Eraaya Lifespaces Limited has escalated its legal strategy in an ongoing Foreign Currency Convertible Bond (FCCB) dispute by filing a comprehensive application before the High Court of Justice, London, seeking decisive resolution of the litigation.

Court Application Details

On January 9, 2026, Eraaya filed applications seeking to strike out the Part 20 Claim and counterclaim filed by three alleged bondholders and obtain summary judgment in its favor. The application targets claims made by Multitude Growth Funds Limited, Bull Value Incorporated VCC Sub-Fund, and Selvi Capital PLC, who are admitted as second to fourth defendants in Eraaya's claim.

Injunctive Relief Sought

As ancillary relief, Eraaya has requested a prohibitory injunction under Section 37 of the Senior Courts Act, 1981, read with CPR Rule 25.1(1)(a). This injunction would restrain the alleged bondholders from asserting bondholder rights or representing themselves as entitled to enforce FCCB terms before courts or forums in any jurisdiction outside England. The company has also sought appropriate cost orders.

Company's Position on Claims

Eraaya maintains that the counterclaims advanced by the alleged bondholders are fundamentally untenable. The company expressed serious concern that FCCB-related developments have been appropriated as pressure mechanisms rather than grounded claims of entitlement. Key issues identified include:

• Counterclaims pursued outside the governing contractual framework
• Lack of legal foundation for the claims
• Parallel assertions across multiple forums to artificially construct leverage
• Misuse of litigation process and jurisdictional overreach

The company firmly rejects attempts to dictate outcomes through litigation posturing and considers its current applications necessary to curb process misuse, reinforce legal certainty, and safeguard investor interests.

Business Background

Eraaya Lifespaces Limited operates as a global holding company of Ebix Inc. and its worldwide subsidiaries across 13 countries. Following a strategic transition in 2024, the company evolved from conventional lifestyle and hospitality operations into a diversified, technology-led holding platform serving enterprise and consumer markets globally.

The company remains confident in the strength of its case and continues pursuing proceedings with leading legal advisers in the United Kingdom, acting proactively to safeguard its rights and ensure unsubstantiated claims do not impact business operations or long-term stakeholder value.

Eraaya Lifespaces Ltd has initiated legal proceedings in the United Kingdom to seek quick resolution of a Foreign Currency Convertible Bond (FCCB) dispute with bondholders. The company has filed multiple legal motions as part of its strategy to address the ongoing case.

Legal Strategy and Filings

The company has submitted requests for quick dismissal of bondholders' claims in the UK court proceedings. This legal approach suggests the company believes the bondholders' claims lack sufficient merit to proceed to full trial.

Court Proceedings Overview

In addition to seeking dismissal of the primary claims, Eraaya Lifespaces has also filed for summary judgment in the case. Summary judgment is a legal procedure that allows courts to resolve cases without a full trial when there are no genuine disputes over material facts.

Counterclaim Developments

The company has also moved to dismiss counterclaims that have been filed against it in the same proceedings. This indicates that the legal dispute involves multiple parties with various claims and counterclaims being presented to the UK court.

The FCCB-related legal proceedings represent the company's efforts to resolve bondholder disputes through the UK legal system. The outcome of these legal motions will determine whether the case proceeds to full litigation or can be resolved through the requested expedited processes.