Arbitral award: Delhi High Court rejects Gangwal plea against IndiGo partner Bhatia

The Delhi High Court on Friday rejected Rakesh Gangwal’s plea for directions to his estranged partner Rahul Bhatia and his company, InterGlobe Enterprises (IGE), to call an extraordinary general meeting (EGM) to vote on a resolution for removal of restrictions on the transfer of shares within 30 days. This plea was based on the London Court of International Arbitration’s (LCAI) September 23 award. The arbitration award is in relation to the dispute between Gangwal and Bhati who are co-promoters of IndiGo Airline.

On September 23, LCIA had directed the parties to hold an EGM, and had asked Gangwal and Bhatia to arrive at a consensus for a resolution to remove the Articles of Association (AoA) that had restricted transfer of shares.