61-carbp918-2025 & connected.doc AGK IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION IN ITS COMMERCIAL DIVISION COMM ARBITRATION PETITION NO. 918 OF 2025 IIFL Finance Limited … Petitioner V/s. Maa Vaishno Mobile Centre & Ors. … Respondents WITH COMM ARBITRATION PETITION NO.718 OF 2025 IIFL Finance Limited … Petitioner V/s. M.M. Patel & Others … Respondents WITH COMM ARBITRATION PETITION NO.842 OF 2025 IIFL Finance Limited … Petitioner V/s. Tez Cargo Logistics & Ors. … Respondents WITH COMM ARBITRATION PETITION NO.358 OF 2026 IIFL Finance Limited … Petitioner V/s. Jai Bhawani Steel Agency & Ors. … Respondents WITH COMM ARBITRATION PETITION NO.294 OF 2026 IIFL Finance Limited … Petitioner V/s. Kutumbh HR Care Pvt. Ltd. & Ors. … Respondents WITH COMM ARBITRATION PETITION NO.846 OF 2025 IIFL Finance Limited … Petitioner V/s. Ankit Choudhary& Anr. … Respondents 1 ATUL GANESH KULKARNI Digitally signed by ATUL GANESH KULKARNI Date: 2026.08.28 10:37:51 +0530 61-carbp918-2025 & connected.doc WITH COMM ARBITRATION PETITION NO.408 OF 2026 IIFL Finance Limited … Petitioner V/s. India Metal Crop & Ors. … Respondents WITH COMM ARBITRATION PETITION NO.415 OF 2026 IIFL Finance Limited … Petitioner V/s. T.M. Enterprises & Ors. … Respondents WITH COMM ARBITRATION PETITION NO.164 OF 2026 IIFL Finance Limited … Petitioner V/s. Jyotirling Kirana Stores … Respondent WITH COMM ARBITRATION PETITION NO.238 OF 2026 IIFL Finance Limited … Petitioner V/s. Deevena Enterprises & Anr. … Respondents WITH COMM ARBITRATION PETITION NO.293 OF 2026 IIFL Finance Limited … Petitioner V/s. Siddharth Trading & Another … Respondents WITH COMM ARBITRATION PETITION NO.263 OF 2026 IIFL Finance Limited … Petitioner V/s. Surya Narayan Filling Station & Anr. … Respondents WITH COMM ARBITRATION PETITION NO.533 OF 2026 IIFL Finance Limited … Petitioner 2 61-carbp918-2025 & connected.doc V/s. Soham Engineering & Anr. … Respondents WITH COMM ARBITRATION PETITION NO.534 OF 2026 IIFL Finance Limited … Petitioner V/s. Opel Industries & Another … Respondents WITH COMM ARBITRATION PETITION NO.363 OF 2026 IIFL Finance Limited … Petitioner V/s. Jay Shree Shakti Ma Precast & Anr. … Respondents WITH COMM ARBITRATION PETITION NO.264 OF 2026 IIFL Finance Limited … Petitioner V/s. Mukesh Kumar & Co. & Another … Respondents WITH COMM ARBITRATION PETITION NO.265 OF 2026 IIFL Finance Limited … Petitioner V/s. Singla CCTV & Security System & Anr. … Respondents Mr. Vyapak Desai with Mr. Jitesh Mundhwa, Ms. Shital Londhe and Ms. Varsha Singh for the Petitioner-IIFL. CORAM : AMIT BORKAR, J. DATED : AUGUST 27, 2026 P.C.: 1. The present petitions have been filed under Section 9 of the Arbitration and Conciliation Act, 1996. By these petitions, the 3 61-carbp918-2025 & connected.doc petitioner is seeking interim reliefs against the respondent (in each petition) pending the commencement of arbitration proceedings. 2. The case of the petitioner, in brief, is that the respondent was in need of financial assistance for expanding its business and for obtaining a term loan. For that purpose, the respondent approached the petitioner by submitting an online application seeking financial help. After considering the request made by the respondent and after discussions between the parties, the petitioner agreed to grant a business term loan. Accordingly, a loan facility was sanctioned in favour of the respondent on the terms and conditions contained in the loan agreement executed between the parties. 3. After execution of the loan agreement, the petitioner disbursed the loan amount to the respondent in accordance with the agreed terms. Under the loan agreement, the respondent was required to repay the loan in monthly installments. Each installment was to include interest calculated on the reducing balance of the loan together with a part payment towards the principal amount. 4. According to the petitioner, the respondent initially made repayments for a few months. However, thereafter the respondent stopped making the payments as required under the loan agreement. Because of this failure, the respondent committed default in repayment of the loan. The petitioner states that several requests and reminders were given to the respondent to clear the outstanding dues. In spite of those requests, the respondent failed 4 61-carbp918-2025 & connected.doc to make the necessary payments. 5. As a final attempt before taking legal action, the petitioner, through its Advocates, issued a demand notice calling upon the respondent to pay the balance amount, which was stated to be outstanding, within seven days from the date of receipt of the notice. Even after receiving the notice, the respondent did not make the payment or comply with the demand made therein. The petitioner has also placed on record the foreclosure statement and the statement of account showing the amount alleged to be due and payable by the respondent. 6. The petitioner submits that, in view of Clauses 12 and 13 of the loan agreement, an Event of Default has occurred. According to the petitioner, it has therefore become entitled to enforce the terms of the agreement and to take appropriate steps for recovery of the outstanding amount. It is the petitioner's case that the respondent are liable to pay the sum (as particularly set out in prayer clause (e)) under the loan facility. 7. The petitioner further contends that the respondent has failed to perform its obligations under the loan agreement as well as the other transaction documents. It is also stated that the petitioner has reason to believe that the respondent does not intend to honor those obligations and is attempting to dispose of or transfer its assets. According to the petitioner, if such transfers are permitted, recovery of the outstanding dues may become difficult and the petitioner may suffer serious loss. On this apprehension, the present petitions have been filed seeking urgent 5 61-carbp918-2025 & connected.doc interim protection under Section 9 of the Arbitration and Conciliation Act, 1996. 8. Though the respondents were duly served with notice of the present proceedings, none appeared on their behalf. 9. I have considered the pleadings, the documents placed on record and the submissions made on behalf of the petitioner. Since none has appeared for the respondent despite service, this Court has examined the material available on record with due care. At this stage, the Court is not expected to decide the disputes between the parties. However, it is required to see whether the petitioner has shown a prima facie case for grant of interim protection on the basis of the available material. 10. Clause 26 of the loan agreement contains an arbitration clause agreed between the parties. From the documents placed on record, it appears that both sides had accepted that any dispute arising out of the loan transaction would be referred to arbitration. Therefore, at this stage, it cannot be said that there is no arbitration agreement between the parties. Since the agreement itself provides for resolution of disputes through arbitration, the petitioner is entitled to invoke the jurisdiction of this Court under Section 9 of the Arbitration and Conciliation Act for seeking interim protection before the Arbitral Tribunal is constituted. 11. It is also not in dispute that the petitioner has already issued a recall notice calling upon the respondent to repay the entire outstanding loan amount. The petitioner has placed a copy of the said notice on record. Despite such notice, there is nothing on 6 61-carbp918-2025 & connected.doc record to show that the respondent have cleared the dues or replied disputing the demand. Though the mere issuance of a recall notice may not by itself establish the entire claim of the petitioner, it does indicate that the petitioner has called upon the respondent to make payment before approaching this Court. 12. The statement of account produced along with the petition also shows the amount which, according to the petitioner, remains due and payable from the respondent. At this stage, the Court is not required to examine the correctness of every entry in the statement of account or determine the liability. Those issues can be examined in the arbitral proceedings after both sides place their evidence. However, for the limited purpose of considering interim relief, the statement of account provides prima facie support to the petitioner's claim that some amount is stated to be outstanding against the respondent. 13. The petitioner has further made a statement on oath that the respondents are attempting to transfer or alienate its assets. Such statement has been made in the petition after verification by the petitioner. Though this allegation will have to be examined in before the learned Arbitral Tribunal if disputed, at this stage there is no material placed by the respondent to contradict the said assertion, as the respondent has chosen not to appear. If the assets are transferred during the pendency of the dispute and the petitioner succeeds in arbitration, recovery of the awarded amount may become difficult. Therefore, such apprehension expressed by the petitioner cannot be ignored while considering the prayer for interim protection. 7 61-carbp918-2025 & connected.doc 14. Having considered the pleadings and the documents placed on record, I am of the opinion that the petitioner has made out a prima facie case for grant of interim protection in terms of prayer clause (e). The balance of convenience also appears to be in favour of granting such relief. Accordingly, the petition can be disposed of by passing the following order: (a) The respondent (in each petition) shall comply with prayer clause (e) of the petition; (b) The petitioner shall take necessary steps for constitution of the Arbitral Tribunal within a period of ninety days from today; 15. All the arbitration petitions are accordingly disposed of in the above terms. There shall be no order as to costs. (AMIT BORKAR, J.) 8