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HC modified interim injunction order in loan recovery matter involving Rs. 26 crores debt. While acknowledging petitioner's prima facie case based on respondent's books and admission letter, court found balance of convenience favored vacating bank account restraint requiring Rs. 40 crores minimum balance. Court noted NARCL's control over both parties provided adequate protection. Injunction modified to restrain disposal of disclosed investments and future investments while permitting normal business operations. SARFAESI Act security over scheduled assets deemed sufficient protection. Court emphasized parallel proceedings under SARFAESI Act and Arbitration Act can continue simultaneously. Petitioner retained liberty to seek interim relief before arbitrator. Application disposed with modified interim relief balancing creditor protection against debtor's operational requirements.
HC modified interim injunction order in loan recovery matter involving Rs. 26 crores debt. While acknowledging petitioner's prima facie case based on respondent's books and admission letter, court found balance of convenience favored vacating bank account restraint requiring Rs. 40 crores minimum balance. Court noted NARCL's control over both parties provided adequate protection. Injunction modified to restrain disposal of disclosed investments and future investments while permitting normal business operations. SARFAESI Act security over scheduled assets deemed sufficient protection. Court emphasized parallel proceedings under SARFAESI Act and Arbitration Act can continue simultaneously. Petitioner retained liberty to seek interim relief before arbitrator. Application disposed with modified interim relief balancing creditor protection against debtor's operational requirements.
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