Cerestra Infrastructure Trust vs Pratiksha Foundation Charitable Trust ... on 21 April, 2021

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Bombay High Court

Cerestra Infrastructure Trust vs Pratiksha Foundation Charitable Trust ... on 21 April, 2021

Bench: G.S. Patel

                                                             1-CARBPL9051-21.DOC




 Atul-Shephali



      IN THE HIGH COURT OF JUDICATURE AT BOMBAY
             ORDINARY ORIGINAL CIVIL JURISDICTION
                     IN ITS COMMERCIAL DIVISION
   COMM ARBITRATION PETITION (L) NO. 9051 OF 2021


 Cerestra Infrastructure Trust                                        ...Petitioner
       Versus
 Pratiksha Foundation Charitable Trust & Ors                      ...Respondents

Mr Aspi Chinoy, Senior Advocate, with Malcolm Siganporia, Ativ Patel, & Darshit Dave, i/b AVP Partners, for the Petitioners. Mr Haresh Jagtiani, Senior Advocate, with Yashpal Jain, Vanedana Mehta & Suprabh Jain, i/b Suprabh Jain and Vandana Mehta Kumawat, for Respondents Nos. 1, 4, 5 & 6. Mr Karl Tamboly, with Sujit Lahoti, i/b Sujit Lahoti & Associates, for Respondent No. 2.

Mr Zal Andhyarujina, Senior Advocate, with Hursh Meghani, Siddhesh Kotwal, Yogesh Chawak, & Kaushal Parsekar, i/b Legasis Partners, for Respondent No. 3.

CORAM: G.S. PATEL, J (Through Video Conferencing) DATED: 21st April 2021 PC:-

1. Heard through video conferencing.

2. This order will, by consent, dispose of the present Section 9 Petition as between the Petitioner, Cerestra Infrastructure Trust Page 1 of 3 21st April 2021 ::: Uploaded on - 21/04/2021 ::: Downloaded on - 08/09/2021 00:26:48 ::: 1-CARBPL9051-21.DOC ("Cerestra") and Respondent No. 3, Punjab National Bank Housing Finance Ltd ("PNBHFL").

3. Mr Andhyarujina on behalf of PNBHFL makes a statement that in view of the fact that PNBHFL has received and accepted the amount of Rs. 2.15 crores on 30th March 2021, it unconditionally withdraws its demand notice of 23rd March 2021 (Exhibit 'V' to the Petition at pages 338-339). Mr Andhyarujina however states that PNBHFL reserves its liberty to take action in accordance with the law and as permitted by the transactional documents between the parties including without limitation the Share Pledge Agreement.

The statement is noted.

4. I also note that after 30th March 2021, PNBHFL has demanded from the Petitioners a further instalment of Rs. 1,05,18,872/- on 20th April 2021; and that both Mr Chinoy for the Petitioner and Mr Tamboly for the 2nd Respondent (VJTF Infraschool Services (Mumbai) Ltd) says that this amount will be paid. The statements by Mr Chinoy and Mr Tamboly are noted.

5. In the event that PNBHFL does invoke its right under the Share Pledge Agreement or otherwise, and Cerestra or the 2nd Respondent are required to move the Court, they are at liberty to make an application for urgent circulation. In view of the fact that I have granted these matters urgent circulation, any fresh petition will also be permitted to be listed before the Bench in question for urgent ad-interim reliefs.

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6. This order will dispose of the Petition as between the Petitioners and Respondent No. 3.

7. All concerned will act on production of an ordinary copy of this order.

(G. S. PATEL, J) Page 3 of 3 21st April 2021 ::: Uploaded on - 21/04/2021 ::: Downloaded on - 08/09/2021 00:26:48 :::

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