Vista Itcl (India) Limited ... vs Sanjay Dattatrey Kakade And Ors
2021 Latest Caselaw 14698 Bom

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

                     COURT RECEIVER'S REPORT NO.363 OF 2021
                                        IN
  COMMERCIAL EXECUTION APPLICATION (LODGING) NO.1599 OF 2018

Vista ITCL (India) Ltd.
(Formerly known as IL and FS Trust Co. Ltd.) and Anr.          .. Applicants
                 Vs.
Sanjay Dattatrey Kakade and Ors.                               .. Respondents


Mr. Sharan Jagtiani, with Ms. Shradha Achliya, Mr. Jatin Pore and Ms. Ankita
Agrawal, i/by DSK Legal, for the Applicants.
Mr. Girish Godbole, i/by Ms. Ketki Gadkari and Mr. Rahun Soman, for
Respondent Nos.1 and 2.
Mr. Girish Godbole, with Mr. Yatin R. Shah, Mr. Shivam Bhagwati and Mr.
Shahzad Khajotia, for Respondent No.3.
Mr. S.K. Dhekale, OSD, Court Receiver, is present.


                                           CORAM : A. K. MENON, J.

                                           DATE      : 7TH OCTOBER, 2021.

P.C. :

1. Mr. Godbole on behalf of the respondent no.1 seeks to file further

affidavit dated 7th October 2021. Leave is granted to file the said affidavit in

the registry.

2. Mr. Jagtiani states that there is a shortfall in the disclosures made. He

states that documentation provided thus far is wholly insufficient. Original

documents are not forthcoming, as in the past, and therefore he has now

3-CRR-363-2021.doc Dixit received instructions that there are six high-value motor cars said to be in the

possession of respondents 1 to 3 and of their ownership. Mr. Godbole seeks

time to take instructions and revert on these aspects.

3. In the meantime, it is stated that five motor cars have been handed

over, as directed earlier, sans insurance papers. As far as the remaining eight

vehicles are concerned, Mr. Godbole submits that the respondents are

unaware of the whereabouts of those vehicles. That indicates that these

vehicles are not presently being used by the respondents.

4. In these circumstances, Mr. Godbole submits that the respondents 1 to

3 are willing to pay over to the applicants the written down value of these

motor cars. Mr. Jagtiani seeks time to take instructions on that aspect of the

matter.

5. In the meantime, it is noticed that the respondents-judgment debtors

have not disclosed their income tax returns or other personal assets held by

them and accordingly, Mr. Jagtiani seeks an appropriate order directing

disclosure.

6. In view thereof, since the earnest disclosure is not forthcoming, I pass

the following order :-

(i) Respondent nos.1 to 3 shall file copies of the Income

Tax Returns for the past three years, including the

acknowledgments, Balance Sheet and Profit & Loss

3-CRR-363-2021.doc Dixit Account and all annexures thereto on or before 11 th

October 2021.

(ii) Respondent nos.1 to 3 shall also provide copies of their

statements with NSDL and CDSL for the past three

years as also copies of the statement issued by CAMS in

respect of all mutual funds, share stocks and bonds held

by the respondents 1 to 3, on or before 11 th October

2021.

(iii) The aforesaid documents shall be served on the

Advocates for the applicants by e-mail on or before 12 th

October 2021.

(iv) Inspection of any of the aforesaid documents, if sought,

shall be offered on or before 13th October 2021.

(v) Additional affidavit on behalf of the applicants, if any, to

be filed by 12th October 2021.

(vi) List the Execution Application, along with Court

Receiver's Report, on 20th October 2021.

(vii) In the meantime, the applicants are at liberty to seek

issuance of warrants of attachments in respect of any of

the assets that have been disclosed and are said to be of

the ownership of the respondents 1 to 3.

(A.K. MENON, J.)

Digitally signed

SNEHA by SNEHA ABHAY DIXIT 3-CRR-363-2021.doc ABHAY Date:

Dixit 2021.10.08 DIXIT 18:14:25 +0530