Verona Capital Ltd vs Kaynet Finance Ltd. And 9 Ors
2021 Latest Caselaw 1762 Bom

                                                                11.ial.5401.2020.doc

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              IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                   ORDINARY ORIGINAL CIVIL JURISDICTION
                Digitally
                signed by
                Dhanappa
      Dhanappa I. Koshti
      I. Koshti Date:
                2021.01.28
                11:32:16
                +0530
                            INTERIM APPLICATION (L) NO. 5401 OF 2020
                                              IN
                         COMM. EXECUTION APPLICATION (L) NO. 5400 OF 2020

                 Verona Capital Ltd.                     ... Applicant
                      Vs
                 Kaynet Finance Ltd. & Ors.              ... Respondent


                 Mr.Shyam Mehta sr. adv. a/w Mr. Shubham Agrahari i/b Anoma
                 Law Group LLP for the Applicant.
                 Ms Prachi Kolambekar and Apurva Sanglikar i/b Thadur Law
                 Associates for the Respondents.

                                         CORAM : B.P. COLABAWALLA, J.

DATE : 27nd JANUARY, 2021

P.C. :

1 The present Interim Application is fled by the decree

holder who has an award in its favour in the sum of approximately

Rs.17.52 crores with interest @ 12 % p.a. from 17 th December, 2015.

The fgure calculated with interest till date comes to approximately

Rs.27 crores. In this Interim Application, the decree holder seeks a

disclosure as well as a relief of injunction and appointment of the

Court Receiver.

11.ial.5401.2020.doc

2 The learned advocate appearing on behalf of the

respondents has brought to my attention that it is only respondent

No.1 who is the judgment debtor. Respondent Nos.2 to 11 were

neither party to the Arbitration proceedings nor the award is passed

against them.

3 The learned advocate for the respondents submits that

as far as respondent No.1 is concerned, it shall disclose on oath all

its assets, movable, immovable as well as the receivables, if any,

along with the approximate value thereof and the encumbrances

and/or charges on the said properties. For the sake of clarity, she

further stated that respondent No.1 shall disclose the bank accounts

as well as D-mat accounts and the credit/debit balances in those

accounts. The said statement is accepted as an undertakings given

to this Court. This disclosure affdavit shall be fled within a period

of two weeks from today. It is ordered that respondent No.1 shall

maintain the status-quo as on today with reference to all its assets

and shall not alter the same without leave of this Court.

4 As far as respondent Nos.2 to 11 are concerned, no relief

is passed against them today and they are granted liberty to fle an

11.ial.5401.2020.doc

affdavit-in-reply opposing the reliefs qua them. This affdavit-in-

reply, on behalf of respondent Nos.2 to 11 shall be fled within a

period of three weeks from today.

5 List the above Interim Application for further ad-interim

reliefs on 17th February, 2021.

6 This order shall be digitally signed by the Private

Secretory /Personal Assistant of this Court. All concerned shall act

on production by fax or e-mail of a digitally signed copy of this order.

(B.P. COLABAWALLA, J. )