Sidhpur Commodities Pvt Ltd vs Sssc Escatics Pvt Ltd
2023 Latest Caselaw 9504 Bom

                                                     2-IA(L)-14327-2023.doc


            IN THE HIGH COURT OF JUDICATURE AT BOMBAY

                ORDINARY ORIGINAL CIVIL JURISDICTION

            INTERIM APPLICATION (L) NO.14327 OF 2023
                              IN
          COMMERCIAL SUMMARY SUIT (L) NO.14182 OF 2023

SIDHPUR COMMODITIES PVT. LTD.                     )...APPLICANT

         V/s.

SSSC ESCATICS PVT. LTD. AND ORS.                  )...RESPONDENTS

Mr. Rohan Cama a/w. Mr. Shanay Shah a/w. Mr. Umang Mehta a/w.
Mr.Aamir Attari i/by Dhruve Liladhar & Co., Advocate for the
Applicant/Plaintiff.
Mr.Akhilesh Upadhyay a/w. Mr.H.S.Pandey i/by Neelam Lodha,
Advocate for the Defendants No.1 to 4.

                          CORAM       :     ABHAY AHUJA, J.

                          DATE        :     11th SEPTEMBER 2023

P.C. :

COMMERCIAL SUMMARY SUIT (L) NO.14182 OF 2023

1. Not on board. Mentioned.

2. Learned Counsel for the Plaintiff tenders across the bar draft

amendments on behalf of the Plaintiff submitting that although there is

a mention of dishonoured cheque No.001759 dated 19 th March 2020 in

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the body of the plaint, however, photocopy of the actual cheque had

inadvertently been left out. Learned Counsel seeks to annex the said

photocopy of dishonoured cheque no.001759 and also a clearer copy of

the dishonour memo. Mr.Upadhyay for the Defendants has no

objection if the draft amendments are allowed. The draft amendments,

as tendered across the bar, be carried out during the course of this

week. Re-verification is dispensed.

INTERIM APPLICATION (L) NO.14327 OF 2023

3. This Interim Application has been filed in the aforementioned

suit upon an apprehension that the Defendants will dispose of the

property in question. Mr.Cama, learned Counsel for the Plaintiff, would

submit that this Interim Application has been preferred pursuant to the

provisions of Order XXXIX Rules 1 and 2 read with Order XXXVIII Rule

5 of the Code of Civil Procedure, 1908, pending the summons for

judgment, in as much as, despite the loan granted to the Defendants

being a secured loan, the Defendants have described the same in their

audited balance sheet as unsecured loan. Learned Counsel draws the

attention of this Court to page 40 of the Application in support of his

contention. He also submits that in the reply, the Defendants no.1 to 4

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have in their reply in paragraph 11 clearly admitted that the loan of

Rs.2,00,00,000/- is a mortgaged loan and secured by a duly registered

mortgage and also that the mortgage value of the said flat is much

more than the outstanding amount which has been stated to be less

that Rs.2,00,00,000/-. Learned Counsel would submit that, therefore,

this Court grant an injunction to the Plaintiff in terms of Prayer Clause

(d). Learned Counsel also submits that the Defendants, pending the

summons for judgment to be taken out by the Plaintiff in the suit, be

directed to disclose all their assets to the Plaintiff, in as much as under

the loan agreement, all the assets of the Defendant no.1 has been

stated to be security for the repayment of the loan.

4. Learned Counsel also submits that there are newspaper reports

which clearly indicate that the developer has been arrested for cheating

and as he had taken money from one person and allotted him three

flats on floors which were supposed to be handed over to old tenants in

the redevelopment project. Learned Counsel, therefore, submits that

there is a strong apprehension that the security of the assets that has

been stated in the loan agreement, would be dealt with to the

detriment of the Plaintiff.

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                                                                                        2-IA(L)-14327-2023.doc


                               5.     On the other hand, Mr.Upadhyay, learned Counsel               for the

Defendants, states on the basis of the reply of the Defendants no.1 to 4

that his clients will not deal with or dispose of Flat no.103 on the 1 st

Floor in Wing A of the Free Sale Building to be known as "The Nest"

until the disposal of the suit and with respect to the disclosure of assets,

learned Counsel seeks some time to take instructions in the matter,

particularly in the light of the submission of the learned Counsel for the

Plaintiff that despite being a secured asset, the loan by the Plaintiff has

been shown as an unsecured loan in the books of the Defendant no.1.

6. The statement with respect to Flat No.103, made by the learned

Counsel for Defendants no.1 to 4, on instructions, is accepted.

7. With respect to the disclosure of assets, the learned Counsel is

granted two weeks time to place on record the list of all assets owned

and controlled by the Defendants no.1 to 4 with their present status,

with an advance copy to the other side.

8. List on 7th October 2023.

                                                                      (ABHAY AHUJA, J.)



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Signed by: Mrs.Arti V. Khatate
Designation: PS To Honourable Judge
Date: 12/09/2023 19:38:14