Morgan Securities and Credits Pvt Ltd v. Ganesh Benzoplast Limited

1. The appeal has been heard by way of video conferencing.

2. Present appeal has been filed challenging order dated 27th September, 2021 passed by the learned Single Judge of this Court in OMP(I)(COMM) 324/2021, whereby the petition filed by the Appellant underSection 9 of the Arbitration andConciliation Act,1996 [‘the Act’]was dismissed. Appellant also seeks a direction to the respondent to restrain it from acting in furtherance of the resolution proposed at Item No. 7 of the Notice of the Annual General Meeting of the Respondent held on 27th September, 2021 in any manner whatsoever and to restrain therespondent from transferring any assets and/ or monies to GBL Clean Energy Private Limited and GBL Infra 2021:DHC:3278-DB FAO(OS)(COMM)131/2021 Engineering Private Limited or incurring any obligation/ encumbrance to secure thedues of the said companiesin any manner whatsoever.

3. After some arguments, Mr. Ashwini Kumar, learned counsel for respondent,on instructions of Ms. Iti Sharma,Advocate-on-record states that in execution proceedings, the appellant shall be at liberty to execute the arbitral award against both the judgment debtoras well as the wholly owned subsidiaries, including GBL Chemical Limited. The statement made by learned counsel for respondent is accepted by thisCourt andthe respondent is held boundby the same.

4. In view of the aforesaid statement, learned senior counsel for the appellant does not wish to press the present appeal anyfurther.

5. Accordingly, after recording thestatement made by learned counsel for the respondent, the present appeal is disposed of along with pending applications.

6. The order be uploaded on the websiteforthwith.Copy of the order be also forwarded to the learned counsel through e-mail. MANMOHAN,J NAVIN CHAWLA, J OCTOBER 12, 2021 TS