Delhi High Court - Orders
M/S Chintels India Limited vs M/S Bhayana Builders Pvt. Ltd on 7 July, 2020
Author: Rekha Palli
Bench: Rekha Palli
Via video conferencing
$~4 to 6
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ I.A. 4491/2020 IN O.M.P(COMM)445/2019
M/S CHINTELS INDIA LIMITED .....Petitioner.
Through: Mr. Rajshekhar Rao, Mr. Arshdeep
Singh, Mr. Kotla Harshavardhan, Ms. Mansi Sood,
Mr. Shreedhar Kale, Mr. Areeb Amanullah and
Mr. Karthik Sundar, Advs.
Mr. Rakesh Kumar, AR
Versus
M/S BHAYANA BUILDERS PVT. LTD .... Respondent.
Through: Mr. Gaurav Mitra, Ms. Meghna
Mishra, Ms. Manmeet Kaur, Mr. Yashvardhan
Bandi, Ms. Anjali Dwivedi and Ms. Shriya, Advs.
(5)
+ E.A. 462/2020 in OMP(ENF)(COMM) 174/2019
BHAYANA BUILDERS PVT. LTD. .....Decree Holder.
Through: Mr. Gaurav Mitra, Ms. Meghna
Mishra, Ms. Manmeet Kaur, Mr. Yashvardhan
Bandi, Ms. Anjali Dwivedi and Ms. Shriya, Advs.
Versus
CHINTELS INDIA LTD. ....Judgment Debtor.
Through: Mr. Rajshekhar Rao, Mr. Arshdeep
Singh, Mr. Kotla Harshavardhan, Ms. Mansi Sood,
Mr. Shreedhar Kale, Mr. Areeb Amanullah and
Mr. Karthik Sundar, Advs.
Mr. Rakesh Kumar, AR
(6)
+ E.A. 463/2020 in O.M.P(ENF)(COMM) 175/2019
BHAYANA BUILDERS PVT. LTD. .....Decree Holder.
Through: Mr. Gaurav Mitra, Ms. Meghna
Mishra, Ms. Manmeet Kaur, Mr. Yashvardhan
Bandi, Ms. Anjali Dwivedi and Ms. Shriya, Advs.
Versus
CHINTELS INDIA LTD. ....Judgment Debtor.
Through: Mr. Rajshekhar Rao, Mr. Arshdeep
Singh, Mr. Kotla Harshavardhan, Ms. Mansi Sood,
Mr. Shreedhar Kale, Mr. Areeb Amanullah and
Mr. Karthik Sundar, Advs.
Mr. Rakesh Kumar, AR
CORAM:
HON'BLE MS. JUSTICE REKHA PALLI
ORDER
% 07.07.2020 I.A. 4491/2020 IN O.M.P(COMM)445/2019 E.A. 462/2020 in OMP(ENF)(COMM) 174/2019 E.A. 463/2020 in O.M.P(ENF)(COMM) 175/2019
1. Pursuant to the last order, additional affidavits have been filed by the judgment debtor on 06.07.2020 in OMP (ENF) (COMM) 174/2019 and O.M.P (ENF)(COMM) 175/2019 from which it transpires that the JD has a positive balance of almost Rs. 7 crores in its various bank accounts, besides a sum of Rs.10.71 crores by way of FDRs.
2. Learned counsel for the JD submits that the balance of Rs.7 crores, presently available in the JDs' bank account, is required by the JD for meeting the day to day expenses of its business and to pay salaries to its various employees. He further submits that the amount lying in the FDRs is being used as margin money for various bank guarantees which the JD has furnished for ongoing construction projects. He submits that the JD has every intention to deposit the amount in terms of this Court's direction, but on account of the ongoing pandemic of COVID-19, it has not been able to make the requisite deposit, even though it is presently holding several unencumbered properties. He, however, submits that in order to show its bona fide, the JD undertakes to deposit a sum of Rs.3 crores within two weeks from today in O.M.P (COMM)445/2019, and also undertakes not to create any third party rights in the following 20 apartments which it owns:-
Chintels Paradiso availability Sr. No. Unit Type Tower Name Unit Name Name
1. 4 BHK A A-003
2. 4 BHK A A-1403
3. 4 BHK A A-1802
4. 4 BHK A A-004
5. 4 BHK A A-104
6. 4 BHK A A-204
7. 4 BHK A A-304
8. 4 BHK A A-404
9. 4 BHK A A-704
10. 4 BHK B B-004
11. 4 BHK B B-104
12. 4 BHK B B-204
13. 4 BHK B B-304
14. 4 BHK B B-404
15. 4 BHK B B-1204
16. 4 BHK B B-003
17. 4 BHK B B-103
18. 4 BHK C C-104
19. 4 BHK C C-1801
20. 4 BHK D D-1801
3. Although learned counsel for the DH has vehemently prayed for attachment of the JD's FDRs and bank accounts, the fact that the JD has expressed its willingness to comply with the directions of this Court and has made the aforesaid undertakings in furtherance of this intent cannot be simply dismissed. In any event, the global pandemic on account of COVID-19 has led to the onset of severe financial distress in companies, which cannot be disregarded either. Against this backdrop, I am of the view that the DH's prayer for attachment of the JD's FDRs and bank accounts are not warranted at this stage. Rather, it would be in the interest of justice to grant further time to the JD to deposit the amount in terms of earlier directions of this court.
4. Accordingly, while granting time to the JD, as prayed for, to deposit a sum of Rs.3 crores within 2 weeks, it is directed that the affidavit of Mr. Ashok Solomon be also filed within one week. Response thereto, if any, be filed by the DH before the next date. The DH will remain bound by undertaking as recorded in para no.2 hereinabove.
5. At request, list on 30.07.2020.
REKHA PALLI, J.
JULY 07, 2020 'sdp'