Bhagwan Thadhani @ Bhagwan ... vs Tridhaatu Aranya Developers Llp
2021 Latest Caselaw 14696 Bom

              IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                    ORDINARY ORIGINAL CIVIL JURISDICTION
                          [ COMMERCIAL DIVISION ]

              INTERIM APPLICATION (LODGING) NO.22694 OF 2021
                                       IN
 COMMERCIAL EXECUTION APPLICATION (LODGING) NO.22692 OF 2021
                                       IN
                    COMMERCIAL SUMMARY SUIT NO.4 OF 2020

Bhagwan Thadani @ Bhagwan Thadhani              .. Applicant-Judgment Creditor
                    Vs.
Tridhaatu Asset Holding LLP and Anr.            .. Respondents-Judg. Debtors


Dr. Birendra Saraf, Sr. Advocate, with Mr. Vaibhav Charalwar, Mr. Murtuza
Federal, Mr. Sougat Patil and Mr. Sudarshan Satalkar, i/by Federal &
Company, for the Applicant-Judgment Creditor.

Mr. Saket Mone, with Mr. Abhishek Salian, i/by Vidhii Partners, for the
Respondents-Judgment Debtors.


                                         CORAM : A. K. MENON, J.

                                         DATE      : 7TH OCTOBER, 2021.

P.C. :

1. This IA seeks disclosure of assets of the judgment-debtor and partners

of the judgment-debtor, as set out in detail in prayer clauses a(i) to a(xii) of

the IA, and for maintaining status-quo in respect of all assets. In the

meanwhile, the IA seeks a direction to the Court Receiver to sell the flats in

terms of the consent decree dated 9 th December 2019.

2. Dr. Saraf in support states that the consent decree contemplates

27-IAL-22694-2021.doc Dixit decretal sum claimed in the suit, which today amounts to approximately

Rs.28,66,13,699/- along with interest on principal sum of Rs.20,00,00,000/-.

He submits that no amounts have been paid thus far. He therefore seeks an

order directing the Receiver to take possession prior to sale, in addition to the

disclosure.

3. On behalf of both the respondents-judgment debtors, the learned

counsel Mr. Mone submits that both the flats are collectively admeasuring

about more than 9,500 sq.ft. of saleable area, which will fetch, according to

current market rates, at-least Rs.33 crores. Mr. Mone submits that the

respondents have recently sold one flat admeasuring about 7,500 sq.ft. for

about Rs.27 crores. He submits that the applicant-judgment creditor may

consider consenting to sale of the four flats by the judgment-debtors so that

the monies recovered can be paid under the decree.

4. Considering the provisions of the consent terms and the fact that the

Receiver already stands appointed, the suggestion on behalf of the judgment-

debtors cannot be accepted because that entails discharge of the Receiver.

Since this is not in contemplation of the parties, today a case is made out for

ad-interim relief especially since no amounts whatsoever have been paid

pursuant to the decree and that the Receiver already stands appointed in

respect of four flats described in Exhibit-B to the IA.

5. Accordingly, I pass the following order :-

27-IAL-22694-2021.doc Dixit

(i) Receiver shall stand appointed as Receiver in execution.

Receiver shall take possession of all the four flats,

described in Exhibit-B to the IA, on 12 th October 2021 at

11 a.m.

(ii) One representative of each judgment-debtor shall

remain present to handover keys of the respective flats

to the representative of the Receiver in the presence of

one representative of the applicant-judgment-creditor

and Advocates on both sides, if so advised.

(iii) Receiver shall take possession and affix his board on the

outer door of all the four flats, as aforesaid. He shall also

affix his board at the entrance lobby of the building

against the name boards of each of the flats described in

Exhibit-B to the IA.

(iv) The Receiver shall then seal the four flat premises after

ensuring that the flats are secure in all respects.

(v) The Receiver shall then make a report to this court on or

before 20th October 2021.

(vi) In the meantime, there will be an ad-interim order in

terms of prayer clause (a), (a-i), (a-ii) and (a-iii) for the

last three years; (a-vi), (a-vii), (a-viii), (a-x), (a-xi) and

(a-xii) of the IA.

27-IAL-22694-2021.doc Dixit

(vii) Affidavit-of-disclosure, as aforesaid, to be filed within

two weeks from today.

(A.K. MENON, J.)

Digitally signed by

SNEHA 27-IAL-22694-2021.doc SNEHA ABHAY DIXIT ABHAY Date:

DIXIT Dixit 2021.10.08 18:13:01 +0530