Surana vs Pankaj Shah
2024 Latest Caselaw 3078 Cal/2

Calcutta High Court

Surana vs Pankaj Shah on 3 October, 2024

OD-18

EC/285/2018

IN THE HIGH COURT AT CALCUTTA ORDINARY ORIGINAL CIVIL JURISDICTION

S.K. SURANA (HUF) REPRESENTED BY ITS KARTA SHANTI KUMAR SURANA VS PANKAJ SHAH

Before:

The Hon'ble Justice BIVAS PATTANAYAK Date: 3rd October, 2024

Appearance:

Mr. Varun Kothari, Adv.

Mr. Jai Kumar Surana, Adv.

Mr. AbhimonyuGon, Adv.

...for the decree-holder Mr. PrantikGarai, Adv.

...for the judgment-debtor Mr. RachitLakhmani, Adv.

Ms. Pooja Sah, Adv.

...appear

The Court: Mr. Varun Kothari, learned Advocate appearing

on behalf of the decree-holder, at the outset, submits that the Special

Officer appointed by this Court has already submitted his report and

he be discharged.

In view of such submission, the Special Officer

Mr. Naranarayan Ganguly is discharged.

Learned Advocate for the decree-holder further submits that

since one year adjournments are being taken by the judgment-debtor

for sale of the property. However, till date neither sale has been

effected nor the decree has been satisfied. He seeks for fixing of date

for examination of the judgment-debtor.

Mr. Rachit Lakhmani, learned Advocate intervenes in the

matter and submits that the decree-holder is the accused in the

criminal proceeding under the provisions of Indian Penal Code as

well as West Bengal Protection of Interest of Depositors in Financial

Establishments Act, 2013 relating to ponzi scheme. Recently it has

come to the knowledge of the beneficiaries who are now his clients

and victims of the scheme that the execution proceeding is being

undertaken by the decree-holder namely the accused in the criminal

proceeding. As per provision of section 5 of the West Bengal

Protection of Interest of Depositors in Financial Establishments Act,

2013 the personal assets of the promoter, partner, director, manager,

member, employee or any other person responsible for the

management of the said financial establishment and the personal

property of a person who has borrowed money from such financial

establishment to the extent of his default. In view of the aforesaid

provisions and in the facts and circumstances of the present

proceedings, the properties of both the decree-holder as well as the

judgment-debtors are liable to be attached. He seeks for some

accommodation to take out an appropriate application in this regard.

In view of such submissions advanced by the learned

Advocates, list this matter on 22nd November, 2024 for examination

of judgment-debtors.

Liberty is granted to Advocate-on-Record of Mr. Lakhmani to

file an appropriate application as aforesaid.

(BIVAS PATTANAYAK, J.)

DB