NUPOWER RENEWABLES PRIVATE LIMITED vs SAMMAAN CAPITAL LIMITED

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of Decision: 15.01.2025 + O.M.P.(I) (COMM.) 11/2025 and I.A. 870/2025 NUPOWER RENEWABLES PRIVATE LIMITED .....Petitioner Through: Mr. Venkatesh, Advocate versus SAMMAAN CAPITAL LIMITED .....Respondent Through: Mr. Dayan Krishnan, Sr. Advocate with Mr. Ankit Banati, Mr. Siddharth Joshi, Mr. Shubham Madaan and Mr.Shreedhar Kale, Advocates CORAM: HON'BLE MR. JUSTICE MANOJ KUMAR OHRI JUDGMENT (ORAL) 1. By way of present petition filed under Section 9 of the Arbitration and Conciliation Act, 1996 (hereafter referred, the „A&C Act‟), the petitioner seeks the following reliefs: - “(a) Stay the Loan Recall Notice dated 26.12.2024, Wilful Default Notice dated 03.01.2025 and Notice alleging fraud dated 03.01.2025 issued by the Respondent; (b) Grant ex-parte ad-interim reliefs in terms of the prayers (a) above; (c) Award costs of this Petition/Application.” 2. The petitioner claims to be a private limited company incorporated under the Companies Act, 1956 and engaged in the business of power generation through its wind turbine generator facilities. The respondent (formerly known as Indiabulls Housing Finance Limited) is a mortgage- focused Non-Banking Finance Company ("NBFC"). The parties entered into Signature Not Verified Digitally Signed O.M.P.(I) (COMM.) 11/2025 Page 1 of 14 By:GAUTAM ASWAL Signing Date:06.02.2025 17:34:18 a Loan Agreement dated 16.09.2011 (hereafter, “agreement”) whereby the respondent sanctioned the grant of a financial facility to the petitioner for an amount of Rs. 150,00,00,000/-. The petitioner also executed an Escrow Agreement with the respondent in terms of which all the receivables collected/received from the date of execution of the Loan Agreement had to be directly deposited in the Escrow Agreement. T