Bombay High Court
Ashok Kumar Goel vs Ebix Technologies Limited ( Formerly ... on 9 October, 2025
Author: Abhay Ahuja
Bench: Abhay Ahuja
903. IAL 31998-25 in COMEXL 31722-25.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO. 31998 OF 2025
IN
COMMERCIAL EXECUTION APPLICATION (L) NO. 31722 OF 2025
Ashok Kumar Goel & Anr. ...Applicants
V/s.
Ebix Technologies Ltd. & Ors. ...Respondents
Mr. Sharan Jagtiani, Senior Advocate with Mr. Nitesh Jain, Ms. Juhi
Mathur, Mr. Atul Jain, Ms. Sonia Dasgupta, Ms. Surabhi Agarwal, Mr.
Abhimanyu Chaturvedi and Mr. Sauran Thampan i/b Trilegal for the
Applicant.
Mr. Devang Vyas, Senior Advocate, through VC with Mr. Siddharth
Sharma, Mr. Shulang and Ms. Ishika Chauhan for the Respondent No.1.
CORAM : ABHAY AHUJA, J.
DATE : 9th OCTOBER, 2025
P.C. :
Interim Application (L) No. 32500 of 2025
1. This Interim Application is not on board. Taken on board.
2. This Interim Application seeks directions that the Fixed Deposits
aggregating to INR 9.62 Crs be deposited with this Court or in the
alternative directions to the Court Receiver to attach the Fixed Deposits
aggregating to Rs. 9.62 Crs or grant a temporary injunction restraining
proposed Respondent No.4 and/or its agents, directors, employees,
servants and/or any person claiming through or under it from
liquidating the Fixed Deposits amounting to Rs. 9.62 Crs. lying with the
ICICI Bank.
903. IAL 31998-25 in COMEXL 31722-25.doc
3. Mr. Jagtiani, learned Senior Counsel appearing for the Applicant
submits that the Applicants are entitled to execution of Section 9 order
with respect to a bank guarantee of Rs. 145 Crs and submits that while
this Court can grant time for filing of reply etc., considering that the
proposed Respondent No. 4 is a 100% subsidiary of the Respondent
No.1-Judgment Debtor and in view of the email dated 3 rd October, 2025
to the Court Receiver seeking permission to liquidate the Fixed Deposits
of Rs. 9.62 Crs, this Court may grant temporary injunction restraining
the proposed Respondent No.4 from liquidating the Fixed Deposit
amounting to Rs. 9.62 Crs. Mr. Jagtiani has drawn this Court's attention
to the email dated 3rd October, 2025 from the ICICI Bank to the Court
Receiver on page 243.
4. Mr. Jagtiani, learned Senior Counsel submits that none appears
for the proposed Respondent No.4 despite service.
5. Mr. Vyas, learned Senior Counsel along with Mr. Siddharth
Sharma, learned Counsel appear in the matter for the Respondent No.1
and seek some time to consider the Interim Application submitting
however, that they have no instructions to make any statement on
behalf of the Respondent No.1 nor do they have any instructions to
903. IAL 31998-25 in COMEXL 31722-25.doc
appear for the proposed Respondent No.4 and would need to examine
the submissions made.
6. I have heard the learned Senior Counsel and note that the email
at page 243 on the basis of which the Interim Application appears to
have been filed, is addressed by the ICICI Bank to the Court Receiver,
High Court Bombay informing that a request has been received for
liquidation of the Fixed Deposits from the Respondent No.4 informing
that the Respondent No. 4 is a wholly owned subsidiary of the
Respondent No.1-Judgment Debtor and that the Fixed Deposits are lien
marked against the bank guarantees mentioned in the said email issued
by the ICICI Bank, the term of which has expired. It has been stated in
the email that since the matter is pending before this Court, the ICICI
Bank has sought this Court's guidance whether the Fixed Deposits can
be liquidated wherein the bank guarantees are closed/expired.
7. Upon a query from this Court as to whether notice of the hearing
has been given to the Court Receiver, learned Senior Counsel appearing
for the Applicant submits that notice can be given.
903. IAL 31998-25 in COMEXL 31722-25.doc
8. Upon a further query whether the ICICI Bank has been made a
party to this Application, learned Senior Counsel for the Applicant
submits that the ICICI Bank can be made a party to the proceedings.
9. Although from the email it does not appear that the ICICI Bank
would be liquidating the Fixed Deposits as apprehended by the
Applicant without the guidance of this Court / communication from the
Court Receiver, this Court is of the view that the ICICI Bank be made a
party to the Interim Application. That notice of the listing of this matter
also be given to the Court Receiver to place before this Court a report
in the matter.
10. Let instructions be taken on behalf of the Respondents and if
necessary, reply on behalf of the Respondents be filed within a period of
two weeks with copy to the other side. Rejoinder in two weeks
thereafter with copy to the other side.
11. Let the amendments adding ICICI Bank as a party be carried out
within a period of one week and amended proceedings be served on
others.
903. IAL 31998-25 in COMEXL 31722-25.doc
12. Let objections to the Commercial Execution Application as well
as to the Interim Application be removed and registered numbers be
obtained by the next date.
13. List on 10th November, 2025.
14. All to act on a copy of this order duly authenticated by the
learned Associate of this Court.
(ABHAY AHUJA, J.)
Digitally
signed by
NIKITA
NIKITA YOGESH
YOGESH GADGIL
GADGIL Date:
2025.10.09
19:38:15
+0530
