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39. Rhutikumari vs. Zanmai Labs Pvt. Ltd. & Ors.
2025 LiveLaw (Mad) 373
October 21, 2025
Cryptocurrency – Property - Not a currency nor a tangible property – Virtual Digital Asset. [S. 9 Arbitration and Conciliation Act, 1996, S. 2(47A) Income-tax Act, 1961]
FACTS
The Applicant invested in XRP coins. Following a cyberattack, the platform froze user accounts, preventing the Applicant from accessing or trading her holdings. The Applicant filed an application under Section 9 of the Arbitration and Conciliation Act, 1996, seeking an injunction restraining the Respondents from interfering with her portfolio.
HELD
Allowing the Application, the Court inter alia, relying on the decisions of the Hon’ble Supreme Court in the case of Ahmed G.H. Ariff vs. CWT 1969 (2) SCC 471 and Jilubhai Nanbhai Khachar vs. State of Gujarat 1995 Supp (1) SCC 596 held that “cryptocurrency” is a property. It is not a tangible property, nor is it a currency. However, it is a property which is capable of being enjoyed and possessed (in a beneficial form). Further it observed
