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L And T Finance Limited & Anr vs Ireo Private Limited & Ors on 6 December, 2022

Author: Yashwant Varma

Bench: Yashwant Varma

                    $~17
                    *      IN THE HIGH COURT OF DELHI AT NEW DELHI
                    +      O.M.P.(I) (COMM.) 346/2022
                           L AND T FINANCE LIMITED & ANR.       ..... Petitioners
                                         Through: Mr. Arvind Nayar, Sr. Adv.
                                                  with Mr. Vanita Bhargava, Ms.
                                                  Wamika Trehan, Ms. M.
                                                  Moondra and Mr. Akshya
                                                  Goshi, Advs.

                                               versus

                           IREO PRIVATE LIMITED & ORS.            ..... Respondents
                                         Through: Ms. Shruti Arora and Mr. Rishit
                                                   Agrawala, Advs. For R-1 & 2.
                                                   Mr. M. R. Shamshad and Mr.
                                                   Arijit Sarkar, Advs. for R-3.

                           CORAM:
                           HON'BLE MR. JUSTICE YASHWANT VARMA
                                               ORDER

% 06.12.2022

1. Notice. Since learned counsels have entered appearance on behalf of respondent Nos. 1, 2 and 3, let a reply be filed on their behalf within a period of three weeks from today. Petitioners shall have a week thereafter to file a rejoinder affidavit.

2. Let the matter be called again on 10.01.2023.

3. The Court notes from the disclosures made in the legal notice of 15 July 2022 that the petitioners are stated to have advanced a loan for Rs. 375 crores to respondent No.1. As security, under the Loan Agreement which came to be drawn on 17 October 2017, a Memorandum of Entry ["MoE"] was executed by respondent No.2 on behalf of respondent No.3 in favour of the Security Trustee in terms of which documents of title with respect to the commercial land in question admeasuring 1.71 acres situate in the revenue estate of Signature Not Verified Village Ullahawas, Sohna, District Gurgaon, Haryana, were deposited.

Pursuant to the MoE a further declaration of 18 October 2017 was also executed by Commander Realtors Private Limited [the second respondent in these proceedings] on behalf of the third respondent declaring that it was the lawful owner of the plot in question. It was in the aforesaid backdrop that the equitable mortgage came to be created in favour of the petitioner here.

4. On defaults being committed by the first respondent, repayment and recall notices were issued by the petitioner. It is further alleged that on inspection it was found that large scale construction work was being carried on over the subject land. The apprehension of the petitioners here is that during the pendency of proceedings various third-party rights and interests are also being created over the land which undisputedly stands mortgaged in their favour. It is further asserted that if third party rights over the subject mortgaged property come to be perfected by the respondents, it would clearly impede its rights to recover monies under the loan agreement.

5. In view of the aforesaid and till the next date of listing, the respondents shall stand restrained from disposing, transferring, alienating and/or creating any third-party rights and interests in and over the mortgaged land.

YASHWANT VARMA, J.

DECEMBER 6, 2022 bh Signature Not Verified Digitally Signed By:NEHA Signing Date:06.12.2022 17:12:35