Bombay High Court
Bhagwan Thadhani @ Bhagwan ... vs Tridhaatu Asset Holdings Llp And ... on 6 February, 2023
Bench: R. I. Chagla
5-CRR 41.2023 with CRR 347.2022 in COMEX(L) 22692.2021.doc
K.S. Jadhav
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COURT RECEIVER'S REPORT NO.41 OF 2023
WITH
COURT RECEIVER'S REPORT NO.347 OF 2022
IN
COMMERCIAL EXECUTION (L) NO. 22692 OF 2021
Bhagwan Thadani @ Bhagwan Thadhani ...Applicant/
Judgment Creditor /
Original Plaintiff
Versus
Tridhaatu Asset Holdings LLP & Anr., ...Respondent/
Judgment Debtor/
Original Defendants
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Dr. Birendra Saraf, Senior Advocate a/w Mr. Naushad Engineer a/w
Mr. Vaibhav Chardwar a/w Mr. Sharad Bansal a/w Mr. Murtuza
Federal a/w Mr. Veera Asher a/w Mr. Sudarshan Sutalkar, Advocates
for Applicant/Judgment Creditor.
Mr. Abhishek Salian i/b Vidhii Partners, Advocate for the Judgment
Debtor.
Mr. Cyrus Ardeshir, Counsel a/w Mr. Rohit Chapara Hafeez
Pantanwala i/b Juris Corp. Advocate for TTD Realtors Pvt. Ltd.
(successful Bidder)
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CORAM : R.I. CHAGLA J.
DATE : 6TH FEBRUARY, 2023.
ORDER :
1. Mr. Ardeshir, leaned Counsel appearing for the Purchaser TTD
Realtors Private Limited states that the balance consideration of
5-CRR 41.2023 with CRR 347.2022 in COMEX(L) 22692.2021.doc
Rs.3.30 crores which was directed to be deposited by this Court vide
order dated 16th December, 2022 on or before 2nd February, 2023
has been deposited.
2. Mr. Ardeshir has expressed concern regarding the directions of
this Court in Paragraph 5 of the order dated 1st February, 2023 by
which this Court had directed the Court Receiver to hand over
possession of Flat No.1301 to TTD Realtors Private Limited once the
Occupation Certificate is obtained in respect of the subject flat. This
is in accordance with the subsequent order dated 27th January, 2023
which modifies order dated 16th December, 2022. This Court by the
prior order dated 16th December, 2022 contemplated handing over
possession of subject flat No.1301 to TTD Realtors Private Limited
once the entire sale consideration is deposited, considering that the
subject flat was to be handed over for fit out purposes. He has
sought for a clarification in order dated 1st February, 2022 that
though TTD Realtors Private Limited is to occupy subject Flat
No.1301 once the Occupation Certificate is obtained, for fit out
purposes, the subject Flat be handed over by the Court Receiver to
the TTD Realtors Private Limited upon the entire sale consideration
having been deposited.
5-CRR 41.2023 with CRR 347.2022 in COMEX(L) 22692.2021.doc
3. Accordingly, it would be appropriate to make the
aforementioned clarification. The subject Flat No.1301 may be
handed over to TTD Realtors Private Limited in view of the entire
sale proceeds having been deposited solely for carrying out fit out
work in the subject Flat. However, it is made clear that the
occupation of the subject Flat No.1301 by TTD Realtors Private
Limited shall be only once the Occupation Certificate is obtained.
4. The Judgment Debtors are also directed to apply for the
Occupation Certificate within a period of one month from the date of
this order as well as file an Affidavit mentioning that the Occupation
Certificate has been applied for and the outer date on which the
Occupation Certificate may be obtained. The Affidavit shall be filed
by the Judgment Debtor within a period of two weeks from today.
5. It is further clarified that GST which is payable in respect of the
subject Flat No.1301 shall be paid by the TTD Realtors Private
Limited to the Judgment Debtor and not to the Court Receiver.
6. Dr. Saraf, learned Senior Counsel for the Judgment Creditor
has sought for speaking to the Minutes of Order dated 1st February,
2023. In Paragraph 5 of the said order, the Court Receiver has been
5-CRR 41.2023 with CRR 347.2022 in COMEX(L) 22692.2021.doc
directed to pay over the balance sale proceeds after deducting the
Court Receiver's costs, charges and expenses and commission to the
Judgment Creditor towards part satisfaction of the decree. However,
the period when this is to be effected, has been omitted to be
mentioned and in fact a three weeks period had been contemplated
by this Court. Accordingly, in Paragraph 5 of the said order dated 1st
February, 2023, it shall be corrected to read as "Court Receiver shall
after deducting costs, charges and expenses pay over the entire sale
proceeds to the Judgment Creditor towards satisfaction of the Decree
within a period of three weeks from deposit of the balance sale
proceeds i.e. a sum of Rs.3.30 crores which has been deposited by
TTD Realtors Private Limited on 2nd February, 2023.
7. Dr. Saraf has also referred to the sale in respect of two
properties viz. Flat No.1814 and Flat No.402 which have been
referred to in the order dated 16th December, 2022 and ordered to be
sold. The subject Flats have till date not been sold inspite of the
Court Receiver carrying out two sale auctions of the subject Flat.
8. It was observed in the order dated 1st February, 2023 that
there were no interested purchasers for the subject Flat as the two
subject Flats have no Occupation Certificate. The Judgment Debtor
5-CRR 41.2023 with CRR 347.2022 in COMEX(L) 22692.2021.doc
was to inform this Court on the next date as to whether the
Application for Occupation Certificate had been made and whether
further security by way of personal assets of the Judgment Debtor can
be offered to secure the Decree of which execution which is sought.
This has not being complied with by the Judgment Debtor. It is to be
noted that an undertaking had been given by the designated partners
of the Judgment Debtor undertaking to satisfy the entire decretal
amount and pay the Judgment Creditor.
9. Mr. Salian, the learned Counsel appearing for the Judgment
Debtor shall inform this Court as to whether there are any interested
parties to purchase the subject Flats and if that is not the case,
provide details of further security by way of personal assets of the
Judgment Debtor which may be offered to secure the decree of which
execution has been sought.
10. In the event there are no interested purchaser of the subject
flats, directions are also required to be issued to the partners of the
Judgment Debtors with regard to the satisfaction of the decree for
which they have given undertakings to this Court.
11. The partners of Judgment Debtors shall remain present in
5-CRR 41.2023 with CRR 347.2022 in COMEX(L) 22692.2021.doc
Court as well as any interested purchaser(s) for the subject Flats on
next date.
12. Place the Court Receiver's Report on 28th February, 2023 at
2.30 p.m.
[R.I. CHAGLA J.]
