Bombay High Court
Sbi Capital Markets Limited vs Videocon Hydrocarbon Holdings Ltd on 7 December, 2021
Author: R.I. Chagla
Bench: R.I. Chagla
21-IAL-22591-21.doc
Sharayu Khot.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO. 22591 OF 2021
IN
COMMERCIAL SUIT (L) NO. 22589 OF 2021
SBI Capital Markets Limited ...Applicant/
Plaintiff
Versus
Videocon Hydrocarbon Holdings Ltd. ...Defendant
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Mr. Sharan H. Jagtiani a/w Mr. Rugved More, Ms. Surabhi
Agrawal Senior Counsel for the Plaintiff.
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CORAM : R.I. CHAGLA J
DATE : 7 December 2021
ORDER :
1. Heard learned Senior Counsel for the SHARAYU PANDURANG KHOT Applicant/Plaintiff.
Digitally signed by SHARAYU PANDURANG KHOT Date:
2021.12.08
2. He tenders two Affdavits of Service dated 25th 18:49:57 +0530 November 2021 and 7th December 2021.
3. By the 1st Affdavit of Service, the Defendant was 1/5 21-IAL-22591-21.doc served by email dated 17th November 2021, the notice of the proceedings as well as of the order dated 15th November 2021. By the 2nd Affdavit of Service, the Defendant was served with by email dated 6th December 2021 notice of the matter being listed today. Defendant was to remain present, if he so desired. The said two Affdavits of Service dated 25th November 2021 and 7th December 2021 are taken on record.
4. By the order dated 15th November 2021, this Court had upon considering the submissions of the learned Senior Counsel for the Applicant/Plaintiff, found that a prima facie case is made out for grant of ad-interim relief in terms of prayer clause (d) of the Interim Application. It was noted that the Defendant although being served with the notice of the claim of the Plaintiff had not fled any response thereto. Accordingly, ad-interim relief was granted to the Plaintiff of disclosure of the movable and immovable assets of the Defendant.
5. It was further noted in the said order dated 15th November 2021 that the National Company Law Appellate Tribunal by its order dated 19th February 2020 stayed the 2/5 21-IAL-22591-21.doc order passed by National Company Law Tribunal dated 12th February 2020, which had held that assets of the present Defendant shall be considered as the assets of Videocon Industries Limited under Corporate Insolvency Resolution Process ("CIRP"). The assets were therefore, not considered to be the assets of Videocon Industries Limited under CIRP.
6. The claim of the Plaintiff in the present Suit is for a direction against the Defendant to pay a sum of INR 9,83,33,899.09 along with 18 percent per annum till the date of actual realization.
7. The sum due to the Plaintiff by the Defendant is towards its payment obligation under two agreements dated 6th August 2013 and 30th March 2017 for providing fnancial advisory/services and syndication services. The claim of the Plaintiff is backed by the bills issued under the said agreements for fied fees, inception fees and out of pocket eipenses in return for the services availed by the Defendant. It is the case of the Plaintiff that the Defendant defaulted in making payments against the bills under the said agreements within the stipulated period of 15 days from the date of each bill which 3/5 21-IAL-22591-21.doc qualifed as an event of default under the respective agreements. Demand letter has been sent by the Plaintiff and which has neither been responded to nor payments made against the bills issued by the Plaintiff to the Defendant under the said agreements.
8. In my view, a prima facie case has been made out by the Applicant/Plaintiff that unless the Defendant is injuncted from dealing with these assets which are suffcient to satisfy the decree which may be passed by the Plaintiff, the Defendant would be in possession to deal with the assets and that will defeat the claim of the Plaintiff. Ad-interim relief in terms of prayer clause (a) of the Interim Application is required to be granted, considering that the Defendant though served with the notice of the order dated 15th November 2021 which had directed the Defendant to fle Affdavit of Disclosure in terms of prayer (a) of the Interim Application, have failed to do so and also not remained present in this Court inspite of notice of today's date.
9. in view thereof, till the neit date, ad-interim relief in terms of prayer clause (a) of the Interim Application is 4/5 21-IAL-22591-21.doc granted which reads thus:-
"a. That pending the hearing and fnal disposal of this Suit, the Hon'ble Court may be pleased to restrain and/or prohibit and/or injunct the Defendant either acting by itself or through their servants, agents or representatives, from transferring/ alienating/encumbering or creating a charge over any of its assets as may be suffcient to satisfy the decree that may be passed in favour of the Plaintiff."
10. Notice of this order shall be served by the Advocates appearing for the Applicant/Plaintiff on the Defendant forthwith.
11. Interim Application shall be placed on board on 21st December 2021 to be shown under the caption "For Hearing".
12. Liberty is granted to the Defendant to apply in case the matter does not come up on 21st December 2021.
[R.I. CHAGLA J.] 5/5