Bhagwan Thadhani @ Bhagwan ... vs Tridhaatu Asset Holdings Llp And ...
2023 Latest Caselaw 4330 Bom

                               2-CRR 41.2023 in COMEX(L) 22692.2021 in COMSS 4.2020.doc


 K.S. Jadhav
             IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                 ORDINARY ORIGINAL CIVIL JURISDICTION

               COURT RECEIVER'S REPORT NO.41 OF 2023
                                 IN
             COMMERCIAL EXECUTION (L) NO. 22692 OF 2021
                                 IN
                COMMERCIAL SUMMARY SUIT 4 OF 2020

 Bhagwan Thadani @ Bhagwan Thadhani                    ...Applicant/
                                                       Judgment Creditor /
                                                       Original Plaintiff
              Versus

 Tridhaatu Asset Holdings LLP & Anr.,                  ...Respondents/
                                                       Judgment Debtors/
                                                       Original Defendants

                                       ----------
 Dr. Birendra Saraf, Senior Counsel a/w Mr. Naushad Engineer, Mr.
 Vaibhav Charulwar, Mr. Murtuza Federal, Mr. Veer Asher, Mr.
 Sudarshan Sutalkar, Advocates for Applicant/Judgment Creditor.
 Mr. Saket Mone, Counsel a/w Mr. Abhishek Salian i/b Vidhii Partners,
 Advocate for the Judgment Debtors.
 Mr. Kiran Hebale, Clerk of Court Receiver's office present.
                                       ----------

                                      CORAM : R.I. CHAGLA J.

                                      DATE          : 27TH APRIL, 2023.
 ORDER :

1. The settlement has been arrived at between the Judgment

Creditor and Judgment Debtors and its partners in the above

Execution Application and Interim Application taken out therein. The

2-CRR 41.2023 in COMEX(L) 22692.2021 in COMSS 4.2020.doc

signatories to the Consent Terms are present in the Court. The

Consent Terms bearing today's date is tendered and taken on record

and marked 'X' for identification. The Consent Terms have been

signed by the Applicant/Judgment Creditor and Advocate for the

Judgment Creditor as well as by Judgment Debtor No.1, 2 and

designated partners of the Judgment Debtors as well as by the

Advocate for the Judgment Debtors.

2. In Clause 4 of the Consent Terms, the Judgment Debtors

and its partners have agreed and undertaken to pay an amount due

and payable under Clause 3 in the matter provided therein. In Clause

6 and 7 further undertakings are given by the Judgment Debtors and

its partners to pay further sum of Rs.40 Lakh on or before 30 th June,

2023 and further sum of Rs.40 Lakh to the Judgment Creditor on or

before 15th June, 2023 in order to bring about a full and complete

settlement between the parties. These payments are in relation to the

properties mentioned in Paragraph 6 and 7 of the Consent Terms.

3. In Paragraph 8 of the Consent Terms, the Judgment Debtors

and its partners have agreed and undertaken to pay entire TDS

amount obligated to be paid under Income Tax Act and furnished the

Judgment Creditor with TDS Certificate for the same on or before

2-CRR 41.2023 in COMEX(L) 22692.2021 in COMSS 4.2020.doc

15th July, 2023.

4. The consequences of breach of these Consent Terms has

been provided in Clause 4 of the Consent Terms. It is mentioned that

upon such breach, the Judgment Creditor shall have liberty to apply

for further relief to this Court for enforcement and execution of the

amounts set out in Clause 3, 6 and 7 of the Consent Terms. Further

liberty has been granted to apply for direction from this Court for

attachment and sale of the personal assets of the partners and

Judgment Debtors for realisation of the amounts due as set out in

Clauses 3, 6 and 7 alongwith entire amount of costs with further

interest, further costs incurred in terms of expenses.

5. I am satisfied that the Consent Terms are in order, not

contrary to law and have been drawn by the parties of their own

volition in reflection of their true intentions.

6. The undertakings, if any, in the Consent Terms being

accepted as undertakings to the Court.

7. This order is passed in terms of the Consent Terms.

8. A soft copy of the Consent Terms will be uploaded as the

2-CRR 41.2023 in COMEX(L) 22692.2021 in COMSS 4.2020.doc

second order in the matter.

9. The Registry is to ensure that the hard copy of the signed

Consent Terms is permanently retained on file as part of the record

and is not sent for destruction in the ordinary course.

10. The Interim Application in Commercial Execution

Application shall be placed for compliance on 19th June, 2023.

[R.I. CHAGLA J.]