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.

Eraaya Lifespaces Limited has obtained significant judicial protection from the Delhi Commercial Court, securing comprehensive relief against claims based on what the company maintains is a forged document. The ruling, delivered on January 7, 2026, marks a decisive victory for the technology holding company in its ongoing legal dispute.

Court Dismisses Arbitration Application

The Hon'ble District Judge (Commercial Court), Delhi, passed a detailed order in CS (Comm.) No. 1099 of 2024, rejecting the arbitration plea filed by Mr. Robin Raina under Section 8 of the Arbitration and Conciliation Act, 1996. The court determined that no prima facie valid or enforceable arbitration agreement exists in relation to the disputed document dated August 16, 2024.

The court's decision was informed by the company's consistent denial of the document's execution, authenticity, and legitimacy. Eraaya has maintained throughout the proceedings that the document is forged and fabricated, and therefore not binding upon the company.

Interim Injunctive Relief Granted

Beyond dismissing the arbitration application, the court granted the company's application under Order XXXIX Rules 1 and 2 of the Code of Civil Procedure, 1908. This interim injunctive protection safeguards several critical aspects of the company's operations:

• Corporate governance structures
• Management authority and decision-making processes
• Company assets and financial resources
• Protection from proceedings based on the disputed document

The court also restrained Mr. Robin Raina from seeking or pursuing any reliefs, remedies, or proceedings founded upon the disputed document, providing comprehensive protection to the company and its global subsidiaries operating under Ebix Inc.

Pattern of Rejected Claims

The Commercial Court's decision aligns with previous judicial outcomes involving similar claims. The court took judicial note of earlier attempts to invoke arbitration on the same basis, which were rejected at multiple levels:

These consistent rejections across different judicial levels demonstrate what the court described as "the absence of prima facie satisfaction as to the existence of any arbitration agreement."

Corporate Governance Impact

The ruling reinforces Eraaya's commitment to robust corporate governance and judicial accountability. By staying all claims premised on the disputed document, the order puts an end to what the company characterizes as repetitive and unfounded proceedings. This comprehensive protection allows the company to focus on its core business operations without the distraction of litigation based on documents whose validity has been consistently rejected.

The decision provides stability for Eraaya's global operations, which span 13 countries and include technology platforms, payment solutions, travel services, and emerging businesses through its Ebix Inc. subsidiaries. The company's diversified portfolio serves both enterprise and consumer markets worldwide across four core business segments.