Delhi High Court - Orders
M/A Kauntum Papers Ltd vs Princess Choice Hotel Pvt. Ltd. & Ors on 3 November, 2020
Author: Mukta Gupta
Bench: Mukta Gupta
$~10
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ EX.P. 74/2019
M/A KAUNTUM PAPERS LTD. .....Decree Holder
Represented by: Mr.Aman Shanker, Advocate.
versus
PRINCESS CHOICE HOTEL
PVT. LTD. & ORS. .....Judgment Debtors
Represented by: None.
CORAM:
HON'BLE MS. JUSTICE MUKTA GUPTA
ORDER
% 03.11.2020 The hearing has been conducted through Video Conferencing. E.A. 526/2020 (under Order XXI Rule 46 CPC-by decree holder)
1. By the present execution petition, the decree holder seeks to execute its money decree passed in CS (OS) No.431/20117 vide order dated 13 th December, 2018. For the purposes of recovery of the amount, the decree holder has informed that the judgment debtors have rights in a hotel property namely "The Clematis" situated at Candolim Village, Taluka Bardez, North Goa, Goa under Survey Nos.116/15, 117/12 and 117/11.
2. According to the decree holder it was thereafter revealed to the decree holder that the Small Industries Development Bank of India (in short „SIDBI‟) had extended a loan to the judgment debtors wherein the property of hotel "The Clematis" has been tendered as a collateral security through mortgage.
Signature Not Verified Digitally Signed By:JUSTICEEX.P. 74/2019 PageGUPTA MUKTA 1 of 2 Signing Date:03.11.2020 19:18:34
3. According to the decree holder, SIDBI is going to dispose of the property after taking necessary action under The Securitisation and Reconstruction of Financial Assets and Enforcement of Securities Interest Act, 2002 (in short „SARFAESI). Learned counsel for the decree holder contends that by this application, the decree holder nowhere seeks any embargo on the rights of SIDBI to receive its amounts, however, stats that the loan amount along with interest of SIDBI as on date which at best would be around ₹9-10 crores whereas the property would be sold at much higher rates, thus the only prayer of the decree holder is that if on sale of the property "The Clematis", SIDBI receives an amount higher than its claimed amount, the balance amount be deposited with this Court so that the decree holder is in a position to satisfy its decree.
4. Issue notice in the application to SIDBI on the decree holder taking steps through email, SMS, whatsapp, Speed Post and Courier, returnable before this court on 18th December, 2020.
5. Order be uploaded on the website of this Court.
MUKTA GUPTA, J.
NOVEMBER 03, 2020 'vn' Signature Not Verified Digitally Signed By:JUSTICE EX.P. 74/2019 PageGUPTA MUKTA 2 of 2 Signing Date:03.11.2020 19:18:34