Bombay High Court
Bhagwan Thadhani @ Bhagwan ... vs Tridhaatu Asset Holdings Llp And ... on 27 February, 2023
Bench: R. I. Chagla
4-CRR-41-2023.doc
Sharayu Khot.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
COURT RECEIVER'S REPORT NO.41 OF 2023
WITH
INTERIM APPLICATION (L) NO. 22694 OF 2021
WITH
INTERIM APPLICATION NO. 4047 OF 2022
IN
COM EXECUTION APPLICATION (L) NO.22692 OF 2021
WITH
INTERIM APPLICATION (L) NO. 29149 OF 2021
IN
INTERIM APPLICATION (L) NO. 22694 OF 2021
Bhagwan Thadani @ Bhagwan ...Applicant/Judgment
Thadhani Creditor/Ori. Plaintiff.
Versus
Tridhaatu Asset Holdings LLP & Anr. ...Respondents/
Judgment Debtors/Ori.
Defendants
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Dr. Birendra Saraf, Senior Advocate, Mr. Naushad Engineer, Mr.
Vaibhav Charalwar, Mr. Sharad Bansal, Mr. Murtaza Federal, Mr.
Veer Ashar and Mr. Sudarshan Satalkar i/b. Federal & Co. for the
Applicant/Judgment Creditor.
Mr. Saket Mone, Mr. Abhishek Salian, i/b. Vidhii Partners for the
Judgment Debtors.
Mrs. Rekha Rane, 2nd Asstt. to C.R. present.
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4-CRR-41-2023.doc
CORAM : R.I. CHAGLA J
DATE : 27 February 2023
ORDER :
1. Court Receiver's Report No. 41 of 2023 had been placed
before this Court on prior date, when the matter had come up i.e. on
20th February 2023. It was noted that in respect of Flat No. 1301, the
sale consideration of Rs. 3.60 Crores had been offered by the TTD
Realtors Private Limited, the interested purchaser. The amount of Rs.
30 Lakhs had been deposited on or before 20th December 2022 by
TTD Realtors Private Limited. The balance consideration of Rs. 3.30
Crores had been directed to be deposited by TTD Realtors Private
Limited with the consent of the Judgment Creditor as well as
Judgment Debtor in the office of the Receiver on or before 2nd
February 2023.
2. The balance sum of Rs. 3.30 Crores has thereafter, been
deposited by TTD Realtors Private Limited on 2nd February 2023. In
paragraph 5 of the order dated 1st February 2023, which was
corrected by the subsequent order dated 6th February 2023, the
Court Receiver was directed that after deduction of the costs, charges
4-CRR-41-2023.doc
and expenses to handover the sale consideration Rs. 3.60 Crores to
the Judgment Creditor towards satisfaction of the decree within three
weeks from deposit of the balance sale proceeds i.e. the sum of
Rs.3.30 crores which has been deposited by TTD Realtors Private
Limited on 2nd February 2023.
3. Dr. Saraf, learned Senior Counsel for the Judgment
Creditor states that the amount of Rs. 3.60 Crores is still to be paid
over to the Judgment Creditor.
4. The Court Receiver shall accordingly, take steps to
handover the consideration of Rs. 3.60 Crores to the Judgment
Creditor towards satisfaction of the decree within one week from the
date of this order after deducting the costs, charges and expenses of
the Court Receiver.
5. Learned Counsel appearing for the Judgment Debtor has
tendered an Affidavit on behalf of the Partners of the Judgment
Debtor as per the order dated 20th February 2023, which Affidavit is
dated 24th February 2023 and is taken on record. In the said
Affidavit, it is mentioned that there is an offer received for Flat No.
4-CRR-41-2023.doc
402, Wing B, 4th Floor, Tridhaatu Aum, Govandi, Mumbai 400 088
("the said Flat"). The interested purchaser has made an offer for
purchase of the said flat of Rs. 3.20 Crores. This has been confirmed
by e-mail dated 24th February 2023 and the parties have exchanged
draft agreement for sale.
6. The Judgment Debtor has handed over Demand Draft
No. 053509 dated 20th February 2023 drawn on IDBI Bank for an
amount of Rs. 50,00,000/- which amount had been received from the
interested purchaser to the Judgment Creditor today in Court. There
is another Demand Draft No. 053533 of 27th February 2023 drawn
on IDBI Bank for a sum of Rs. 50,00,000/-, which had also been
received from the interested purchaser. This sum is also handed over
by the Judgment Debtor to the Judgment Creditor today in Court.
7. Accordingly, Rs. 1/- Crore has been paid over from the
sale proceeds of the said Flat No. 402 to the Judgment Creditor,
which leaves on amount of Rs. 1.30 Crores which the Judgment
Debtor undertakes to pay to the Judgment Creditor by 22nd March
2023.
4-CRR-41-2023.doc
8. The learned Counsel appearing for the Judgment Debtor
further makes a statement that there is another Flat No. 1814, Wing
- C, 18th Floor, Tridhaatu Aum, Govandi, Mumbai 400 088 (" secured
flat") given as security to the Judgment Creditor for the balance
amount of Rs. 1,92,39,233/-. The balance amount has been disputed
by Dr. Saraf on behalf of the Judgment Creditor. Accordingly, the
balance decretal amount will be reconciled between the parties prior
to the next date.
9. The learned Counsel appearing for the Judgment Debtor
shall endeavour to find an interested purchaser for the Flat No. 1814
and upon finding such interested purchaser shall communicate the
same to the Judgment Creditor. Further, in the event of sale proceeds
having been received in respect of Flat No. 1814, the same shall be
disbursed to the Judgment Creditor and appropriated towards
balance decretal amount, prior to the next date.
10. It is made clear that with respect to the sale of Flat
No. 402 is concerned, no agreement shall be entered into prior to
paying the balance amount of Rs. 1.30 Crores in respect of the said
flat which is to be paid by 22nd March 2023 and upon which
4-CRR-41-2023.doc
directions will be issued with regard to discharge of the Court
Receiver in respect of the said flat.
11. In the event, the matter is not settled by the next
date, the partners of the Judgment Debtor shall continue to remain
present in the Court.
12. Stand order to 27th March 2023 at 2.30 p.m.
[R.I. CHAGLA J.]
