Global Impex vs Sipping Tea Cinemas LLP

Judgment text excerpt

22.CARBPL.21599.2025 (corrected).doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMMERCIAL ARBITRATION PETITION (L) NO.21599 OF 2025 M/s Global Impex ….Petitioner Versus M/s Sipping Tea Cinemas LLP ...Respondent Mr. Ashish Kamat, Senior Advocate a/w. Shrey Fatterpekar i/b. Shon Gadgil, Advocates for Petitioner”. Mr. Virendra Tulzapurkar, Senior Advocate along with Mr. Mandar Soman for the Respondent. CORAM: SOMASEKHAR SUNDARESAN, J. DATE : AUGUST 4, 2025 ORAL JUDGMENT: Context and Factual Background: 1. This Petition is filed under Section 9 of the Arbitration and Conciliation Act, 1996 (“the Act”) seeking urgent interlocutory intervention in connection with an Investment and Assignment of Rights Agreement dated April 24, 2025 (“Agreement”) entered between the parties. 2. Under the Agreement, the Petitioner, M/s Global Impex (“Global Impex”) has agreed to provide the Respondent, Sipping Tea Cinemas LLP (“Sipping Tea”) with an investment of Rs.5 crores to finance a Page 1 of 26 AUGUST 4, 2025 Aarti Palkar (This order is corrected pursuant to speaking to the minutes of order dated August 11, 2025.) 22.CARBPL.21599.2025 (corrected).doc movie tentatively titled Charak on the terms and conditions set out in the Agreement. The Petitioner essentially seeks intervention of this Court, by pointing to the blatant disregard of the terms of the Agreement on the part of Sipping Tea, which would, in turn, contend that it is Global Impex that has not been ready and willing to perform under the Agreement, and that the the Agreement does not document an assignment of rights in the movie but is merely an agreement to assign rights in future. The Agreement: 3. A brief overview of the terms and conditions set out in the Agreement would be necessary. Suff