Calcutta High Court
Religare Finvest Limited vs Ospl Infradeal Private Limited & Ors on 30 January, 2019
Author: Soumen Sen
Bench: Soumen Sen
ORDER SHEET
GA No.158 of 2019
With
CS No.10 of 2019
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
RELIGARE FINVEST LIMITED
Versus
OSPL INFRADEAL PRIVATE LIMITED & ORS.
BEFORE:
The Hon'ble JUSTICE SOUMEN SEN
Date: 30th January, 2019.
Appearance:
Mr. Ratnanko Banerjee Sr. Adv.
Mr. Paritosh Sinha, Adv.
Mr. Shaunak Mitra, Adv.
Ms. Urmila Chakraborty, Adv.
Mr. S. Chowdhury, Adv.
Mr. Dripto Majumder, Adv.
. . .for the petitioner.
Mr. Pratap Chatterjee Sr. Adv.
Mr. Tilak Bose Sr. Adv.
Mr. Debnath Ghosh, Adv.
Mr. Suvam Sinha, Adv.
. . .for the respondent no.1.
Mr. Utpal Bose Sr. Adv.
Mr. Saumabho Ghose, Adv.
Ms. Ankita Mukherjee, Adv.
. . .for the respondent no.2.
Mr. Rishav Banerjee, Adv.
Mr. A.K. Avasthi, Adv.
. . .for the respondent no.3.
The Court: The debenture trustee instead of discharging its function as a debenture trustee has taken a stand which creates a genuine apprehension in the mind of the Court that the debenture trustee is not acting impartially. The debenture trustee has contended through his counsel that this Court has no jurisdiction without 2 furnishing any proper explanation as to why the debenture trustee has not responded to the request made by the plaintiff to take steps for sale of the shares being the security interest created in favour of the plaintiff. The debenture trustee has gone to the extent of contending that the plaint does not disclose a cause of action against the said defendant which apparently is not acceptable to this Court having regard to the prayers
(c) and (d) of the plaint. The stand of the debenture trustee is unusual and certainly not in the interest of the debenture holder. The beneficiary of the fund namely the defendant no.1 has contended that the term sheet as well as the debenture trust contains a forum selection clause and an application has been taken out by the defendant no.1 for revocation of leave under Clause 12 of the Letters Patent and for dismissal of the suit as the plaint does not disclose any cause of action against the defendant no.1. As and when the said application is taken up for consideration this issue shall be decided before that. The debenture trustee has further submitted that the respondent no.1 has not furnished details of the shares to the defendant no.2.
Mr. Protap Chatterjee, learned Senior Counsel representing the respondent no.1, however, submits that the respondent no.1 presently is not responding to such submission of the defendant no.2 since this Court has no jurisdiction to try and determine the suit. The debenture trustee shall file an affidavit without prejudice to its rights and contention disclosing its stand within two weeks from date.
The matter shall appear under the heading 'New Motion' along with GA No.2 of 2019 on 20th February, 2019.
(SOUMEN SEN, J.) sp/