BLUEFIRE INFOTAX CONSULTANCY PVT LTD & ORS. vs ANS INFRATECH PVT LTD

Judgment text excerpt

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Reserved on : 23.01.2025 Pronounced on : 10.03.2025 + ARB. A. (COMM.) 67/2024, IA 48911/2024 BLUEFIRE INFOTAX CONSULTANCY PVT LTD & ORS. .....Petitioners Through: Mr. Praveen Kumar, Mr. Sarthak Gupta, Mr. Amolak Singh, Ms. Chahat Gupta and Mr. Nishil Kaushik, Advocates(M:9999099325) versus ANS INFRATECH PVT LTD .....Respondent Through: Mr. Sandeep Agarwal, Senior Advocate with Mr. Sushil Aggarwal, Mr. Siddhant Jain and Ms. Tanya Chanda, Advocates. CORAM: HON'BLE MR. JUSTICE MANOJ KUMAR OHRI JUDGMENT 1. The present appeal filed under Section 37(2)(b) of the Arbitration & Conciliation Act, 1996 (hereafter, “A&C Act”), read with Section 13 of the Commercial Courts Act, 2015, impugns order dated 14.11.2024 passed by the Arbitral Tribunal (hereafter, “AT”) allowing application filed under Section 17 of the A&C Act by the Respondent/Claimant. 2. Appellant No 1 is a Company of which Appellant Nos. 2 and 3 are shareholders, holding 99 % and 1% equity shares therein, respectively. Signature Not Verified Digitally Signed ARB. A. (COMM.) 67/2024 Page 1 of 13 By:GAUTAM ASWAL Signing Date:10.03.2025 18:00:32 3. Apparently, the disputes pertain to a Share Purchase Agreement dated 16.04.2024 (hereafter, „SPA‟) executed by the Appellants and Respondent, whereby Appellant Nos. 2 and 3 had agreed to sell their entire (100%) shareholding in the Appellant No.1 Company to the Respondent. 4 Appellant Nos. 2 and 3 terminated the SPA, before the consummation of the sale of shares in favour of the Respondent, which was challenged by the Respondent by invoking arbitration. In the interim, the Respondent moved court, under Section 9 of the A&C Act, seeking interim protection restraining the Appellant Nos. 2 and 3 from selling their shares to any third p