Bombay High Court
Urban Infrastructure Real Estate Fund vs Kishor N. Shah on 5 March, 2024
Author: Abhay Ahuja
Bench: Abhay Ahuja
1 901 ia 3949-23 in comex 195-20 and ors-os.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION NO.3949 OF 2023
IN
COMMERCIAL EXECUTION APPLICATION NO.195 OF 2020
Urban Infrastructure Trustees Limited
and anr. ... Applicants/Decree Holders
Vs.
Kishor N. Shah and ors. ... Respondents/Judgment Debtors
WITH
INTERIM APPLICATION NO.2653 OF 2020
IN
COMMERCIAL EXECUTION APPLICATION NO.194 OF 2020
WITH
INTERIM APPLICATION NO.2543 OF 2020
IN
COMMERCIAL EXECUTION APPLICATION NO.194 OF 2020
WITH
INTERIM APPLICATION NO.1144 OF 2021
IN
COMMERCIAL EXECUTION APPLICATION NO.194 OF 2020
AND
INTERIM APPLICATION NO.3950 OF 2023
IN
COMMERCIAL EXECUTION APPLICATION NO.139 OF 2020
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Mr. Sharan Jagtiani, Senior Advocate with Mr. Jahaan Dastur i/by M/s
Dastur Kalambi and Associates, Advocates for the Applicants in IA
No.3949 of 2023.
Mr. Zal Andhyarujina, Senior Advocate with Mr. Jahaan Dastur i/by M/s
Dastur Kalambi and Associates, Advocates for the Applicants in IAs No.
3950 of 2023, 2543 of 2020 and 2653 of 2020 and 1144 of 2021.
Mr. Aspi Chinoy, Senior Advocate with Mr. Naushad Engineer, Ms. Etika
Srivastava, Mr. Shamant Satiya and Mr. Aman Sadiwala i/by Rashmikant
and Partners in IAs No. 3949 of 2023 and 3950 of 2023.
Mr. Venkatesh Dhond, Senior Counsel with Mr. Ziyad Madon, Mr. Sukrit
Parashar and Ms. Lillyan Thangkhiew i/by M/s Vesta Legal, Advocates for
the Respondent No.6 in IAs No.3949 of 2023, 2653 of 2020, 2543 of
Priya R. Soparkar 1 of 4
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2 901 ia 3949-23 in comex 195-20 and ors-os.doc
2020, 1144 of 2021 and 3950 of 2023.
Mr. Shyam Kapadia with Mr. Niket Mehta, Mr. Kushan K. Kode i/by M/s
Vashi and Vashi, Advocates for the Respondent No.7 in IAs No. 3950 of
2023 and 3949 of 2023.
Mr. Ashish Kamat with Ms. Shruti Shirke i/by M/s TRD Associates,
Advocates for the Respondent No. 5.
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CORAM : ABHAY AHUJA, J.
DATE : 05 MARCH, 2024.
P.C. :
1. This matter has been listed today pursuant to the circulation
granted by the earlier Bench.
2. When the matter is called out, Mr. Dhond, learned senior counsel
appears for Respondent No.6-Money Magnum Nest Private Limited and
submits that the payments that were to be received by Money Magnum
Nest Private Limited today from the Respondent No.7 Developer under the
Joint Development Agreement dated 22 nd July, 2008 with Respondent
No.7 have not been paid to Respondent No.6 but have been used to adjust
the earlier dues of property tax. Mr. Dhond would submit that therefore,
there is no urgency in the matter today as no payment has been made to
Respondent No.6 and if at all, any urgency would arise only on 5 th April,
2024, when the next installment of the sixth Respondent's share in Net
Sales Revenue (NSR) is likely to be paid under the Joint Development
Agreement.
Priya R. Soparkar 2 of 4
3 901 ia 3949-23 in comex 195-20 and ors-os.doc
3. Mr. Andhyarujina and Mr. Jagtiani, learned senior counsel for the
Judgment Creditors would submit that the Respondent No.6 could not
have permitted this in as much as pursuant to an interim arrangement
dated 14th October, 2022, recorded by an earlier Bench of this Court
(Coram: B. P. Colabawalla J.) an amount of Rs.140 crores has been
directed to be maintained in a separate bank account to inter-alia make
payments to municipal and statutory authorities for the Bradbury Mills
Project and Dwarka project and submit that the Respondent No.6 be
directed to make disclosures of the manner in which Rs.140 crores are
being utilized.
4. Be that as it may, let an affidavit be filed by the Respondent No.6 as
well as Respondent No.7 with respect to the payment that was scheduled
to be received by Respondent No.6 today and has purportedly been used
to adjust towards property tax dues explaining in detail as to how and
why the said adjustment has been made.
5. Let the affidavits be filed by 19 th March, 2024 with a copy to the
other side. Rejoinder to the same, if any, be filed by 22nd March, 2024.
Priya R. Soparkar 3 of 4
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6. List on 27th March, 2024.
(ABHAY AHUJA, J.)
Priya R. Soparkar 4 of 4
