Bhagwan Thadani vs Tridhaatu Asset Holdings Llp And ...
2022 Latest Caselaw 9578 Bom

                                                                              4-CRR-214-2022.doc

GANESH
SUBHASH                          IN THE HIGH COURT OF JUDICATURE AT BOMBAY
LOKHANDE
                                        ORDINARY ORIGINAL CIVIL JURISDICTION
Digitally signed by
GANESH SUBHASH
LOKHANDE
Date: 2022.09.22
18:15:09 +0530
                                        COURT RECEIVER'S REPORT NO. 214 OF 2022
                                                                  IN
                       COMMERCIAL EXECUTION APPLICATION (L) NO. 22692 OF 2021

                      Bhagwan Thadani @
                      Bhagwan Thadani                                      .. Applicant/
                                                                              Judgment Creditor/
                                                                              Org. Plaintiff
                             Vs.
                      Tridhaatu Asset Holdings LLP
                      & Anr.                                               .. Respondents/
                                                                              Judgment Debtors/
                                                                              Org. Defendants


                      Vaibhav Charalwar a/w. Rashne Mulla-Feroze & Sougat Pati i/b. Federal
                      & Co. for the Applicant.
                      Abhishek Salian i/b. Vidhi Partners for the Respondents.
                                          nd
                      Rekha Rane, 2            Assistant to the Court Receiver is present.
                      Krishnan Muthukumar, Pritam Chivukula & Dhananjay Sandu, Partners of
                      Respondents are present in Court.


                                                              CORAM:- B. P. COLABAWALLA,J.

DATE :- 21st SEPTEMBER, 2022.

P. C.:

1. By order dated 15th March 2022, the Court Receiver, High

Court, Bombay was inter-alia directed to take possession of the three

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flats and six car parking spaces, the description of which is as under:

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

Tridhaatu AUM; Govandi Ventures LLP 400 0088

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

2. It was further directed that in the event the Judgment

Debtors fail to make payment of the outstanding amount as recorded in

the order dated 15th March, 2022, the Court Receiver shall sell the

aforesaid three flats and the car parking spaces and release the balance

amount due to the Judgment Creditor from the sale proceeds thereof.

3. It is not in dispute that the amount payable under the order

dated 15th March, 2022, being the sum of Rs.8 Crores + interest @ 18 %

p.a. as per the decree + costs as per the decree, have not been paid by

the Judgment Debtors. It is in these circumstances that the above Court

Receiver's Report is filed seeking further directions with reference to the

sale of the aforesaid three flats.

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                                                   4-CRR-214-2022.doc

4. When the above matter had come up on 7 th September,

2022, the Court Receiver informed the Court that the reserve bids for

these three flats have already been fixed by this Court. However, I was

told that the Court Receiver is unable to proceed with the sale because

the Judgment Debtors have not submitted to the Court Receiver the title

documents in relation to the aforesaid three flats. Over and above this,

on the said date, a grievance was also made by the Judgment Creditor

that though according to the Judgment Debtors, they have paid the TDS

of Rs.1 Crore, the same has till date not been reflected in the

Applicant's/Judgment Creditor's 26AS Forms.

5. On 7th September, 2022, the learned advocate appearing on

behalf of the Judgment Debtors, informed the Court Receiver that

despite several emails being written by the advocates for the Judgment

Debtors, they were refusing to respond. In these circumstances, on 7 th

September 2022, I had directed designated partners of the Judgment

Debtors to remain present in Court today. Accordingly, all the three

designated partners are present in Court. A detailed Affidavit is also

filed on behalf of the Judgment Debtors. In the said Affidavit, it is stated

that the aforesaid three flats, namely Flat Nos. 1814, 402 and 1301

respectively are Flats that belong to the Judgment Debtors and are not

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encumbered in any way whatsoever. It is stated before me today that the

Court Receiver can proceed to sell the aforesaid three flats alongwith the

six car parking spaces and once the sale is confirmed in favour of any

successful party/s the Judgment Debtors shall execute the necessary

documents to ensure that proper and legal title passes to the

purchaser/s.

6. As far as the TDS issue is concerned, the Judgment Debtors

and each of its designated partners have stated before the Court that the

Challan dated 30th March, 2022 [Exhibit J at page 337 of the compliance

Affidavit dated 14th September, 2022] reflecting a deposit of TDS of

Rs.90 Lakhs with the Income Tax Authorities, is towards TDS of interest

paid to the Judgment Creditor and the Judgment Debtors and each of

its designated partners shall ensure that the TDS returns of the

Judgment Debtors shall be filed within a period of three weeks from

today so that the aforesaid TDS is reflected in the said returns.

7. Considering what is stated hereinabove, the following order

is passed:

(a) The statement made by the Judgment Debtors regarding

the TDS and recorded by me in para 6 above, is accepted

as an undertaking given to this Court.

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                                                   4-CRR-214-2022.doc

(b) The Court Receiver is directed to proceed with the sale of

Flat Nos. 1814, 402 and 1301 respectively alongwith their

respective two car parking spaces.

(c) For taking the process of sale forward, the Court

Receiver shall publish the sale of the aforesaid 3 flats in

the Times of India (English), Maharashtra Times

(Marathi) and Navbharat Times (Hindi). The costs of

publication shall, at the first instance, be borne by the

Judgment Creditor and will be subject to any further

orders passed by this Court in that regard. The date of

publication shall be 3rd October, 2022.

(d) The dates of giving inspection of the said flats to any

prospective bidder/s shall be between 10 th to 14th

October, 2022 between 11 a.m. to 4 p.m.

(e) The date on or before which offers are to be received by

the Office of the Court Receiver (in a sealed envelope) is

fixed as 18th October, 2022 on or before 5 p.m.

(f) The EMD fixed in relation to each of the flats that have

to be sold by the Court Receiver is fixed at Rs. 20 Lakhs

each. The EMD shall be paid by way of a demand draft

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in the name of the Court Receiver, High Court, Bombay.

(g) The date fixed on which the offers/bids will be opened by

the Court is 20th October, 2022 at 2.30 p.m. Once the

bids are opened, this Court shall be consider whether the

sale of any of the aforesaid 3 flats should be confirmed or

not.

(h) If the sale of any of the flats is confirmed, the Judgment

Debtors shall execute the necessary documents [when

called upon by the Receiver] to ensure that proper and

legal title passes to the successful purchaser/s.

(i) The costs of this report of Rs.5,000/- shall be paid by the

advocates for the Plaintiff to the Court Receiver within a

period of one week from today.

8. The Court Receiver's Report is disposed of in the aforesaid

terms.

9. Place the above matter on board on 20th October, 2022 at

2.30 p.m. On the said date, the Court Receiver shall also file a report

setting out the details of the bids received, if any, in relation to the sale

of Flat Nos. 1814, 402 and 1301 respectively.

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                                                     4-CRR-214-2022.doc

10. This order will be digitally signed by the 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. )




Ganesh Lokhande                                                   page 7 of 7