Bombay High Court
Pragati Infrasquare Llp And Anr vs Shiv Satyam Vaibhav Co-Operative ... on 22 December, 2023
Author: Bharati Dangre
Bench: Bharati Dangre
(10)ial-18163-2022.doc
rajshree
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COMMERCIAL EXECUTION APPLICATION NO.42 OF 2021
ALONGWITHI
INTERIM APPLICATION (L) NO.18163 OF 2022
WITH
INTERIM APPLICATION (L) NO.18763 OF 2022
IN
COMMERCIAL EXECUTION APPLICATION NO.42 OF 2021
Shiv Satyam Vaibhav CHS Ltd. ] .. Judgment Creditor
vs.
Pragati Infrasquare LLP & Anr. ] .. Judgment Debtors
Mr.Nishant Sashidharan a/w Aseem Naphade and Chaitanya Sharma
i/b LJ Law for the Judgment Creditor.
Mr.Sarosh Bharucha a/w Shrey fatterpekar and Sneha Vani i/b Jay
Vakil for Respondent No.IAL No.18163/2022 and for the Applicant in
CORAM : BHARATI DANGRE, J
DATE : 22nd DECEMBER, 2023.
P.C.
1] The Minutes of Order under the signature of the Applicant and
Respondent No.1 are placed before me. The same also bears the
signature of the Chairman of the Co-operative Housing Society.
(10)ial-18163-2022.doc
2] In the wake of the consensus expressed between the parties in
the Minutes of Order in Commercial Execution Application No.42 of
2021, renotify on 16.01.2024.
3] The Minutes of the Order are reproduced as under :
Minutes of the Order
"Without prejudice to the rights and contentions of the parties, the
Decree Holder and Judgment Debtor have agreed to the following
interim arrangement:
1. The Judgement Debtor undertakes to complete the
construction and obtain full Occupation Certificate (OC) on or
before 31.05.2024 subject to the Decree Holder cooperating with
the Judgement Debtor in completing work of 2 nd lift from 8th floor to
9th floor.
2. Flat Nos. 102,604,703,704,802,803 (hereinafter referred
to as "attached flats") continue to remain attached. However, the
Judgment Debtor has the right to sell the same to 3 rd parties. The
Judgment Debtor shall endeavour to sell the same within a period
of four (4) months from the date of this order. The Judgment Debtor
undertakes that the sale proceeds received from the attached flats
shall be deposited in court.
3. On or before 5th January 2024, the Judgment Debtor
shall file an Affidavit from his Architect stating therein the scope of
the work remained to be completed and the expected cost,
expenses for completion of the same.
4. The Decree Holder has two kind of claims in this
execution:-
a. Claim regarding completion of construction and obtaining
full occupation certificate. (OC).
b. Monetary claims.
(10)ial-18163-2022.doc
5. There is no dispute between the parties for a part of
monetary claims. The parties agree that the sale proceed realised
from the sale of the attached flats as contemplated in para 2 above
shall first be utilised for discharging the undisputed monetary
claims of the Decree Holder. So far as the disputed portion of the
decree holder of the monetary claim is contemplated, the Interim
Application (L) No.18163 of 2022 and Interim Application (L) No.
18173 of 2022 shall be kept for final hearing thereon 16 th January,
2024.
6. It shall be open to the Judgment Debtor to file
appropriate application along with certificate of its Architect to
withdraw such amounts out of the sale proceeds of the attached
flat as are necessary to complete the construction and obtain full
OC.
7. If any amount out of the sale proceeds remains balance
after the monetary claim are fully paid and the full O.C. is obtained,
then such amounts shall be refunded to the Judgment Debtor."
Needless to state that the parties shall be bound by the above
terms.
[BHARATI DANGRE, J]
