[Cites 0, Cited by 0]
Bombay High Court
Rahul H Bajaj vs Satco Capital Markets Ltd on 21 January, 2026
Author: Madhav J. Jamdar
Bench: Madhav J. Jamdar
09-EXA-1226-2016.DOC
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
EXECUTION APPLICATION NO.1226 OF 2016
Rahul H Bajaj ...Applicant
Versus
ARJUN
VITTHAL Satco Capital Markets Ltd. ...Respondent
KUDHEKAR
Digitally signed by WITH
ARJUN VITTHAL
KUDHEKAR INTERIM APPLICATION (L) NO.240 OF 2026
Date: 2026.01.21
20:13:39 +0530 IN
EXECUTION APPLICATION NO.1226 OF 2016
Rahul H Bajaj ...Applicant
In the matter between:
Rahul H Bajaj
Versus
Satco Capital Markets Ltd. & Anr. ...Respondents
WITH
INTERIM APPLICATION (L) NO.239 OF 2026
IN
EXECUTION APPLICATION NO.1226 OF 2016
Rahul H Bajaj ...Applicant
Versus
Satco Capital Markets Ltd. ...Respondent
WITH
INTERIM APPLICATION (L) NO.241 OF 2026
IN
EXECUTION APPLICATION NO.1226 OF 2016
Rahul H Bajaj ...Applicant
Versus
Satco Capital Markets Ltd. & Anr. ...Respondents
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09-EXA-1226-2016.DOC
WITH
INTERIM APPLICATION (L) NO.26271 OF 2024
IN
EXECUTION APPLICATION NO.1226 OF 2016
Rahul H Bajaj ...Applicant
Versus
Satco Capital Markets Ltd. And National Stock ...Respondents
Exchange Ltd.
WITH
INTERIM APPLICATION (L) NO.26287 OF 2024
IN
EXECUTION APPLICATION NO.1226 OF 2016
Rahul H Bajaj ...Applicant
Versus
Satco Capital Markets Ltd. ...Respondent
WITH
INTERIM APPLICATION (L) NO.26275 OF 2024
IN
EXECUTION APPLICATION NO.1226 OF 2016
Rahul H Bajaj ...Applicant
Versus
Satco Capital Markets Ltd. ...Respondent
WITH
INTERIM APPLICATION (L) NO.237 OF 2026
IN
EXECUTION APPLICATION NO.1226 OF 2016
Rahul H Bajaj ...Applicant
Versus
Satco Capital Markets Ltd. ...Respondent
WITH
INTERIM APPLICATION (L) NO.238 OF 2026
IN
EXECUTION APPLICATION NO.1226 OF 2016
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09-EXA-1226-2016.DOC
Rahul H Bajaj ...Applicant
Versus
Satco Capital Markets Ltd. ...Respondent
Ms. Sonal a/w Vivek M. Sharma i/b Das Associates (Prasad Das),
for the Applicant in IA(L)/240/2026 And Other IAs.
Mr. Amogh Joshi, for Respondent No.1 in EXA/1226/2016.
Mr. Indesh Rathod i/b P. D. Jain & Co., for Respondent No.2 in
IA(L)/237/2026.
Ms. Gauri S. Bandre i/b SSB Legal & Advisory, for Respondent No.2
in IA(L)/26287/2024.
Mr. Prathamesh Kamath (Through Video Conferencing) a/w
Divyanshu Gupta & Ishika Lodha i/b Parinam Law Associates, for
Respondent No.2 - NSE.
Mr. Ishan Agrawal a/w Kush Khandelwal, Ashutosh Mishra &
Anshit Aggrawal i/b Nyaayam Associates LLP, for Respondent No.3
(NCL) in IA(L)/26271/2024.
CORAM: MADHAV J. JAMDAR, J.
DATED: 21 JANUARY 2026
PC:-
1. Heard Ms. Sonal, learned Counsel appearing for the Applicant
and Mr. Joshi, learned Counsel appearing for the Respondent No.1-
Judgment Debtor.
2. The Applicant i.e. Judgment Creditor has sought the following
reliefs in the Interim Application :-
"(a) this Honorable Court be pleased to direct
Respondent No. 2 to disclose the interest accrued on
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09-EXA-1226-2016.DOC
the sum of Rs. 1,44,83,000/- of Respondent No. 1
lying with it;
(b) attach the deposits/monies amounting to Rs.
1,44,83,000/- of Respondent No. 1 lying with
Respondent No. 2 by restraining Respondent No. 2
from giving it over to Respondent No. 1;
(c) Respondent No. 2 be directed to refrain from
releasing any amounts lying with it and to the credit
of Respondent No. 1, to Respondent No. 1 and to
deposit the said monies along with due interest
accrued on the same in this Honorable Court to the
credit of the aforesaid Execution Application No.
1226/16;
(d) for such further and other reliefs as the nature and
circumstances of the case may require."
3. In the Interim Application various factual aspects are set out.
However, for the purpose of consideration of prayer clauses (a) to (c)
of Interim Application, the important averments are in Paragraph
Nos.9 and 10, which read as under :-
"9. In view of the aforesaid factual matrix the Applicant is
now pursuing the further hearing of the aforesaid
Execution Application and during the course of the
same, Respondent No. 1 has filed some disclosure
Affidavits evidencing its financial position over the
past few years. It is submitted that in one of the latest
Disclosure Affidavit dated 14th October, 2025,
Respondent No. 1 has disclosed that it has advanced a
sum of Rs. 1,44,83,000/- to Respondent No. 2. The
Applicant who has to receive far greater amounts from
Respondent No. 1 under the aforesaid Arbitral Award
dated 30th September, 2014 herein requests this
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09-EXA-1226-2016.DOC
Honorable Court to declare the Respondent No. 2 as a
garnishee in the present proceedings and to direct it to
deposit the same in this Honorable Court to the credit
of the Applicant in the present Execution Application.
10. In view of the aforesaid chain of events, it is thus
expedient and in the interest of justice that this
Honorable Court in a bid to safeguard the Applicant's
interest in terms of the monies and shares receivable
by him from Respondent No. 1 under the aforesaid
Award direct the Respondent No. 2 to restrain and
forbid Respondent No. 2 from releasing the amount of
Rs. 1,44,83,000/- owed by it to Respondent No. 1, to
anyone. It is further requested that Respondent No. 2
be declared as a garnishee and be directed to deposit
the said funds amounting to Rs. 1,44,83,000/- along
with due interest accrued on the same, lying with it
and to the credit of Respondent No. 1 with the
Prothonotary and Senior Master of this Honorable
Court."
4. Ms. Sonal, learned Counsel for the Applicant-Judgment
Creditor, submits that Respondent No.2 who is a garnishee in the
present proceedings has been served and tenders Affidavit of service.
However, none appears for the Respondent No.2.
5. Mr. Joshi, learned Counsel for Respondent No.1, states that
Respondent No.1 has no objection if the reliefs sought in the Interim
Application are granted. Mr. Joshi, learned Counsel, states that his
only objection is that the decretal amount is not as being contended
by the Applicant. He, therefore, states that without prejudice to the
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09-EXA-1226-2016.DOC
said contention of Respondent No.1, Respondent No.1 has no
objection for passing Order in terms of prayer clauses (a), (b) and
(c).
6. It is required to be noted that Respondent No.2 has not
appeared in the matter in spite of notice. Even Affidavit-in-Reply is
also not filed. Thus, the contentions raised in the Interim Application
have remained uncontroverted.
7. Accordingly, Interim Application (Lodging) No.240 of 2026 is
allowed in terms of prayer clauses (a), (b) and (c), subject to the
contention of Respondent No.1 that the decretal amount is not as
contended by the Applicant-Judgment Creditor. In any case, as the
amount is directed to be deposited in this Court, the said contention
can be considered at a later stage.
8. The Interim Application (Lodging) No.240 of 2026 is allowed
in terms of prayer clauses (a), (b) and (c), subject to above.
9. The Respondent No.2 is directed to deposit the said amount in
this Court within a period of 2 weeks from today.
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10. The Interim Application is disposed of, subject to above
modification.
11. Stand over to 28th January 2026. To be shown fairly 'high on
board'.
[MADHAV J. JAMDAR, J.]
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