Db View Infracon Private Limited vs Dynamix Securities And Holdings ...
2022 Latest Caselaw 2896 Bom

                                                                                  901.ia.405.22..doc




                                     IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ANJALI   Digitally signed
                                         ORDINARY ORIGINAL CIVIL JURISDICTION
         by ANJALI
TUSHAR   TUSHAR ASWALE

ASWALE
         Date: 2022.03.24
         18:21:10 +0530                   INTERIM APPLICATION NO. 405 OF 2022
                                                                    IN
                              COMMERCIAL EXECUTION APPLICATION(L)NO.1693 OF
                                                                   2018
                                                                    IN
                                                COMMERCIAL SUIT NO. 713 OF 2017



                            DB View Infracon Pvt Ltd                         ..Applicant/Decree Holder
                                        Vs.
                            Dynamix Securities and Holdings
                            Pvt Ltd & Ors                                    ..Judgment Debtors



                            Mr.Chirag Mody a/w Munaf Virjee, Rushabh Parekh i/b ABH Law
                            LLP,for the Applicant/Decree Holder.
                            Mr.S. K. Dhekale, OSD, of the Court Receiver present.


                                                                 CORAM:- B. P. COLABAWALLA,J.

DATE :- MARCH 24, 2022.

P. C.:

The above Interim Application is filed seeking the following

reliefs:-

                            (a)      Pending the hearing and final disposal of the present Execution

                            Aswale                                                                     page 1 of 7
                                                            901.ia.405.22..doc

Application, this Hon'ble Court be pleased to order and declare that the offer of RVS Hospitality and Development Private Limited / said Company for acquisition of the attached Balance Baramati Property is accepted at least for a sum of Rs. 45,00,000/- per acre and that the attached Balance Baramati Property be sold and conveyed to RVS Hospitality and Development Private Limited / said Company at least for a sum of Rs. 45,00,000/- per acre;

(b) Pending the hearing and final disposal of the present Execution Application, this Hon'ble Court be pleased to permit the Applicant / Decree Holder to sign all requisite documents / releases / agreement for sale / conveyance or any other such documents as may be required by RVS Hospitality and Development Private Limited / said Company or other authorities in respect of the attached Balance Baramati Property for and on behalf of the Court Receiver / SCFL;

(c) Pending the hearing and final disposal of the present Execution Application, this Hon'ble Court be pleased to permit the Applicant / Decree Holder to receive the consideration directly from RVS Hospitality and Development Private Limited / said Company for the sale of the attached Balance Baramati Property at least for a sum of Rs. 45,00,000/- per acre and the Applicant inform this Hon'ble Court and the Ld. Court Receiver with proof as to the exact amount received by the Applicant / Decree Holder in relation to the sale of the said Balance Baramati Land and this Hon'ble Court mark Consent Terms / Decree dated 19th September, 2017 satisfied to the extent of the consideration so received from RVS Hospitality and Development Private Limited / said Company;

2 As can be seen from the aforesaid prayers, the

Applicant/Decree Holder seeks permission of this Court to sell

approximately 10 acres of the Baramati property (in short the "balance

Baramati property") to M/s. RVS Hospitality and Development Pvt

Ltd, at a price of not less than Rs. 45 lakhs per acre. In aid of this relief,

permission is also sought by the Decree Holder to sign all the requisite

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901.ia.405.22..doc

documents/releases/agreement for sale/conveyance and/or any other

documents as may be required by M/s.RVS Hospitality and

Development Pvt Ltd to convey in respect of the balance Baramati

property.

3 When this matter had initially come up on 21 st February,

2022, I was of the opinion that before the sale of the balance Baramati

property is confirmed in favour of M/s. RVS Hospitality and

Development Pvt Ltd, it would only be fair to give a public notice in two

newspapers inviting offers for purchase of the balance Baramati

property. Accordingly, on 21st February, 2022 I had directed the

Applicant to give a public notice in two newspapers viz (i) "Navshakti"

in Marathi; (ii) "Free Press Journal" in English having circulation in

Mumbai for inviting offer/s [above Rs. 45 lakhs per acre] for purchase of

balance Baramati property within a period of two weeks from the date of

the said publication. It was also directed that the public notice should

set out that that interested parties [with offers above Rs. 45 lakhs per

acre] should appear before this Court on 16 th March, 2022 at 2.30 p.m.

Mr. Mody, the learned counsel appearing on behalf of the Applicant has

pointed out that the aforesaid notices were published on 26 th February,

2022.

Aswale                                                              page 3 of 7
                                                 901.ia.405.22..doc


4           Though, when the above matter came up on 16 th March,

2022 [at 2.30 p.m.], apart from M/s. RVS Hospitality and Development

Pvt Ltd, no other party came forward to purchase the balance Baramati

property. Due to paucity of time, the matter could not be taken up on

16th March, 2022 and has thereafter come up before me today.

5 Mr. Mody pointed out that a part of the Baramati property

approximately 282.86 acres was sold to MIDC at a price of

Rs.38,50,000/- per acre as per the orders of this Court. Mr. Mody

submitted that M/s. RVS Hospitality and Development Pvt Ltd is

offering to purchase the balance Baramati property for a consideration

of Rs. 45 lakhs per acre. He submitted that considering that M/s. RVS

Hospitality and Development Pvt Ltd is offering a much higher price

than what was offered by the MIDC when they purchased 282.86 acres,

the sale in favour of M/s. RVS Hospitality and Development Pvt Ltd be

confirmed and the above application be made absolute in terms of

prayer clauses (a), (b) and (c) reproduced above.

6 The learned representative of the Court Receiver, who is

present in Court today has fairly stated that considering the orders

already passed by this Court in relation to the sale of the portion of

Baramati property [282.86 acres] to MIDC, the Court Receiver has no

Aswale page 4 of 7

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any serious objection, if the sale is confirmed in favour of M/s.RVS

Hospitality and Development Pvt Ltd. and the Applicant/Decree Holder

is allowed to sign all documents to convey proper and legal title to M/s.

RVS Hospitality and Development Pvt Ltd. He further submitted that

the sale proceeds thereof can also be directly paid to the

Applicant/Decree Holder. The Court Receiver, however, submitted that

after completion of the sale, the Applicant should lodge with the office of

the Court Receiver, a Hard Copy (an authenticated true copy of the Sale

Deed executed between the Applicant and M/s. RVS Hospitality and

Development Pvt Ltd.). He further submitted the Applicant should also

inform the Court Receiver of the amounts received from M/s. RVS

Hospitality and Development Pvt Ltd, including all particulars of the

remittances, so that the decree in question can be marked fully and/or

partly satisfied, as the case may be.

7 I have heard Mr. Mody at some length as well as the

representative of the Court Receiver. The entire Baramati property was

in the formal possession of the Court Receiver. Out of the entire

Baramati property, approximately 282.86 acres was sold to MIDC at a

price of Rs. 38,50,000/- per acre. To effectuate that sale, the Applicant/

Decree Holder was allowed to execute the necessary documents etc in

favour of MIDC. This was allowed pursuant to an order passed by this

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Court on 9th June, 2020. By the said order, the Applicant was permitted

to sign, stamp and register all requisite documents/releases/agreement

for sale/Deed of Conveyance/Sale Deed or any other such documents as

were required by MIDC or other authorities in respect of the sale of

282.86 acres of the Baramati property for and on behalf of the Court

Receiver/SCFL (Judgment Debtor No.3).

8 Considering the earlier orders passed by this Court, in

relation to the sale of a part of the Baramati property to MIDC [ i.e.

282.86 acres], I do not see any impediment in allowing the above

Interim Application in terms of prayer clauses (a), (b) and (c)

reproduced above. It is accordingly ordered that the Interim

Application is made absolute in terms of prayer clauses (a), (b) and (c),

9 It is directed that after completion of the sale in favour of

M/s. RVS Hospitality and Development Pvt Ltd, the Applicant shall

lodge with the office of the Court Receiver a true certified copy of the

Sale Deed [executed between the Applicant and M/s. RVS Hospitality

and Development Pvt Ltd] within a period of two weeks from the date of

execution thereof. Additionally, the Applicant shall inform the Court

Receiver of the amounts received by the Applicant from M/s. RVS

Hospitality and Development Pvt Ltd,, including all particulars of the

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remittance (s) so that the decree in question can be marked fully and/or

partly satisfied, as the case may be.

10 The Interim Application is accordingly disposed of. No

order as to costs.

11 This order will be digitally signed by the Private

Secretary/Personal Assistant of this Court. All concerned will act on

production by fax or email of a digitally signed copy of this order.

                                        ( B. P. COLABAWALLA, J. )




Aswale                                                                page 7 of 7