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