Bombay High Court
Vu Technologies Pvt. Ltd vs Converged Data Technologies Pvt. ... on 15 September, 2022
Bench: N. J. Jamadar
14-SJ51-21-COMSS27-21.DOC
Santosh
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
IN ITS COMMERCIAL DIVISION
COMM SUMMARY SUIT NO. 27 OF 2021
SANTOSH
SUBHASH
KULKARNI Vu Technologies Pvt. Ltd. ...Plaintiff
Digitally signed by
SANTOSH SUBHASH Versus
KULKARNI
Date: 2022.09.16
18:04:29 +0530
Converged Data Technologies ...Defendant
Mr. Rishikesh Soni, i/b Ashok Purohit & Co., for the Plaintiff.
CORAM: N. J. JAMADAR, J.
DATED : 15th SEPTEMBER, 2022
ORDER:-
1. This commercial division summary suit is instituted for
recovery of a sum of Rs.15 Crore alongwith interest at the rate of
9% p.a. from the date of Inter-corporate Deposit (ICD) till the
date of institution of the suit and further interest at the said
rate till payment and realization.
2. The material averments in the plaint can be stated as
under:
(a) The plaintiff is a private limited company
incorporated under the Companies Act, 1956. It is a leading
manufacturer of television sets. The defendant is also a private
limited company incorporated under the Companies Act, 1956.
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The defendant is engaged in the information technology and
software sector business.
(b) In the month of January, 2020, pursuant to request
made by the defendant - company, the plaintiff placed ICD of
Rs.15 Crore with the defendant. The parties agreed that the ICD
will mature for repayment within 60 days of its receipt, the
defendant committed default in repayment of ICD, in full, upon
its maturity in accordance with the terms of the contract.
Despite repeated assurances, the defendant continued to
commit defaults in repayment of ICD.
(c) Eventually by notice dated 21st July, 2020, the
plaintiff called upon the defendant to forthwith clear the ICD
along with interest thereon. In response thereto, the defendant
whilst admitting and acknowledging its liability to repay the
ICD, expressed its inability, on account of financial crunch.
Hence, the plaintiff was constrained to institute the suit for
recovery of the said amount along with interest.
3. The writ of summons was served on the defendant on 6 th
July, 2021. An affidavit of service is filed by Mr. Vyankatesh
Paramshivam, the bailiff and clerk, attached to the office of
Sheriff of Mumbai to the effect that the writ of summons was
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duly served on the defendant, on 6th July, 2021. Bailiff report is
appended to the affidavit of service.
4. None appeared for the defendant. In view of the provisions
contained in Order XXXVII Rule 2(3), in the event of failure to
enter appearance on the part of the defendant within the
stipulated period, the averments in the plaint are required to be
presumed to be admitted and the plaintiff becomes entitled to a
judgment. Nonetheless, I have considered the applicability of
the provisions contained in Order XXXVII of the Code to the
plaintiff's claim and its justifiability.
5. The plaintiff has filed an affidavit in lieu of examination-
in-chief of Mr. Harish Desai (PW-1), it's Director and Authorised
Signatory, an affidavit of documents and compilation of the
documents.
6. The claim of the plaintiff that the plaintiff had placed an
ICD with the defendant is evidenced by the communication
dated 10th January, 2020 (Exhibit-P1/2), which records that on
10th January, 2022, a sum of Rs.15 Crore was paid towards ICD,
and the defendant was called upon to acknowledge the receipt.
Vide communication dated 13th January, 2022 (Exhibit-P1/3),
the defendant acknowledged the receipt of the said amount by
way of ICD and the period of its maturity, with an assurance
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that the defendant would pay the said amount alongwith
interest on due date. The claim of the plaintiff is further
supported by the ledger account maintained by the defendant.
The learned Counsel for the plaintiff has also tendered a copy of
plaintiff's bank account maintained with ICICI Bank, which
indicates that a sum of Rs.15 Crore was credited to the account
of defendant on 10th January, 2020.
7. The notice dated 21st July, 2020 (Exhibit-P1/4) addressed
by the plaintiff to the defendant narrates the failure on the part
of the defendant to repay the amount of ICD upon maturity. The
defendant was thus called upon to pay the said amount
alongwith interest at the rate of 9% p.a. from the date of the
deposit. The reply thereto dated 28th July, 2020 (Exhibit-P1/5)
acknowledges, in the clear and unequivocal terms, that the
defendant had paid TDS till March, 2020. However, the
defendant was not in a position to immediately repay the
amount as it was unable to raise finances from banks and other
entities. The defendant thus sought an extension of six months
period for repayment, with an assurance that they would pay
interest including arrears thereof.
8. The aforesaid material thus fully substantiates the
plaintiff's claim. There are documents which evidence the
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advance of Rs.15 Crore to the defendant. In addition, there are
documents which contain explicit and unambiguous
acknowledgment of the liability to repay the ICD and interest
thereon. The liability is thus an admitted liability. In any event,
the plaintiff's claim and documents in support thereof, have
gone unimpeached.
9. Hence, I am impelled to pass a decree. Thus, the following
order:
:ORDER:
(i) The suit stands decreed.
(ii) The defendant do pay the sum of Rs.15 Crore
alongwith interest at the rate of 9% p.a. from 10 th January,
2020 till the date of institution of the suit and further
interest at the said rate on the principal sum of Rs.15
Crore from the date of the suit till payment and/or
realization.
(iii) The defendant do pay the costs of the suit to the
plaintiff.
(iv) The plaintiff is entitled to refund of Court-fees, if any,
in accordance with Rules.
(v) Decree be drawn and sealed expeditiously.
[N. J. JAMADAR, J.]
