Axis Finance’s plea to include Zee Entertainment Enterprises Limited (ZEEL), Essel Mauritius, and Culver Max Entertainment (Sony) as parties in its commercial summary suit against ZEEL’s promoter Subhash Chandra and others has been rejected by the Bombay High Court.
Axis Finance Limited had initially filed a commercial summary suit No. 14 of 2021, against Chandra amongst others. In the said commercial summary suit, Axis Finance Limited had preferred an application for interim reliefs in the nature of attachment before judgment against Subhash Chandra.
They aimed to reclaim a sum of Rs146 crore from Chandra.
After hearing the parties, the Bombay High Court rejected the said application preferred by Axis Finance Limited by its order dated 16th March 2021, as the same was devoid of any merits.
In its order dated 16th March 2021, the Bombay High Court had observed that Subhash Chandra was not party to the loan agreement or the securities created towards the loan agreement. Thus, the court had refused to grant any reliefs in favour of Axis Finance Limited
As Axis Finance Limited failed to obtain any relief in the Commercial Summary Suit, Axis Finance Limited filed Commercial Suit No.252 of 2022, before the Bombay High Court.
In the said Commercial Suit, Axis Finance Limited had also preferred an application seeking urgent reliefs. However, in the order dated 9th November 2022, Bombay High Court had refused to grant any reliefs in favour of Axis Finance Limited.
In the order dated 9th November 2022, the Bombay High Court had observed that Axis Finance Limited had not made out any prima facie case and was seeking reliefs against a Mauritius entity being Essel Mauritius, who was not even a party to the said Commercial Suit.
Thus, the court had refused to grant any reliefs in favour of Axis Finance Limited. Axis Finance Limited had challenged the said order in an appeal being Commercial Appeal (L) No. 36499 of 2022, before the Division Bench of the Bombay High Court.
However, Axis Finance Limited failed to obtain any reliefs in the commercial appeal and the Commercial Appeal was disposed-off by an order dated 12th June 2023, passed by the Hon’ble Bombay High Court.
Following the dismissal of its commercial appeal, Axis Finance Limited had pressed the aforesaid application seeking impleadment of ZEEL as well as their Mauritius Entities as parties to the commercial suit. However, Bombay High Court dismissed the said application.
In the said application, Axis Finance Limited was represented by MDP & Partners. Subhash Chandra Goenka was represented by ANB Legal. ZEEL was represented by Trilegal and Essel Mauritius was represented by HN Legal.