Idbi Trusteeship Services Ltd. ... vs Mid-City Infrastructure Pvt. ...
2021 Latest Caselaw 17843 Bom

                                         IN THE HIGH COURT OF JUDICATURE AT BOMBAY

                                              ORDINARY ORIGINAL CIVIL JURISDICTION

                                 COMMERCIAL EXECUTION APPLICATION (L) NO. 9357 OF 2021

                                                                IN

                                                  COMMERCIAL SUIT NO. 106 OF 2021

                        IDBI Trusteeship Services Ltd. & Anr.     ...    Applicant/Decree Holders
                                 vs.
                        Mid-City Infrastructure Pvt.Ltd.          ...    Judgment Debtors Respondents
                        and Ors.
                                 And
                        M/s. Jadhwani Infrastructure LLP          ...    Additional Respondent


                        Mr Ashish Kamat a/w. Mr Shyam Kapadia, Mr. Dhruva Gandhi, Mr. Gaurav
                        Shah and Ms Jigisha Vadodaria i/b M/s. Negandhi Shah And Himayatullah for
                        Applicants / Decree Holders.
                        Mr. Anand Lalwani i/b. Jayakar & Partners for the Intervenor/ Applicant in
                        Interim Application (L) No. 14075 of 2021 and Interim Application (L) No.
                        14063 OF 2021
                        Mr. Vyom Shah A/W. Ms. Nitya Shah and Ms. Kinnar Shah i/b. M/s. Divya
                        Shah & Associates for Additional Respondent.
                        Mr. Girish Thakur for Judgment Debtors.


                        Mr. D. N. Kher - Court Receiver present.


                                                                  CORAM : A. K. MENON, J.

DATED : 22nd DECEMBER, 2021 P.C. :

1. Called for filing consent terms. The decree holders and judgment

Digitally debtors have arrived at a settlement. The settlement involves a third party signed by RAJESHWARI RAJESHWARI RAMESH RAMESH PILLAI PILLAI Date:

2021.12.23 17:38:09

+0530 2-IAL-24261-2021-COMEXL-9357-2021.odt rrpillai who is an additional respondent. Additional respondent is party to the

consent terms and is represented by Advocate who undertakes to enter

appearance. The Court Receiver stands appointed by order dated

10th February, 2021. On 29 th October, 2021 Interim Application (L) No.

24261 of 2021 was disposed. That recorded charge in favour of the

judgment debtor.

2. Subsequently by order dated 17th November, 2021 further directions

were issued. The Receiver was to take physical possession. One of the

properties of which Receiver is said to have been appointed is described in

Schedule IV to the Execution Application being piece and parcel of Upper

Level Basement admeasuring 6399 sqare feet carpet area 713.64 sq.mtrs in

the commercial building known as "Link Corner" constructed on the said

Land i.e. C.T.S. No. F/113-Final Plot No. 482 and CTS No. F/114 - Final Plot

No. 481 at 33rd and 24th Road, TPS III, Off Linking Road, Behind KFC, Bandra

(West), Mumbai 400 050.

3. By the consent terms parties have arrived at an arrangement to which

additional respondent has agreed. By virtue of this settlement the parties

before the court today request modification of the order dated 29 th October,

2021 and 17th November, 2021 in order to facilitate completion of obligations

as contemplated in the consent terms.

2-IAL-24261-2021-COMEXL-9357-2021.odt rrpillai

4. The application today is to take on record these consent terms to enable

parties to give effect to the terms and towards effecting of the decretal sum.

The parties to the consent terms are present in court and have identified their

signatures on the terms which are countersigned by their Advocates. Their

Advocates also identify the signatories who are present in court. In view

thereof I pass the following order :

(i) Additional respondent shall enter appearance on or before 27 th

December, 2021.

(ii) The consent terms are therefore taken on record and marked "X" for

identification.

(iii) Undertakings contained in the consent terms are accepted

(iv) However it is made clear that in view of the fact that several obligations

are yet to be performed, parties have all agreed to carry out their respective

obligations within the time specified. Accordingly execution application

remains pending.

(v) By consent orders dated 29th October, 2021 and 17th November, 2021

stand modified in terms of clause 22 of the consent terms. By consent

restraint order vide paragraph 17(ii) and 17(iii) of the order dated 29 th

October, 2021 and paragraph 5(vi) to 5(ix) of 17 th November, 2021 as

reproduced below stands expressly vacated:

Order dated 29th October, 2021 - Paragraph 17

"(ii) There will be an ad-interim order in terms of prayer clause (b)

2-IAL-24261-2021-COMEXL-9357-2021.odt rrpillai and (c).

(iii) To the extent it concerns, the partnership interest of respondent no. 3 in

Mid-City Housing LLP, a charge will attach to the amount of Rs. 100 crores

borrowed under the Deed of Creation of Charge dated 18 th October, 2021 in

between respondent no. 3 and India Bulls Commercial Credit Limited."

Order dated 17th November, 2021 - Paragraph 5

"(vi) As far as the disclosure is concerned respondent shall file a separate

affidavit of disclosure of assets. The disclosure shall be filed by the director of

respondent no. 1 in charge of finance who has knowledge of financial affairs

of the company. The deponent shall personally refer to contents of the

affidavit and all annexures in respect of income tax returns, schedules

thereto, RERA registrations of all projects undertaken by respondent no. 1

with status of sales made if any, allotment letters, if any issued, any

agreement(s) of sale executed. The respondent shall provided the compilation

of the aforesaid documents to the applicant/plaintiff. No compilation shall be

filed in the Court without leave of the Court.

(vii) Respondent no. 2 and their partners respondent nos. 3 and 4 and

Respondent no. 5 through their designated partners shall also file personal

affidavits disclosing all assets held by them in their sole names and also

jointly with other family members, if any. Such disclosure shall be supported

by statement of assets including bank accounts, fixed deposit, bonds, shares,

securities both in material and dematerialised form, copies of statements of

2-IAL-24261-2021-COMEXL-9357-2021.odt rrpillai NSDL and CDSL for the last three years shall be provided by email to the

Advocate for the plaintiff. Disclosure shall be filed within two weeks from

today.

(viii) Plaintiffs are directed to prepare a summary of these disclosures when

made without annexing documents for being submitted to the Court on the

next date of hearing.

(ix) In the meantime none of the assets of any of these respondents shall be

disposed or otherwise assigned to any family members or other partners or

Associates or any third party without leave of this Court"

(A. K. MENON, J.)

2-IAL-24261-2021-COMEXL-9357-2021.odt rrpillai