The Bombay High Court has directed the respondents to disclose their assets on oath and continued an injunction granted by an Arbitral Tribunal while hearing an execution application seeking enforcement of an order passed under Section 17 of the Arbitration and Conciliation Act, 1996.
The applicant, Unity Small Finance Bank Limited, submitted that the respondents had breached the interim order passed by the Arbitral Tribunal and sought directions for disclosure of assets as well as continuation of the injunction granted in the arbitral proceedings.
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Opposing the plea, the respondents informed the Court that they had filed a petition under Section 34 of the Arbitration and Conciliation Act challenging the arbitral award and sought time in the matter. However, it was fairly conceded that no stay had been granted on the execution of the award.
Taking note of the absence of any stay, Justice Abhay Ahuja held that the respondents were required to make disclosures in terms of the applicant’s prayer and directed them to file and serve an affidavit of disclosure on oath within four weeks.
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The Court further acceded to the applicant’s request to continue the injunction granted by the Arbitral Tribunal, holding that the interim protection contained in the operative part of the arbitral award would remain in force until further orders. The matter has been listed for 29 July 2026 for further consideration.
