Calcutta High Court
Srei Infrastructure Finance Ltd vs Supreme Infrastructure Bot Pvt. Ltd. & ... on 6 May, 2015
Author: Soumen Sen
Bench: Soumen Sen
ORDER
GA No. 1504 of 2015
CS No. 104 of 2015
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
SREI INFRASTRUCTURE FINANCE LTD.
Versus
SUPREME INFRASTRUCTURE BOT PVT. LTD. & ORS.
BEFORE:
The Hon'ble JUSTICE SOUMEN SEN
Date: 6th May 2015.
Appearance:
Mr. S. N. Mookherjee, Senior Advocate
Mr. Jishnu Saha, Senior Advocate
Ms. Hasnuhana Chakraborty, Advocate
Ms. Nilina Chatterjee, Advocate
Ms. Anna Malhotra, Advocate
...for the petitioner.
In spite of notice, the defendant No.1 is not represented.
The plaintiff claims to have provided finance and/or credit
facilities to the defendants. The plaintiff having agreed to
provide credit facilities to the defendant No.1, the said
defendant no.1 agreed to create securities by way of
hypothecation, pledge and mortgage. The grievance of the
petitioner is that the respondent Nos. 1 and 2 have failed,
neglected and refused to make payment of the outstanding dues payable by them to the petitioner in accordance with the terms of Rupee Loan Agreement No. SRE 206 and Rupee Loan Agreement No. SRE
407. It is further alleged that the respondent No.1 is trying to dilute the securities which, if given effect to, would seriously 2 cause prejudice to the securities already pledged in favour of the petitioner.
It appears from the averments made in the petition that the respondent No.2 has already pledged 30% of its shareholding in favour of ICICI Bank Limited as security for finance facility advanced by ICICI Bank in favour of the respondent No.2 and created second party charge of Supreme House property in favour of SBI Capital Trustee. However, the said two financial institutions have not been made parties. Mr. S. N. Mookherjee, learned senior counsel appearing on behalf of the petitioner submits that at present the petitioner is not seeking any relief against ICICI Bank and SBI Capital Trustee. The petitioner apprehends that the said respondents would increase their share capital and would pledge those shares with a view to dilute the securities created in favour of the petitioner.
Under such circumstances, there shall be an order of injunction restraining the respondent No.1 to dilute the percentage of shares pledged in favour of the petitioner under the several loan agreements without the leave of this Court.
The matter is made returnable on 3rd June 2015. The petitioner is directed to serve a copy of this application along with a copy of this order upon the respondents by speed post with acknowledgement due in course of this week and shall file an affidavit of service on the returnable date. 3
This order shall not affect in any manner any obligation the said defendant No.1 is required to discharge under any existing agreement with ICICI Bank Limited and SBI Capital Trustee.
( SOUMEN SEN, J. ) S. Kumar A.R.(CR)