Delhi HC Orders Ambience to Deposit ₹638 Crore Amid Indiabulls Dispute

In 2020, Indiabulls Commercial Credit paid ₹638 crore to Ambience Private Limited under Agreements to Sell (ATS) for 273 housing units, but ownership was not transferred by Ambience. 

Indiabulls filed a case under Section 9(1) of the Arbitration and Conciliation Act for the deposit of ₹638 crore, citing pending arbitration. Ambience argued the ATS was a loan security mechanism, not a sale agreement.

Indiabulls claimed the ₹2,344 crore loan to Ambience was repaid using ATS funds, fulfilling the agreements.

The Delhi HC ordered Ambience to deposit ₹638 crore and restrained them from selling the disputed units until the deposit was made.