Vardhman Developers Ltd vs Orbit Corporation Ltd. And 4 Ors
2024 Latest Caselaw 25300 Bom

Bombay High Court

Vardhman Developers Ltd vs Orbit Corporation Ltd. And 4 Ors on 3 September, 2024

Author: Abhay Ahuja

Bench: Abhay Ahuja

                                                                              44-CHSCD-345-2019.doc


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

                                     CHAMBER SUMMONS NO. 345 OF 2019
                                                    IN
                               COMMERCIAL EXECUTION APPLICATION NO. 23 OF 2022

                      VARDHMAN DEVELOPERS LIMITED                         )...APPLICANT
                               V/s.
                      ORBIT CORPORATION LIMITED AND OTHERS                )...RESPONDENTS

                      Ms.Kausar Banatwalla a/w. Ms.Neuty Thakker i/by Mr.Tushar Goradia,
                      Advocate for the Applicant / Judgment Creditor / Decree Holder.
                      Mr.Gaurang Mehta with Mr.Dikshat Mehra and Ms.Rhea Mehta i/by
                      Rajani Associates, Advocate for the Respondents No.2, 3 and 4 and the
                      Insolvent.
                      Mr.Abhay Khandeparkar, Senior Advocate a/w. Mr.Vishal Kanade,
                      Mr.Yash Ghadigaonkar, Mr.Saurabh Nagarsheth, Mr.Nihir Dedia i/by
                      Ms.Swati Kapadia, Advocate for the Respondent no.5-Dinesh Agarwal.
                      Mr.N.C.Pawar, Officer on Special Duty, Court Receiver's Office, present
                      in Court.
                      Mr.Chandan Bhatt, Official Assignee, present in Court.


                                                    CORAM   :     ABHAY AHUJA, J.

                                                    DATE    :     3rd SEPTEMBER 2024

        Digitally
        signed by
        ARTI          P.C. :
ARTI    VILAS
VILAS   KHATATE
KHATATE Date:
        2024.09.04
        19:37:37
        +0530

1. Pursuant to order dated 6th August 2024, today when the matter

is called out, Mr.Khandeparkar, learned Senior Counsel for the

Applicant in this Chamber Summons, has concluded his arguments. It is

44-CHSCD-345-2019.doc

to be noted that while Mr.Khandeparkar's arguments were going on,

the Officer on special duty to the office of the Court Receiver, has

pointed out that he has taken symbolic possession only in respect of the

immovable property viz. the land at Village Vasind and has not taken

any possession of the machinery in the plant / factory of Phoenix

Appliances Private Limited situated on the immovable property at

Vasind. The Officer on special duty has also pointed out that he has not

taken any physical possession of the shares of Phoenix Appliances

Private Limited. However, the learned Senior Counsel for the Applicant

points out that by order dated 27 th March 2018, this Court (Coram :

G.S.Patel, J., as His Lordship then was) has held in paragraph 15 that

the Receiver will therefore stand appointed for the shares of Phoenix

Appliances Private Limited in the hands of Dinesh Kiran Aggarwal viz.

the Applicant herein. Therefore, although the Court Receiver may not

have taken physical possession, by the said order, the Court Receiver

has stood appointed as Receiver with respect to the shares of Phoenix

Appliances Private Limited held by the Applicant. It is, therefore,

understood that this application will be restricted to the prayers with

respect to the immovable property viz. the land at Vasind and to the

shares of Phoenix Appliances Private Limited held by the Applicant.

44-CHSCD-345-2019.doc

2. Mr.Mehta, learned Counsel, appearing for the brother of the

Applicant viz. the Insolvent and Respondent no.3, seeks to address this

Court in support of the Chamber Summons.

3. For Mr.Mehta to commence his arguments on behalf of the

Respondent no.3, list on 1st October 2024 at 3.30 p.m.

(ABHAY AHUJA, J.)