Cfm Asset Reconstruction Private ... vs B Y Rajeshwar Singh And 2 Ors
2024 Latest Caselaw 25389 Bom

Bombay High Court

Cfm Asset Reconstruction Private ... vs B Y Rajeshwar Singh And 2 Ors on 4 September, 2024

Author: Abhay Ahuja

Bench: Abhay Ahuja

                                                                      37. CHS 258-15 in EXA 2395-15.doc


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

                                         CHAMBER SUMMONS NO. 258 OF 2015
                                                         IN
                                       EXECUTION APPLICATION NO. 2395 OF 2015

                     CFM Asset Reconstruction Pvt. Ltd.                              ...Applicant
                                  V/s.
                     B. Y. Rajeshwar Singh and Ors.                                  ...Respondents


                     Mr. Yash Dadriwal i/b DS Law for the Applicant.
                     Mr. Suryajeet Chavan for Respondent No.1.

                                               CORAM    :    ABHAY AHUJA, J.
                                               DATE     :    4th SEPTEMBER, 2024
                     P.C. :


                     1.       Pursuant to the order dated 24 th July, 2024, directing issuance of

                     bailable warrant in the name of the Respondent No.1, the Respondent

                     No. 1 is present in Court today.




       Digitally
                     2.       Mr. Chavan, learned Counsel appears for the Respondent No.1
       signed by
       NIKITA
NIKITA YOGESH
YOGESH GADGIL
GADGIL Date:
       2024.09.04
       19:23:00
                     and submits that he has instructions to submit that his client is desirous
       +0530



                     of settling the matter with the Applicant.



                     3.       Mr. Dadriwal, learned Counsel appears for the Applicant and

                     submits that if the proposal is given, he would forward it to the

                     concerned officer of the Applicant for consideration.

                     Nikita Gadgil                                                      1/3




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                                                    37. CHS 258-15 in EXA 2395-15.doc


 4.       It is observed that order dated 29 th January, 2016, whereby the

 Respondents were directed to make disclosures within a period of two

 weeks, remains to be complied. The Respondent No. 1 is present in

 Court pursuant to a bailable warrant issued against him. Although

 statedly an amount of Rs. 18,96,000/- is due from the Respondents to

 the Applicant, the Respondent No. 1 has attended this Court for the

 first time despite earlier orders of this Court to file disclosures.


 5.       Applicants have to resort to issuance of warrants of arrest against

 the borrowers/debtors, who fail to make payments of their dues and

 then fail to accept service of notices issued by the Judgment Creditors

 or the Court. Considerable resources of time, infrastructure and money

 of the Applicants as well as the State are expended in these

 endeavours.


 6.       Accordingly, having heard the learned Counsel and having

 considered the fact situation, the following order is passed:-

                                    ORDER

i. Subject to payment of costs of Rs. 25000/- to the Advocates'

Association of Western India Generation Next, within a period of two

weeks, let disclosure affidavit be filed by the Respondent No.1, within a

period of two weeks after having deposited the costs.

37. CHS 258-15 in EXA 2395-15.doc

ii. Before leaving the Court today let the Respondent No. 1 furnish an

undertaking under an affidavit to this Court that he will remain

present, personally and physically, in this Court, as and when the

matter is listed.

iii. Let the Respondent No.1 within a period of four weeks furnish

payment plan as to the payment of outstandings to the Applicant.

 v.       List on 16th October, 2024.



                                        (ABHAY AHUJA, J.)