Madras High Court
Infrastructure Leasing And Financial ... vs Official Liquidator on 5 July, 2021
Author: R.Subramanian
Bench: R.Subramanian
C.S.No.739 of 2000
IN THE HIGH COURT OF JUDICATURE AT MADRAS
DATED : 05.07.2021
CORAM
THE HONOURABLE MR.JUSTICE R.SUBRAMANIAN
C.S.No.739 of 2000
and
A.No.709 of 2005
Infrastructure Leasing and Financial Services Limited
ITC Center
Ground Floor
759 Anna Salai
Chennai 600 002
represented by its
Authorised Signatory. ...Plaintiff
.Vs.
1.Official Liquidator, High Court Madras
Liquidator of
M/s.Fidelity Industries Ltd., (in liquidation)
I Floor, Kuralagam,
Chennai – 600 104.
2.Ashok Muthanna
3.M/s.Nakshatra Trading Pvt. Ltd.,
E/80, Srinagar Co-op. Housing Society
P.L.Lokhande Marg
Pestom Sagar
Chembur
Mumbai 400 070.
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C.S.No.739 of 2000
4.M/s.Samjhota Capital and Savings
Finance Pvt. Ltd.,
45/47, Bank of Maharashtra Building
Bombay Samachar Marg
Mumbai 400 023.
... Defendants
Plaint filed under Order VII Rule 1 of the Code of Civil Procedure
read with Order IV Rule 1 of the Original Side Rules praying for a
judgment and decree directing the defendants:
(a) to pay a sum of Rs.8,96,89,683/- (Rupees Eight Crores Ninety
Six Lakhs Eighty Nine Thousand Six Hundred and Eighty Three only)
together with interest at 24% per annum on Rs.7,00,00,000/- (Rupees
Seven Crores only) with quarterly rests from the date of plaint till date of
payment to be realised inter alia by repossession and sale of the
hypothecated assets and the pledged shares more particularly described
in the Schedule 'A', 'B' and 'C' hereunder respectively;
(b) on the failure to recover the money through repossession and
sale as referred to in prayer (a) above, direct the first and second
defendants to pay the decree amount less the amount realised by
repossession and sale as per prayer (a) and
(c) for costs of the suit.
For Plaintiff : Mr.Manoj Menon
for Mr.V.Nataraj
********
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C.S.No.739 of 2000
JUDGMENT
The suit has been filed by the plaintiff seeking for a decree and judgment directing the defendants
(a) to pay a sum of Rs.8,96,89,683/- (Rupees Eight Crores Ninety Six Lakhs Eighty Nine Thousand Six Hundred and Eighty Three only) together with interest at 24% per annum on Rs.7,00,00,000/- (Rupees Seven Crores only) with quarterly rests from the date of plaint till date of payment to be realised inter alia by repossession and sale of the hypothecated assets and the pledged shares more particularly described in the Schedule 'A', 'B' and 'C' hereunder respectively;
(b) on the failure to recover the money through repossession and sale as referred to in prayer (a) above, direct the first and second defendants to pay the decree amount less the amount realised by repossession and sale as per prayer (a) and
(c) for costs of the suit.
2. Mr.Manoj Menon, learned counsel representing M/s.V.Natraj, S.Raghunathan and P.V.Sabaridas, learned counsel for the plaintiff would submit that the 1st defendant has been wound up and the 2nd Page No.3/6 https://www.mhc.tn.gov.in/judis/ C.S.No.739 of 2000 defendant has been declared insolvent. The suit against the defendants 3 and 4 has already been dismissed by the learned Master on 14.10.2008.
3. It is therefore clear that nothing survives in the suit. I do not find any chance of success for the plaintiff and no purpose will be served by keeping the suit pending. The suit is therefore dismissed under Rule 3(a) of Order XIII A of the Code of Civil Procedure as amended by the Commercial Courts Act, 2015. No costs. Consequently the connected application is also closed.
05.07.2021
dsa
Index : No
Internet : Yes
Non-Speaking order
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https://www.mhc.tn.gov.in/judis/ C.S.No.739 of 2000 List of the witnesses examined on the side of the plaintiff: Nil List of Exhibits marked on the side of the plaintiff : Nil List of the witnesses examined on the side of the defendants: Nil List of Exhibits marked on the side of the defendants: Nil 05.07.2021 dsa Page No.5/6 https://www.mhc.tn.gov.in/judis/ C.S.No.739 of 2000 R.SUBRAMANIAN, J.
dsa C.S.No.739 of 2000 05.07.2021 Page No.6/6 https://www.mhc.tn.gov.in/judis/