Bombay High Court
Bhagwan Thadhani @ Bhagwan ... vs Tridhaatu Asset Holdings Llp And ... on 1 February, 2023
Bench: R. I. Chagla
Digitally signed
by JITENDRA
JITENDRA SHANKAR
SHANKAR NIJASURE
NIJASURE Date:
2023.02.03
11:09:06 +0530
2-crr-41-2023.doc
jsn
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COURT RECEIVER'S REPORT NO.41 OF 2023
IN
COM EXECUTION APPLICATION (L) NO.22692 OF 2021
IN
COMS SUMMARY SUIT NO.4 OF 2020
Bhagwan Thadani @ Bhagwan Thadhani ...Applicant /
Judg Creditor /
Ori. Plaintiff.
Versus
Tridhaatu Asset Holdings LLP & Anr ...Respondent /
Judg. Debtor /
Ori. Defendants
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Mr. Vaibhav Charalwar, Mr. Sharad Bansal, Mr. Murtaza Federal and
Mr. Sudarshan Satalkar i/b. Federal & Co. for the Applicant / Judg.
Creditor.
Abhishek Salian, i/b. Vidhii Partners for the Judg. Debtor.
Mrs. Rekha Rane, 2nd Asstt. to C.R is present.
Mr. Sujeet Kurup for the Bidder Mr. S. Mudliyar for Bidder.
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CORAM : R.I. CHAGLA J
DATE : 1 February 2023
ORDER :
1. The Court Receiver's Report No.41 of 2023 has been
2-crr-41-2023.doc
placed before this Court. The Court Receiver has sought directions
with regard to the one offer received from TTD Realtors Pvt. Ltd. in
respect of Suit flat No.1301 along with two puzzle car parking
spaces.
2. By the order dated 16th December, 2022, this Court had
considered the offer received from Mr. Darpan Maniar and had noted
that an amount of Rs.40 lakhs had been deposited by Mr. Maniar. The
balance sale consideration of Rs.3.40 Crores had not been deposited.
Mr. Maniar had given the offer to pay the balance consideration.
However, the balance consideration remained to be deposited. This
Court had noted that Mr. Maniar has now submitted that his client is
not able to pay the balance consideration immediately and time was
sought. This Court had accordingly, considered that no further time
can be granted to Mr. Maniar. In the event, Mr. Maniar was ready
with money as observed by this Court, he would have been allowed
to purchase Flat No.1301 for Rs.3.80 Crores. In view of, Mr. Maniar
not being in position to deposit the balance sale consideration to
purchase Flat No.1301, the order was passed in paragraph 2
considering the offer of TTD Realtors Pvt. Ltd.
2-crr-41-2023.doc
3. The directions issued by this Court for deposit of Rs.30
lakhs on or before 20th December, 2022 has been complied with by
TTD Realtors Pvt. Ltd. By the said order, the balance consideration of
Rs.3.30 Crores was directed to be deposited by TTD Realtors Pvt. Ltd
with the consent of the Judgment Creditor as well as the Judgment
Debtor in the office of the Court Receiver on or before 2nd February,
2023. Subject to deposit of Rs.3.30 Crores by 2nd February, 2023, the
necessary documents were to be executed and the title to the Flat
No.1301 was to be passed to TTD Realtors Pvt. Ltd. The necessary
documents were to be registered within a period of one week from
the date of TTD Realtors Pvt. Ltd. depositing the entire sale
consideration with the Court Receiver. Upon such necessary
documents having been executed and registered, the Court Receiver
had been directed to handover the possession of Flat No.1301 to TTD
Realtors Pvt. Ltd. and thereafter the Court Receiver was to stand
discharged in relation to the subject flat.
4. The learned Counsel appearing for the TTD Realtors Pvt.
Ltd. today states that, the directions issued in the said order dated
16th December, 2022 with regard to deposit of balance consideration
of Rs.3.30 Crores by 2nd February, 2023 in the office of the Court
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Receiver will be complied with. The statement is accepted.
5. The Court Receiver has been directed by the said order
that on receipt of the balance consideration of Rs.3.30 Crores from
TTD Realtors Pvt. Ltd. after deduction of the costs, charges and
expenses the balance proceeds shall be paid over to the Judgment
Creditor towards part satisfaction of their decree. However, the time
frame within which the Court Receiver shall pay over the balance
proceeds to the Judgment Creditor has not been set out. In that view
of the matter, the Court Receiver shall after deducting costs, charges
and expenses and commission pay over balance sale proceeds to the
Judgment Creditor towards part satisfaction of the decree. The Court
Receiver shall hand over possession of the Flat No.1301 to TTD
Realtors Pvt. Ltd. once the occupation certificate is obtained in
respect of the subject flat in accordance with the subsequent order
dated 27th January, 2023 which has modified order dated 16th
December, 2022. The Court Receiver shall thereafter stand
discharged in relation to the subject flat. The order dated 16th
December, 2022 is further modified to the above extent.
6. With regard to the two subject flats namely Flat Nos.814
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and 1402, the Court Receiver has sought directions. There is one
offer received for sale of subject Flat No.1814. The Court Receiver
has tendered the demand draft of EMD of Rs.20 lakhs. Further, the
Court Receiver has also opened the bid of the interested buyer.
However, upon considering the reserve bid price based on the
Valuation Report of Hakani Associates dated 27th June, 2022, it is
noted that the bid / offer made by the interested buyer is much less
than the reserve bid price. This upon having considered the Valuation
Report after having the sealed envelop opened and contents noted.
Accordingly, the offer made by the interested buyer for subject flat
No.1814 is not accepted. The demand draft of EMD of Rs.20 lakhs is
being returned to the interested buyer.
7. In so far as the directions sought for by the Court
Receiver with regard to subject Flat No.402 is concerned there is no
offer received for the subject flat despite the Court Receiver having
complied with the said order dated 16th December, 2022 and
carrying out the exercise of the public notice of sale as well as
inspection granted of the subject flat.
8. The learned Counsel appearing for the Judgment
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Creditor informs this Court that the two subject flats being Flat
No.1814 and 402 have no occupation certificate.
9. Accordingly, the Judgment Debtors shall inform this
Court on the next date as to whether the application for occupation
certificate has been made and as to whether any further security by
way of personal assets of the Judgment Debtor can be offered to
secure the decree of which execution is being sought.
10. Place the Court Receiver's Report on 6th February,
2023 at 2.30 p.m.
[R.I. CHAGLA J.]
