Bombay High Court
Mohinder Singh Dua And Another vs Kishinchand R Ludhani And Another on 2 February, 2024
Author: Abhay Ahuja
Bench: Abhay Ahuja
55-IA-287-2024.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION NO.287 OF 2024
IN
COMPANY PETITION NO. 657 OF 2016
MOHINDER SINGH DUA AND OTHERS )...APPLICANTS
IN THE MATTER BETWEEN
KISHINCHAND R. LUDHANI )...PETITIONER
V/s.
KAMLA LANDMARC CONSTRUCTION )
PVT LTD )...RESPONDENT
Mr.Anosh Sequeria i/b Nehaa M. Shah, Advocate for the Ex-Directors.
Mr.S.C. Naidu a/w Mr.Pradeep Kumar i/b C.R. Naidu & Co., Advocates
for the Applicants.
Mr.Mutahhar Khan, Advocate for the Official Liquidator.
Mr.S.B. Trivedi i/b Vimadalal & Co., Advocate for the Original
Petitioner.
CORAM : ABHAY AHUJA, J.
DATE : 2nd FEBRUARY, 2024
P.C. :
1. This Application has been filed on behalf of the Judgment
Creditors seeking the following prayers :
"a) This Hon'ble Court be pleased to appoint a Charter
Accountant from the panel maintained by this Hon'ble
Court / OL for carrying out a forensic audit of the Company
(In Liq.) and ascertain the amount due and recoverable by
the company (In Liq.);
55-IA-287-2024.doc
b) The OL be directed to forthwith issue recovery
notices to all parties including government authorities whose
name are reflected in Annexure - C & Annexure - D to the
Statement of Affairs for the amount mentioned against their
respective names;
c) The OL be directed to proceed against the six
noticees viz. (1) Mathura Land Mark Pvt Ltd. (ii) Shri Hari
Corporation (iii) SVK Projects LLP (iv) Orient Bell Limited (v)
Ram Ratna Infrastructure Pvt. Ltd. (vi) Recons Distributions
Pvt. Ltd., under Section - 455 of the Companies Act and file
report with this Hon'ble Court within a period of two weeks
from date of order;
d) The OL to take all necessary measures for
liquidating immovable assets of the Company (In Liq.) within
a period of 4 weeks from date hereof;"
2. Mr.Naidu, learned Counsel, appears for the Applicants and
submits that despite several directions of this Court in the past, the
Judgment Debtors nor the directors (of the company in liquidation)
have furnished complete and accurate details of the Statement of
Affairs of the assets (estimated realizable value being
Rs.1,06,44,03,701.39) for recovery of the dues of approximately
Rs.9,00,00,000/-. Learned Counsel draws the attention of this Court to
page no.48 of the Application and in particular to items 4, 5, to item 96
and submits that incomplete details of the assets have been given and it
would not be possible therefore to identify those assets nor to liquidate
the same for recovery of dues. Learned Counsel also draws the
attention of this Court to pages 52 and 53 of the said Application and
55-IA-287-2024.doc
refers to the amounts lying with the promoters/directors Jitendra R.
Jain, Payal V. Jain, Ramesh C. Jain and Taradevi R. Jain totalling to
Rs.1,11,35,486/- and submits that the Respondent be directed to bring
these monies in the Court. Mr.Khan, learned Counsel, appears for the
Official Liquidator and endorses the submissions made by the learned
Counsel.
3. Mr.Sequiera, learned Counsel, appears for the two directors, one
of whom is present in the Court - Mr.Jitendra Jain and submits that
they have always and are willing to co-operate with the Official
Liquidator as well as the Applicants in order to liquidate the assets as
well as ensure the recoveries to the Applicants.
4. Be that as it may, considering that the Applicants are in execution
pursuant to an Arbitration Award dated 6 th March 2019, this Court
deems it fit to pass the following order :
(i) Let the directors of Judgment Debtor No.1/ Respondent (in
liquidation), within a period of four weeks, furnish full and
complete details of the properties/assets/immovable properties
listed at Serial Nos.1 to 96 so that the same can be identified and
further steps can be taken by the Official Liquidator to sell/auction
the same;
55-IA-287-2024.doc
(ii) Let the sum of Rs.1,11,35,486/- as shown to the credit of Jitendra
R. Jain, Payal V. Jain, Ramesh C. Jain and Taradevi R. Jain as set
out on pages 52 and 53 of the Application be deposited in this
Court within a period of four weeks.
(iii) List on 8th March 2024.
(ABHAY AHUJA, J.)
