Bombay HC dismisses SUN-AREA’s appeal against CLB order in Rustomjee case; PE firm approaches SC | VCCircle
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Bombay HC dismisses SUN-AREA’s appeal against CLB order in Rustomjee case; PE firm approaches SC

BY  Pooja Sarkar
SUN-AREA had invested Rs 234.9 cr in Rustomjee Group’s holding company in 2009 and early this year filed a case alleging fraud, misutilisation of funds and default in payment of interest.

The Bombay High Court has dismissed an appeal by real estate dedicated private equity firm SUN-AREA Property Partners (formerly SUN-Apollo) against Mumbai-based developer Rustomjee Group, which challenged the decision of Company Law Board (CLB) asking the two parties to go for an arbitration. Sources told VCCircle that the real estate investment fund has now taken the case to the  Supreme Court.

SUN-AREA had appealed against the CLB order dated October 12, 2012 which dismissed an ad-interim petition filed by the investment firm and had asked both the parties to undergo arbitration as defined in their shareholders’ agreement clause.

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