17135/2026; and SLPs No. 22703‑22704/2026.
  • Counsel: Senior Counsel Dhruv Mehta for the petitioner; Senior Counsel Amar Dave for the respondent.
  • Core dispute: Petitioners sought relief from an omnibus order dated 19‑12‑2023 that restrains them from alienating any assets, arguing that complying with the High Court’s order to deposit a principal amount plus interest would be onerous under the freeze.
  • Respondent’s position: If the petitioner complies with the High Court’s 11‑06‑2026 directions, the respondent will claim no benefit under the 19‑12‑2023 freeze, rendering the freeze irrelevant.
  • Petitioners requested an additional four‑week period to deposit the amount, as the original deadline of 09‑07‑2026 was expiring.

Court Observations & Directions

1. The Court expressed no inclination to interfere with the impugned High Court orders.

2. Acknowledging the petitioner’s concern about the asset‑freeze, the Court noted the respondent’s contention that the freeze would not apply once the deposit is made.

3. The Court directed the petitioner to file an undertaking within one week, confirming that the total amount (principal + interest) will be deposited before the High Court on or before 11 August 2026.

4. Accordingly, the time to deposit is extended to 11 August 2026.

5. The Special Leave Petition (SLP) No. 22689/2026 is disposed of.

6. All pending applications, if any, are ordered disposed.

SLP No. 22703‑22704/2026

  • After hearing the same counsel, the Court again declined to interfere with the impugned orders and dismissed the SLPs.
  • Any pending applications in this matter are also ordered disposed.

Final Outcome

  • Both Special Leave Petitions (SLP) 22689/2026 and 22703‑22704/2026 are dismissed.
  • The petitioner is granted an extension to deposit the ordered amount by 11 August 2026, subject to filing an undertaking.
  • All pending applications in the matters are ordered disposed.

Topics: Special Leave Petition, Asset Freeze, Deposit Deadline