Vardhman Trusteeship Pvt Ltd, a company providing trusteeship services, acted as debenture trustee for loans totaling Rs.77 crores taken by Defendant No.2, a tech solutions firm, with Defendant No.1's New Delhi property mortgaged as security through deposit of title deeds after its purchase in 2006 following inheritance and conversion to freehold, and various agreements like debenture trust deeds, hypothecation, share pledges and personal guarantees were executed in 2023 and 2024, but breaches occurred leading to default notices in October 2025 demanding over Rs.40 crores with Defendant No.2 admitting liability via email in January 2026 without payment, prompting the Plaintiff to file a commercial suit in February 2026 seeking a mortgage decree for Rs.3.91 crores based on property valuation, sale of the property, permanent bar on redemption and costs, along with an application for exemption from pre-institution mediation under Section 12A of the Commercial Courts Act claiming urgency to prevent third-party interests, and another for interim injunction under Order XXXIX Rules 1 & 2 CPC to restrain alienation of the property.
The core dispute was whether the suit contemplated urgent interim relief to exempt it from mandatory pre-institution mediation. The court reasoned by referring to Supreme Court precedents like Patil Automation emphasizing the mandatory nature of Section 12A unless genuine urgency exists, Yamini Manohar requiring courts to scrutinize if urgency is not a disguise based on plaint averments, Novenco finding urgency in continuing IP infringements as each act is a fresh wrong, and Chandra Kishore stating urgency is determined by the plaintiff's pleadings, but found in this case the claims of urgency were vague and bald since the property was already mortgaged with no evidence of imminent third-party creation, distinguishing it from ongoing wrongs, thus no real urgency warranted exemption. The court dismissed the exemption application, returned the plaint with liberty to refile after mediation, and disposed of all pending applications.
Vardhman Trusteeship Pvt Ltd Vs Smt Jyotsana Dubey:24.02.2026: CS(COMM) 177/2026: Subramonium Prasad.
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