Bombay High Court
Punjab National Bank vs Nirav Deepak Modi And 4 Ors on 23 March, 2023
Author: B. P. Colabawalla
Bench: B. P. Colabawalla
2023:BHC-OS:1810
20 S-393-23..DOCX
Laxmi
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO. 393 OF 2023
IN
SUIT NO. 1166 OF 2006
Punjab National Bank ..Applicant/Intervener
IN THE MATTER BETWEEN
Nirav Deepak Modi & Ors. ..Plaintiffs
Versus
Najoo Behram Bhiwandiwala & Ors. ..Defendants
Ms. Sabina Ansari a/w Aisha Shaikh, Advocates for the
Applicant-Intervener.
Ms. Chaula Solanki a/w H. H. Nagi & Rinky Kanojia i/b. Nagi
& Associates Advocates for Defendant Nos. 3 and 4.
CORAM : B. P. COLABAWALLA, J
DATE : 23 MARCH 2023
P.C.
1.The above Interim Application is filed by the Applicnat-Punjab National Bank seeking the following reliefs:
"a) This Hon'ble Court be please to allow the present Interim Application.
b) This Hon'ble Court may be pleased to implead the Applicant as necessary party in the present Suit No. 1166 of 2006.
c) This Hon'ble Court may be pleased to restore the Suit No. 1166 of 2006 to its original file.Page 1 of 4
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d) This Hon'ble Court be pleased to allow the Applicant to withdraw the amount of Rs. 16,00,00,000/- deposited in this Hon'ble Court in compliance of order dated 3rd February, 2012 passed in Notice of Motion No. 1443 of 2006 filed in Suit No. 1166 of 2006."
2. The above Suit was dismissed by this Court on 16 th July, 2018 for want of prosecution. Before the dismissal of the Suit, the Plaintiff, in Notice of Motion No. 1443 of 2006, was directed to deposit a sum of Rs. 16 crores in this Court. This was duly done. It is to attach/transfer this amount to Punjab National Bank, that the above Interim Application is filed by it and who is a certificate/decree holder against the Plaintiff herein to the tune of Rs. 7,000 crores together with interest accrued thereon. The Plaintiff herein is certificate Debtor No.6 in Recovery proceedings initiated by Punjab National Bank before the DRT. It has also been brought to my attention that in Recovery proceedings initiated by Punjab National Bank, the amount of Rs. 16 Crores deposited by the Plaintiff in this Court together with interest accrued thereon has been attached by the Recovery Officer.
3. The learned Advocate appearing on behalf of the Applicant-Punjab National Bank submitted that since, now there is an attachment levied by the Recovery Officer on the amounts deposited in this Court by the Plaintiff (and which attachment order is dated 2nd March, 2023), the amounts deposited with the Page 2 of 4 23 March 2023 ::: Uploaded on - 24/03/2023 ::: Downloaded on - 25/03/2023 11:08:15 ::: 20 S-393-23..DOCX Prothonotary and Senior Master be transferred to the Recovery Officer in Recovery Proceedings No. 30 of 2019 in Original Application No. 119 of 2018.
4. The learned Advocate appearing on behalf of Defendant Nos. 3 and 4 has fairly stated that as far as transfer of the money (deposited by the Plaintiff in this Court) to the Recovery Officer is concerned, these Defendants have no objection if such relief is granted. They however submitted that since the Suit is dismissed for want of prosecution, there is no question of either impleading the Applicant in the above Suit or restoring the above Suit to file, and that too at the instance of the Applicant.
5. I have perused the papers and the proceedings in the Interim Application. I have also heard the learned Counsel for the parties.
6. The learned Advocate appearing on behalf of Punjab National Bank (Applicant) has tendered to the Court the warrant of attachment levied by the Recovery Officer in Recovery Proceedings No. 30 of 2019 in Original Application No. 119 of 2018. A copy of the warrant of attachment is taken on record and marked 'X' for identification. From this warrant of attachment, it appears that the Recovery Officer has attached the sum of Rs. 16 crores plus interest Page 3 of 4 23 March 2023 ::: Uploaded on - 24/03/2023 ::: Downloaded on - 25/03/2023 11:08:15 ::: 20 S-393-23..DOCX accrued thereon deposited by the Plaintiff herein with the Prothonotary and Senior Master.
7. Considering that the Suit is already dismissed and Punjab National Bank has recovery certificate against the Plaintiff to the tune of approximately Rs. 7,000 crores together with interest thereon from 30th June, 2018, the Prothonotary and Senior Master is directed to transfer the amount of Rs. 16 crores together with interest accrued thereon to the Recovery officer, DRT-I, Mumbai in Recovery Proceedings No. 30 of 2019 in Original Application No. 119 of 2018 within a period of two weeks from today. What is to be done with this money once it is transferred to the Recovery Officer, shall be dealt with by the Recovery Officer by passing appropriate orders in accordance with law.
8. The above Interim Application is disposed of in the aforesaid terms. No order as to costs.
9. This order will be digitally signed by the Private Secretary/ Personal Assistant of this Court. All concerned will act on production by fax or email of a digitally signed copy of this order.
[ B. P. COLABAWALLA, J ].
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