Emerson Network India Pvt. Ltd. vs Associated Switchgears And ...
2006 Latest Caselaw 591 Del

JUDGMENT

Badar Durrez Ahmed, J.

1. By an order dated 3rd November, 2003 the leave to defend application was disposed of granting conditional leave to the defendant on the defendant furnishing a security in the sum of Rs 20 lakhs within fifteen days to the satisfaction of the Registrar General of this Court. The suit has not progressed beyond that point. On 25.1.2006 a final opportunity was granted to the defendant and the matter was placed before the Registrar General on 6.12.2006 for recording satisfaction in respect of the security which the defendant had stated to have furnished. By the order dated 6.2.2006, the Registrar General was of the opinion that the property offered as security for securing the amount of Rs 20 lakhs was highly inadequate. He, therefore, did not accept the security. Thereafter, the matter came before this Court on 23rd February, 2006 when Mr. Khorana, who appeared for the defendant, stated that the value of the property at Nainital, as per the Valuation Report of the approved Valuer, is Rs 14.4 lakhs and in this connection, he stated that he would seek instructions with regard to providing additional security for an amount of Rs 5 lakhs so as to cover the deficiency. Today, the learned Counsel for the defendant states that additional security has not been furnished and apart from submitting that attempts are being made for furnishing the security, the learned Counsel for the defendant is unable to give any concrete answer.

2. In these circumstances, since the condition for the grant of leave to defend to defendant has not been fulfillled, it is clear that the defendant no longer has leave to defend in this suit.

3. Accordingly, the suit is decreed in favor of the plaintiff and against the defendant for an amount of Rs 22,36,260.44 along with pendente lite and future interest at the rate of 9% per annum till realisation.

4. The suit is decreed as aforesaid with costs in favor of the plaintiff.