Vista Itcl (India) Limited ... vs Sanjay Dattatrey Kakade And Ors
2023 Latest Caselaw 1215 Bom

                                                                   2.CRR 363.2021.doc


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

                    COURT RECEIVER'S REPORT NO.363 OF 2021
                                       IN
          COMMERCIAL EXECUTION APPLICATION (L) NO.1599 OF 2018

     Vistra ITCL (India) Ltd.                             ...Applicants /
     Formerly known as IL and FS Trust Co. Ltd.            Plaintiffs
     and Anr.

             Versus

     Sanjay Dattatreya Kakade & Ors.                      ...Defendants

                                    ----------
     Mr. Gaurav Joshi, Senior Advocate a/w Mr. Jatin Pore a/w Ms.
     Ankita Agrawal a/w Mr. Gaurav Suryavanshi i/b DSK Legal,
     Advocates for Applicants / Plaintiffs.
     Ms. Shweta R. Rathod i/b Elixir Legal Services, Advocate for
     Respondent in IA (L) 941 of 2022 & CRR 350 of 2021.
     Mr. S.K. Dhekale, Court Receiver is present.
     Ms. Ankita Singhaniya i/b Essence Legal Services, Advocate for
     Respondent Nos.1 to 3.
     Mr. Akshay Deshmukh a/w Mr. Pratik Wakade, Advocate for
     Intervener in IA(L) 41016/2022 in CHSCDL 920/2018 in COMEX (L)
     No.31/2017.
                                    ----------

                                    CORAM : R.I. CHAGLA J.

                                    DATE         : 6TH FEBRUARY, 2023.
     ORDER :

1. The Court Receiver's Report No.363 of 2021 had been placed

2.CRR 363.2021.doc

before this Court on the prior occasion. By order dated 11th January,

2023, this Court had noted the submissions of Mr. Joshi, learned

Senior Counsel appearing for the Judgment Creditor that the prior

order dated 23rd November, 2022 had not been complied with

though the order was passed by consent. The dematerialized

securities had not been transferred by the Respondent Nos. 1 and 2 to

the Demat Account opened by the Court Receiver in respect of the

company KEDPL.

2. Ms. Ankita Singhaniya, the learned Counsel appearing for

Respondent Nos. 1 to 3 states on instructions of Respondent Nos. 1

and 2, who are present in the Court that there is no attempt to breach

the orders of this Court. She has referred to the E-mail dated 1st

February, 2023 which has been addressed to the Respondent Nos. 1

and 2 by Mr. Krishna Gupta of CDSL India who is the registrar and

transfer agent regarding the securities held in KEDPL Demat Account.

By the said E-mail, Mr. Gupta has informed the Respondent Nos. 1

and 2 that there is an amount of Rs.1,91,750/- which is outstanding

and payable towards account maintenance charges for defreezing the

ISIN number. She has taken instructions from Respondent Nos. 1 and

2 that the said amount of Rs.1,91,750/- will be paid by 8th February,

2.CRR 363.2021.doc

2023 for defreezing the ISIN.

3. Mr. Joshi has controverted the statement of Ms. Singhania that

there is a freeze on the ISIN. He states that there is a prior E-mail

dated 19th January, 2023 from CDSL India to Respondent Nos. 1 and

2 which mentions that the ISIN is in active status.

4. Ms. Singhaniya, learned Counsel will take proper instructions

and in any event forthwith pay the outstanding of Rs.1,91,750/- and

RTA charges of Rs.5,900/- towards ISIN.

5. The Respondent Nos.1 and 2 shall upon the requisite payment

being made comply with order dated 23rd November, 2022 as well as

the subsequent order dated 11th January, 2023 by transferring the

dematerialized securities to the Demat Account within a period of

one week from the account being defreezed.

6. Mr. Singhaniya states that the Respondent Nos. 1 and 2 are

uncertain, whether the Demat Securities in fact are lying in the

Demat Account and in the event they are not duplicate securities of

KEDPL as mentioned in the said orders shall be handed over to the

Court Receiver within a period of two weeks from the payment of the

aforementioned amounts defreezing of the ISIN.

2.CRR 363.2021.doc

7. Mr. Joshi has referred to various discrepancies in the Disclosure

Affidavits filed including suppression of a certain group company

belonging to Respondent No.1 which has been learnt from Balance

Sheet of the group company viz. Kakade Green Estates Private

Limited. He has stated that the Advocates will address a letter to the

Advocate for Respondent Nos. 1 and 2, wherein these discrepancies

will be mentioned including particulars of the Dubai property which

was earlier mentioned in the Disclosure Affidavit, but thereafter the

Respondent Nos. 1 and 2 stated that the transaction in respect of the

Dubai property is incomplete without furnishing any particulars.

8. The Respondent Nos. 1 and 2 shall file their further Affidavit of

Disclosure within a period of two weeks thereafter giving further

Disclosures of the items as mentioned in the said letter.

9. Mr. Joshi has referred to certain immovable properties, out of

which in respect of one, the Court Receiver has taken physical

possession.

10. The further Affidavit of Disclosure shall also give particulars of

the immovable properties and as to whether they are encumbered

and if any Court proceedings are filed in respect thereof.

2.CRR 363.2021.doc

11. Mr. Joshi has also referred to the provision of Order XXI Rule

41 of the Code of Civil Procedure, 1908 which provides that where

the decree is for payment of money, the Decree Holder may apply to

the Court for an order that the Judgment Debtor is orally examined

as to whether the Judgment Debtor is in possession of any other

properties for satisfying the decree. He states that Interim

Application already been filed bearing No.941 of 2022 and relief will

be pressed on the next date.

12. Respondent Nos. 1 and 2 shall remain present in the Court on

next date.

13. Place the Court Receiver's Report on 27th February, 2023 at

2.30 p.m.

[R.I. CHAGLA J.]