Gujarat High Court
Invent Assets Securitization And ... vs M/S R K Casting Company Partnership Firm on 21 April, 2025
NEUTRAL CITATION
C/SCA/4495/2024 ORDER DATED: 21/04/2025
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IN THE HIGH COURT OF GUJARAT AT AHMEDABAD
R/SPECIAL CIVIL APPLICATION NO. 4495 of 2024
With
CIVIL APPLICATION (FOR VACATING INTERIM RELIEF) NO. 1 of 2024
In R/SPECIAL CIVIL APPLICATION NO. 4495 of 2024
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INVENT ASSETS SECURITIZATION AND RECONSTRUCTION PRIVATE
LIMITED
Versus
M/S R K CASTING COMPANY PARTNERSHIP FIRM & ORS.
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Appearance:
MR HITESH M SABHNANI(10731) for the Petitioner(s) No. 1
KESHU M VAGHERA(7625) for the Respondent(s) No. 3
MR. DEVENDRA G RANA(6997) for the Respondent(s) No. 1
NOTICE SERVED for the Respondent(s) No. 2
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CORAM:HONOURABLE MR. JUSTICE MAULIK J.SHELAT
Date : 21/04/2025
ORAL ORDER
1. Heard learned advocates for the respective parties.
2. This Court had on 15.03.2024 and 04.03.2025 passed
the following orders :-
15.03.2024
1. Draft amendment is allowed. To be carried out forthwith.
2.1 Learned advocate Mr.Mitul Shelat for the petitioner has
submitted that the auction purchaser Mr.Hiren Harilal Haldvani has
carried out the inventory of the machinery and has also given a
valuation of the said machinery pursuant to the execution proceeding
going on being Special Civil Execution No.2 of 2022. He has submitted
that said person remained in the auction proceeding as one of the
NEUTRAL CITATION
C/SCA/4495/2024 ORDER DATED: 21/04/2025
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bidders, out of ten bidders and has given proposal of Rs.77 lakhs,
which is much below of the upset price as determined i.e.
Rs.85,95,000/-. He has submitted that even then, said lower bid is
accepted and though there is first charge of the present petitioner by
way of hypothecation deed, such proceeding is carried out and
accordingly, the amount is deposited and withdrawn by the judgment
creditor.
2.2 He has submitted that though knowing fully well that the
petitioner is having hypothecation over the machinery, even though the
said facts have not been brought to the notice of the Executing Court
by the either party. He has submitted that soon after coming to the
notice of the petitioner, the petitioner filed an application before the
learned Executing Court under Order XXI Rule 59 of the Code of Civil
Procedure, 1908. However, the learned Executing Court has issued
notice and no further relief is granted. The petitioner has submitted that
the petitioner has apprehension that once the possession of the
machinery is taken over and further transaction is entered into by the
socalled successful bidder, entire right of the petitioner will be
jeopardised.
3. Considering the submissions, issue notice to the respondents
returnable on 12.04.2024.
4. In the meantime, by way of ad-interim relief, the respondents
are restrained from taking possession of the subject property and the
further proceedings of sale in Special Execution Petition No.2 of 2022
is hereby stayed, till the next date of hearing.
Direct service is permitted.
04.03.2025
1. Heard learned advocate Mr. Mitul Shelat with learned advocate
Mr. Hitesh M. Sabhnani for the petitioner and learned advocate Mr.
Nilesh Pandya for respondent No.3.
2. After considering the submissions made by the learned
advocate for the petitioner, the matter requires consideration, hence
Rule returnable on 21.04.2025. Learned advocate Mr. Nilesh Pandya
waives service of notice of rule on behalf of respondent No.3.
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C/SCA/4495/2024 ORDER DATED: 21/04/2025
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3. When this Court has pointed out that on 03.08.2023 the
respondent No.3 was called out by the decree holder as well as Bailiff
of the Court for valuation of the property, which is confirmed from Page
No. 253/A of the petitioner.
4. In response to the said fact, learned advocate Mr. Nilesh
Pandya for respondent No.3 would submit that respondent No.3 is
bona-fide auction purchaser, who went on 03.08.2023 by reading
public auction notice issued by the Executing Court. Learned advocate
Mr. Pandya would further submit that to clarify such aspect whether
respondent No.3 was a valuer on intimation either by decree holder or
Bailiff of the Court or simple visitor on reading public notice, for that
Record and Proceedings is required to be called for.
5. At his stage, learned advocate Mr. Mitul Shelat for the petitioner
states that to verify the aforesaid aspect, if the record and proceedings
is called for, petitioner has no objection.
6. Registry is hereby directed to call for Record and Proceedings
of Special Execution Petition No. 2 of 2022 pending before the Civil
Judge, Senior Division, Nadiad, so as to reach this Court on or before
17.04.2025.
7. Ad-interim relief granted by this Court vide its order dated
15.03.2024 shall continue till final disposal of the petition."
3. When the matter was taken up for final hearing,
learned advocates for the respective parties are at ad-idem
that let the Executing Court shall decide the application filed
below Exh.41 by the petitioner herein in accordance with law
and till then stay which has been granted by this Court vide
its order dated 15.03.2024 be continued.
4. As there is consensus ad-idem between the learned
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C/SCA/4495/2024 ORDER DATED: 21/04/2025
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advocates for the respective parties, without going into the
merit of the matter, at this stage, this Court is accepting the
request so made by the learned advocates for the parties.
The following order is passed :-
(i) The stay which has been granted by this Court vide its
order dated 15.03.2024 shall remain in operation till the
Executing Court decides the application filed below Exh. 41
by the petitioner herein.
(ii) It is open for the parties to file their additional
pleadings including any amendment in the application so
filed below Exh. 41.
(iii) It is also open for the parties to file their response and
after giving opportunity of hearing to all the parties
concerned, the Executing Court is hereby requested to
decide the application filed below Exh. 41 in accordance with
law without being influenced by any of the observations so
made by this Court in any of the order.
(iv) If the parties will give their full co-operation to the trial
Court, the application filed below Exh. 41 be decided by the
Executing Court within a period of three months from the
date of receipt of copy of this order.
NEUTRAL CITATION
C/SCA/4495/2024 ORDER DATED: 21/04/2025
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5. With the aforesaid observation and direction, the
present writ application is partly allowed to the aforesaid
extent. No order as to costs.
6. Registry to send back Record and Proceedings to the
concerned Executing Court forthwith.
7. Civil Application would not survive and disposed of
accordingly.
(MAULIK J.SHELAT,J)
SALIM/
