Calcutta High Court
Surana Mercantiles Private Limited vs Regent Capital Private Limited on 15 September, 2025
OCD-28
ORDER SHEET
IN THE HIGH COURT AT CALCUTTA
COMMERCIAL DIVISION
ORIGINAL SIDE
IA NO: GA-COM/1/2025
In CS-COM/100/2025
SURANA MERCANTILES PRIVATE LIMITED
VS
REGENT CAPITAL PRIVATE LIMITED
BEFORE :
The Hon'ble JUSTICE KRISHNA RAO
Date :September 15, 2025.
Appearance :
Mr. Chayan Gupta, Adv.
Mr. PouroushBandhyopadhyay, Adv.
Mr. Kousik De, Adv.
Ms. MohimiMajumdar, Adv.
Mr. Roshan Pathak, Adv.
Ms. Ayolita Ghosh, Adv.
Mr. Aadrish Chatterjee, Adv.
...for the plaintiff
1.
The plaintiff has filed the present suit praying for a decree for a
sum of Rs. 20,83,61,250/- along with interest and interest upon
judgment at the rate of 15% per annum. The plaintiff has filed the
present application being GA-COM/1/2025 praying for interim
order.
2. The plaintiff has sent the notice of the present application to the
defendant through e-mail which was duly served upon the
defendant on 1st September, 2025 but none appeared on behalf of
the defendant.
3. The plaintiff says that as per the representation made by one of
the Director of the defendant, the plaintiff has invested an amount
of Rs. 10.00 Crores for purchase of shares from time to time and
accordingly, the defendant has admitted that the plaintiff has paid
an amount of Rs. 10.00 Crores for purchase of shares. After the
receipt of the said amount, the defendant failed to allot the shares
to the plaintiff and accordingly, the plaintiff has sent a notice to the
defendant for return of the said amount but the defendant has
neither given any share for a sum of Rs. 10.00 Crores nor the
amount to Rs. 10.00 Crores with interest accrued thereon returned
to the plaintiff.
4. Counsel for the plaintiff submits that the plaintiff is under CIRP
and the plaintiff has filed the present application through the
Insolvency Resolution Professional, appointed by the Tribunal.
5. Mr. Chayan Gupta, Learned Counsel appearing for the plaintiff
submits that the defendant has admitted the claim of the plaintiff
that the plaintiff has made the payment of Rs. 10.00 crore for
purchase of shares but the defendant has neither given any share
of the said amount to the plaintiff nor returned the said amount.
Now, the plaintiff came to know that the defendant is going to
siphon off the amount of the plaintiff. He submits that if at this
stage, the defendant is not restrained by an order by keeping aside
an amount of Rs. 10.00 Crores, the plaintiff will be badly
prejudiced.
6. Mr. Chayan Gupta further submits that the defendant by a letter
dated 11th July, 2022 has admitted that the plaintiff has paid the
amount of Rs. 10.00 crore but in spite of the same the defendant
has not paid the said amount to the plaintiff nor any shares were
allotted.
7. This Court finds that by an order dated 7th April, 2025, the NCLT
has appointed a Resolution Professional in respect of the company
of the plaintiff. The plaintiff has disclosed the bank account
wherein it is disclosed that the plaintiff has transferred amounts
from time to time in the name of the defendant for purchase of
shares for a total amount of Rs. 10.00 Crores.
8. The defendant by a letter dated 11th July, 2022 has also admitted
that the defendant has received the amount of Rs. 10.00 crore. The
plaintiff has also disclosed the audit report of the defendant
including the balance sheet, wherein it reveals that the liabilities of
the defendant company shown as more than Rs. 20.00 crores.
9. By a letter dated 11th July, 2022, the defendant has also admitted
that the defendant has received an amount of Rs.10 crores for
issuance of 50 lakhs equity shares to the plaintiff. From the
balance-sheet also finds that the liability of the defendant is about
more that Rs.20 Crores. The plaintiff in the present application has
categorically stated that the plaintiff came to know that the
defendant is defrauding the plaintiff and other creditors by
transferring and/or alienating and/or encumbering its assets to
the third parties. The plaintiff has also made an specific averment
that the defendant is threatening and intending to remove or
dispose of the properties.
10. This Court finds that the plaintiff has made out a prima facie
case, balance of convenience and inconvenience in favour of the
plaintiff. This Court also finds that at this stage, ad interim order is
not granted. The plaintiff has suffered irreparable loss and injury.
11. This Court also finds that the defendant has admitted the claim
of Rs.10 crores received by the defendant from the plaintiff. If at
this stage an ad interim order is not granted and in future if the
plaintiff will get a decree, the decree will be frustrated.
12. Accordingly, the defendant, its men, servants, agents and
assigns are restrained from operating bank account No.
000605017796 maintained with ICICI Bank Limited, R.N.
Mukherjee Road, Kolkata-700001 without keeping aside an amount
of Rs.10 crores till 11th November, 2025.
13. The plaintiff is directed to serve the copy of the application,
documents, plaint along with this order to the defendant
immediately and to file affidavit of service on the returnable date.
14. Let the matter appear on 11th November, 2025 under the
heading "New Motion".
(KRISHNA RAO, J.)
DB/sbghosh
