ASIA SHIPPING INTERNATIONAL TRANSPORT PRIVATE LIMITED vs MR ABDUL SALAM KHAN

Judgment text excerpt

$~26 * IN THE HIGH COURT OF DELHI AT NEW DELHI Date of Decision: 13.04.2026 + O.M.P.(I) (COMM.) 71/2026 & I.A. 8888/2026 ASIA SHIPPING INTERNATIONAL TRANSPORT PRIVATE LIMITED .....Petitioner Through: Mr. Samudra Sarangi, Ms. Saloni Jain, Ms. Panchi Agarwal and Ms. Navya Nanda, Advocates. versus MR ABDUL SALAM KHAN .....Respondent Through: Mr. Brijesh Kumar Sharma and Ms. Payal Gupta, Advocates. CORAM: HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR % JUDGEMENT (ORAL) HARISH VAIDYANATHAN SHANKAR, J. 1. The present Petition has been filed under Section 9 of the Arbitration and Conciliation Act, 19961, seeking the following reliefs:- “(a) Direct the Respondent to deposit the Outstanding Liability of INR 2,82,20,063 (Indian Rupees Two Crore eighty two lakh twenty thousand and sixty three) which includes the principal amount of INR 2,13,18,344 (Indian Rupees Two Crore thirteen lakh eighteen thousand three hundred and forty four) along with the interest of INR 69,01,719 (Indian Rupees Sixteen Nine lakh one thousand seven hundred and nineteen) calculated at the rate of 24% p.a. till 2 February 2026, in an interest bearing deposit before this Hon'ble Court till the conclusion of arbitration proceedings between the parties; (b) In the alternate to prayer (a), direct the Respondent to furnish an unconditional bank guarantee for the sum of INR 2,82,20,063 (Indian Rupees Two Crore eighty two lakh 1 Act Signature Not Verified Digitally Signed By:VARNIKA O.M.P.(I) (COMM.) 71/2026 Signing Date:15.04.2026 Page 1 of 6 16:18:37 twenty thousand and sixty three) in favour of the Petitioner, which can be encashed upon appropriate directions from this Hon'ble Court; (c) Restrain the Respondent, his agents, servants, or anyone acting on his behalf from selling, transferring, alienating, dispo