Bhagwan Thadhani @ Bhagwan ... vs Tridhaatu Asset Holdings Llp And ...
2022 Latest Caselaw 11664 Bom

           Digitally signed
                                                                              crr 347-22.odt
           by LAXMI
LAXMI    SUBHASH
         SONTAKKE
SUBHASH Date:

                                         IN THE HIGH COURT OF JUDICATURE AT BOMBAY
SONTAKKE 2022.11.19
           16:49:37
           +0530



                                               ORDINARY ORIGINAL CIVIL JURISDICTION


                                               COURT RECEIVER'S REPORT NO. 347 OF 2022
                                                                 IN
                                COMMERCIAL EXECUTION APPLICATION (L) NO. 22692 OF 2021


                              Bhagwan Thadani @ Bhagwan Thadhani           ..Applicant/Judg. Creditor
                                         Vs.
                              Tridhaatu Asset Holdings LLP & Anr.         ..Respondents/Judg. Debtors



                              Dr. Birendra Saraf, Senior Counsel a/w Mr. Vaibhav Charalwar a/w
                              Murtuza Federal, Sougat Pati & Sudarshan Satalkar i/b. Federal &
                              Co., for the Applicant/Judgment Creditor.
                              Mr. Abhishek Salian i/b. Vidhi Partners for the Respondent/Judgment
                              Debtor.
                              Mr. Hafeez Patanwala i/b. Juris Corp for Bidder (TTD Realtors Pvt.
                              Ltd.).
                                                        st
                              Mr. E. B. Sivakumar, 1 Court Receiver is present.
                              Mr. Tapin Khanna, Director of TTD Realtors Pvt. Ltd., Bidder is
                              present.
                              Mr. Darpan P. Maniar, Bidder is present.
                              Mr. Govindkrishnan Muthukumar, Partner of Tridhaatu Asset Holdings
                              LLP is present.

                                                              CORAM:- B. P. COLABAWALLA,J.

DATE :- NOVEMBER 16, 2022.

                              Laxmi                                                            page 1 of 7
                                                    crr 347-22.odt




P. C.:

1. Pursuant to order dated 21 st September, 2022, this Court

had directed sale of the following immovable properties through the

office of the Court Receiver.

         Sr. Flat No., Floor & Building   Carpet   Owner/              No. of Car
         No. Name                         Area (in Promoter/           Parking
                                          sq. ft.) Developer           Space

              Tridhaatu AUM; Govandi              Ventures LLP
              400 0088 ("Flat 1814")


              Tridhaatu AUM; Govandi              Ventures LLP
              400 0088 ("Flat 402")


              Aaroha, Matunga (East),             Vishnukunj           (puzzle
              400 019 ("Flat 1301")               Developers           parking)
                                                  LLP




2              Pursuant to the said order, the Court Receiver received a

bid for Flat 1301 from one bidder, namely, TTD Realtors Pvt Ltd. Its bid

was for a sum of Rs.2,75,11,000/-. This bid was opened in Court on 20 th

October, 2022. After seeing the bid given by TTD Realtors Pvt. Ltd, I put

it to the bidder that the bid of Rs. 2,75,11,000/- was nowhere near the

Reserve Price fixed by this Court and whether he was willing to increase

his bid. He initially increased his bid to Rs.3.20 Crores and thereafter to

Laxmi page 2 of 7 crr 347-22.odt

Rs.3.40 Crores. Accordingly, I put it to the Judgment Debtors whether

they were agreeable for this property being sold for Rs. 3.40 Crores to

TTD Realtors Pvt Ltd. I put this question to the Judgment Debtors

because even the price of Rs. 3.40 Crores was below the Reserve Price

fixed by this Court. In answer to this query, the learned Counsel

appearing for the Judgment Debtors, on 20 th October 2022, submitted

that according to his client, Flat No. 1301 is worth atleast Rs. 4 Crores

and he be given an opportunity to bring a buyer to match the bid given

by TTD Realtors Pvt. Ltd. A further statement was made that if the

Judgment Debtors are not able to bring any buyer to match the bid

given by TTD Realtors Pvt Ltd., then, the sale can be confirmed in

favour of TTD Realtors Pvt Ltd. for the sum of Rs. 3.40 Crores. I noted

that even the bidder, namely TTD Realtors Pvt Ltd, was also agreeable

to this course of action. It is in these circumstances that the matter was

kept today to see if the Judgment Debtors were in a position to bring a

buyer for Flat No. 1301 who was willing to match and/or pay a higher

amount than what was offered by TTD Realtors Pvt. Ltd.

3. Today when the matter is called out, the Judgment Debtors

have brought a buyer in the name of Mr. Darpan P. Maniar who initially

gave an offer of Rs. 3.51 Crores to purchase Flat No. 1301. M/s. TTD

Realtors Pvt. Ltd. was willing to match this offer. Thereafter, Mr. Maniar

Laxmi page 3 of 7 crr 347-22.odt

increased his bid to Rs. 3.60 Crores which was also matched by TTD

Realtors Pvt. Ltd. Thereafter, Mr. Maniar increased his bid to 3.70

Crores, which bid was not matched by TTD Realtors Pvt. Ltd. The

Representative of M/s. TTD Realtors Pvt. Ltd. submitted that in these

circumstances, Flat No. 1301 can be sold to Mr. Maniar.

4. The Advocate for the Judgment Debtors as well as the

Advocate for the Judgment Creditor have also stated that Flat No. 1301

can be sold to Mr. Maniar for the sum of Rs. 3.70 Crores.

5. Mr. Maniar who is present in Court today, has stated that

he shall deposit a sum of Rs. 30 Lakhs with the Court Receiver by 18 th

November, 2022 and the balance sale consideration of 3.40 Crores shall

be deposited on or before 14th December, 2022. Mr. Maniar has further

stated that if he does not deposit the entire sale consideration on or

before 14th December, 2022, then, in that event, the amount of Rs. 30

Lakhs (and which is to be deposited by 18 th November, 2022) can be

forfeited by the Court Receiver.

6. In these circumstances, the following order is passed:

a) The sale of Flat No. 1301, 13 th Floor Tridhaatu Aaroha, Matunga

Laxmi page 4 of 7 crr 347-22.odt

(East) 400019 along with two puzzle parking spaces is confirmed

in favour of Mr. Darpan P. Maniar for the price of Rs. 3.70 Crores.

b) Mr. Darpan P. Maniar is directed to deposit in the office of the

Court Receiver a sum of Rs. 30 Lakhs on or before 18 th November,

2022.

c) The balance sale consideration of Rs. 3.40 Crores shall be

deposited by Mr. Darpan P. Maniar with the office of the Court

Receiver on or before 14th December, 2022. Once the entire sale

consideration is deposited by Mr. Maniar with the office of the

Court Receiver, Tridhaatu Aranya Developers LLP shall execute

the necessary documents and have them registered to pass on title

of Flat No. 1301 to Mr. Darpan P. Maniar. This exercise shall be

done within a period of one week from Mr. Maniar depositing the

entire sale consideration with the Court Receiver.

d) In the event, Mr. Maniar fails to deposit the sum of Rs. 3.40

Crores with the Court Receiver on or before 14th December, 2022,

then, in that event, the amount of Rs. 30,00,000/- (to be

deposited by 18th November, 2022) shall stand forfeited and will

abide by further orders of this Court.

Laxmi                                                             page 5 of 7
                                                   crr 347-22.odt

e) On the entire amount of sale consideration being deposited by

Mr. Maniar with the Court Receiver, the Court Receiver shall,

after deducting the costs, charges, expenses, and the commission

of the Court Receiver, pay over the balance sale proceeds to the

Judgment Creditor towards part satisfaction of their decree.

f) The EMD deposited by TTD Realtors Pvt. Ltd. shall be returned

back by the Court Receiver by today.

7. In the event Mr. Darpan P. Maniar defaults in either

making payment of Rs. 30 Lakhs by 18 th November, 2022 or the balance

consideration of Rs. 3.40 Crores by 14 th December, 2022, then, in that

event, the parties have agreed that the Court Receiver can call upon the

TTD Realtors Pvt. Ltd. to purchase Flat No. 1301 at the price of Rs. 3.60

Crores, and if TTD Realtors Pvt. Ltd., at that time, is willing to purchase

the said flat, the same shall be sold to TTD Realtors Pvt. Ltd. for a sum

of Rs. 3.60 Crores. These directions take care of prayer clause (a) of the

Court Receiver's Report.

8. As far as prayer clause (b) is concerned, it is in relation to

sale of Flat No. 1814 and Flat No. 402. As far as these flats are

concerned, no bids have been received in relation to these flats. In these

Laxmi page 6 of 7 crr 347-22.odt

circumstances, the Court Receiver is directed to re-advertise sale of Flat

No. 1814 and Flat No. 402. If the Court Receiver requires any further

directions in relation thereto, the Court Receiver shall file a separate

report. Additionally, the costs for this report of Rs. 5,000/- shall be paid

by the Judgment Creditor to the Court Receiver within a period of one

week from today. This now also takes care of prayer clauses (b), (c) and

(d) of the Court Receiver's Report.

9. The Court Receiver's Report is therefore disposed of in the

aforesaid terms.

10. As far as the issue of TDS of Rs. 90 Lakhs is concerned, the

learned Counsel on behalf of the Judgment Debtor has undertaken to

the Court, on instructions, that the payment of TDS of Rs. 90 Lakhs

shall be reflected in the Form 26AS of the Judgment Creditor by 23 rd

November, 2022. The said statement is accepted as an undertaking

given to the Court.

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. )

Laxmi                                                             page 7 of 7