Unity Small Finance Bank Ltd vs Serveall Constructions And 2 Other
2024 Latest Caselaw 176 Bom

Bombay High Court

Unity Small Finance Bank Ltd vs Serveall Constructions And 2 Other on 4 January, 2024

Author: R.I. Chagla

Bench: R.I. Chagla

                                                                             22-EXA(L) 28519.2022.doc

                    Kavita S. J.

                                IN THE HIGH COURT OF JUDICATURE AT BOMBAY
                                    ORDINARY ORIGINAL CIVIL JURISDICTION

                                 EXECUTION APPLICATION (L) NO.28519 OF 2022

                    Unity Small Finance Bank Ltd.,                           ...Claimant
                            Versus
                    M/s Serveall Constructions Pvt. Ltd.,                    ...Respondent
                                                      ----------
                    Princi Jaiswal i/b Dhir & Dhir Associates, Advocate for Claimant.
                                                    ----------

                                                       CORAM : R.I. CHAGLA, J.

                                                       DATE         : 4TH JANUARY, 2024.
                    ORDER :

1. The above Execution Application is required to be served

upon the Respondent. The execution is sought of the Arbitral Award

dated 28th April, 2022 passed in favour of the Claimant by which the

Respondent/Judgment Debtor is liable to pay sum of

Rs.31,14,45,121/- with future interest @ 13% per annum from 1st

February, 2021 till realization of the amount to the Claimant/Decree

Holder.

KAVITA SUSHIL JADHAV

2. The Claimant/Decree Holder has sought execution of the

Decree also against Rakesh Kumar Wadhwan and Sarang Rakesh

22-EXA(L) 28519.2022.doc

Kumar Wadhawan, Directors of the Respondent.

3. The learned Counsel appearing for the Claimant/Decree

Holder states that the Notice is required to be issued to the

Respondent against whom the execution of the Arbitral Award has

been sought. There are insolvency proceeding under Section 95 of

the Insolvency Bankruptcy Code against Rakesh Kumar Wadhwan

and Sarang Rakesh Kumar Wadhawan before the NCLT.

4. The learned Counsel for the Claimant/Decree Holder states

that Rakesh Kumar Wadhwan and Sarang Rakesh Kumar Wadhawan

are the guarantors, against whom the execution of the Arbitral Award

is sought.

5. In view thereof, the office shall issue Notice to the

Respondent, returnable on 29th January, 2024.

6. In addition to the Court Notice, the Advocate for the

Claimant/Decree Holder is at liberty to serve by way of private notice

upon the Respondent and file Affidavit of Service on or before the

next date.

[R.I. CHAGLA, J.]