- 1 - NC: 2025:KHC:9440-DB COMAP No. 392 of 2024 IN THE HIGH COURT OF KARNATAKA AT BENGALURU DATED THIS THE 5TH DAY OF MARCH, 2025 PRESENT THE HON'BLE MR JUSTICE V KAMESWAR RAO AND THE HON'BLE MR JUSTICE T.M.NADAF COMMERCIAL APPEAL NO.392 OF 2024 BETWEEN: ELECTRUM FINANCIAL SERVICES PRIVATE LIMITED (FORMERLY KNOWN AS BUYFOREXONLINE (INDIA) PRIVATE LIMITED) A COMPANY REGISTERED UNDER THE COMPANIES ACT, 2013, HAVING ITS REGISTERED OFFICE AT NO.15, 1ST FLOOR, SHANTARAM CENTRE, LANGFORD ROAD, BANGALORE – 560 025 REPRESENTED BY ITS AUTHORISED REPRESENTATIVE MR ANANTH T N …APPELLANT (BY SRI. KASHYAP N NAIK, ADVOCATE) AND: THE FEDERAL BANK LIMITED A COMPANY REGISTERED UNDER THE COMPANIES ACT, 2013, HAVING ITS REGISTERED OFFICE AT FEDERAL TOWERS, ALUVA – 683 101, KERALA REPRESENTED BY ITS Digitally signed by MADHUSHREE H Location: High Court of Karnataka - 2 - NC: 2025:KHC:9440-DB COMAP No. 392 of 2024 AUTHORISED SIGNATORY MR. PRAJITH T.C. …RESPONDENT (BY SRI. SHRISHAIL SHIVABASAPPA NAVALGUND, ADVOCATE) THIS COMAP IS FILED UNDER SECTION 13 (1)(a) OF THE COMMERCIAL COURTS ACT, 2015 READ WITH SECTION 37 OF THE ARBITRATION AND CONCILIATION ACT, 1996 PRAYING TO SET ASIDE THE IMPUGNED ORDER DATED 20.08.2024 PASSED BY THE HON’BLE LD. LXXXVII ADDL. CITY CIVIL AND SESSIONS JUDGE, COMMERCIAL COURT UNIT, AT BANGALORE (CCH 88), IN COM.A.A. NO.122/2023 (ANNEXURE A), ETC THIS APPEAL COMING ON FOR ADMISSION THIS DAY, JUDGMENT WAS DELIVERED THEREIN AS UNDER: CORAM: HON'BLE MR JUSTICE V KAMESWAR RAO and HON'BLE MR JUSTICE T.M.NADAF ORAL JUDGMENT (PER: HON'BLE MR JUSTICE V KAMESWAR RAO) The challenge in this appeal is primarily to an order dated 20.08.2024 whereby, the LXXXVII Additional City Civil and Sessions Judge (Commercial Court) at Bengaluru (CCH-88) has decided the application filed by the - 3 - NC: 2025:KHC:9440-DB COMAP No. 392 of 2024 respondent herein under Section 9 of the Arbitration and Conciliation Act, 1996 and directed the following:- "The application filed by the applicant under Sec.9 of The Arbitration And Conciliation Act is hereby allowed. Respondent is hereby directed to deposit amount of Rs.17,70,40,912/- or provide bank guarantee as security for the said amount which is free of any encumbrance or lien." 2. We have been informed that the learned Arbitrator has been appointed, who is seized of the dispute. If that be so and it is agreed by the counsel for the respondent that liberty be granted to the appellant herein to file appropriate application for vacation, variation or modification of the impugned order dated 20.08.2024 before the learned Arbitrator for his consideration. The submission is taken on record. 3. Suffice to state that all the pleas of the parties both on facts and in law are left open to be canvassed - 4 - NC: 2025:KHC:9440-DB COMAP No. 392 of 2024 before the learned Arbitrator. With the above, we dispose of the appeal. Sd/- (V KAMESWAR RAO) JUDGE Sd/- (T.M.NADAF) JUDGE MH/- List No.: 1 Sl No.: 28