Karnataka High Court
Atrai Brindavan vs Piramal Capital And Housing Finance Ltd on 1 April, 2024
Author: S.R.Krishna Kumar
Bench: S.R.Krishna Kumar
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NC: 2024:KHC:13102
WP No. 6931 of 2024
IN THE HIGH COURT OF KARNATAKA AT BENGALURU
DATED THIS THE 1ST DAY OF APRIL, 2024
BEFORE
THE HON'BLE MR JUSTICE S.R.KRISHNA KUMAR
WRIT PETITION No. 6931 OF 2024 (GM-CPC)
BETWEEN:
1. ATRAI BRINDAVAN
POWER PRIVATE LTD
A COMPANY INCORPORATED
UNDER THE INDIAN
COMPANIES ACT, 1956
HAVING ITS OFFICE AT: No. 11
1ST FLOOR, COMMISSARIAT ROAD
BANGALORE - 560 025.
REPRESENTED BY ITS AUTHORIZED
REPRESENTATIVE MR. CHINNASWAMY
SUNDER RAJU.
2. MR. CHINNASWAMY SUNDER RAJU
S/O LATE SRI A S CHINNASWAMY RAJU
AGED ABOUT 66 YEARS
RESIDING AT: No.204
UPPER PALACE ORCHARDS
BANGALORE - 560 080.
3. MR. K. NAGARAJU
S/O LATE SRI KUPPARAJU
Digitally signed AGED ABOUT 64 YEARS
by VANDANA S RESIDING AT No.158
Location: HIGH 2ND MAIN 1ST BLOCK
COURT OF DOLLARS COLONY RMV
KARNATAKA 2ND STAGE, ASHWATH NAGAR
BANGALORE - 560 094.
4. RAJU FAMILY TRUST
A TRUST REGISTERED UNDER
THE INDIA TRUSTS ACT
HAVING ITS OFFICE AT No.1
PALACE ROAD, BANGALORE - 560 001.
REPRESENTED BY ITS
TRUSTEE Mr. CHINNASWAMY SUNDER RAJU.
...PETITIONERS
(BY SRI K G RAGHAVAN, SENIOR COUNSEL APPEARING
FOR SRI AJAY J N, ADVOCATE, ADVOCATE)
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NC: 2024:KHC:13102
WP No. 6931 of 2024
AND:
1. PIRAMAL CAPITAL AND HOUSING FINANCE LTD.
A COMPANY INCORPORATED UNDER THE INDIAN
COMPANIES ACT, 1956
HAVING ITS REGISTERED OFFICE AT No.601
6TH FLOOR AMITI BUILDING
AGASTYA CORPORATE PARK
KAMANI JUNCTION
KURLA WEST, MUMBAI - 400 070.
2. BABOON INVESTMENTS HOLDING B.V.
A PRIVATE COMPANY LLP
REPRESENTED BY ITS PARTNER
OUDE LINDESTAT 70
HEERLEN 6411, EJ
NETHERLANDS - 6411 EJ.
3. OMKARA ASSET RECONSTRUCTION PVT. LTD
A PRIVATE LTD. COMPANY
ACTING AS TRUSTEE OF
OMKARA PS 28/2023-24
TRUST, C- 515, KANAKIA ZILLION,
JUNCTION OF LBS ROAD
AND CST ROAD KURLA WEST
MUMBAI - 400 070.
4. AXIS TRUSTEE SERVICES LTD.,
AXIS HOUSE, A FINANCIAL INSTITUTION
BOMBAY DYEING
MILLS COMPOUND
PANDURANG BUDHKAR
MARG, WORLI
MUMBAI - 400 025.
...RESPONDENTS
(BY Ms. TAMERRA SEQUEIRA, ADVOCATE FOR R1 & R2
SRI VINAY KUTTAPPA, ADVOCATE FOR R3
SRI S RAMAKRISHNAN, ADVOCATE FOR R4)
THIS WRIT PETITION IS FILED UNDER ARTICLE 227 OF THE
CONSITITUTION OF INDIA PRAYING TO SETTING ASIDE OF THE
IMPUGNED ORDER DATED 28.02.2024 (ANNEXURE-A) PASSED IN IA
Nos.II TO V BY THE LEARNED LXXXII ADDITIONAL CITY CIVIL AND
SESSIONS JUDGE, COMMERCIAL COURT, BENGALURU IN
COM.O.S.No.298/2024 TO THE EXTENT THAT THE LD. COMMERCIAL
COURT HAS ONLY ISSUED EMERGENT NOTICE TO THE RESPONDENT
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NC: 2024:KHC:13102
WP No. 6931 of 2024
IN IA NOS.II TO V IN THE SAID COMMERCIAL SUIT FILED BY THE
PETITIONERS.
THIS PETITION COMING ON FOR ORDERS THIS DAY, THE COURT
MADE THE FOLLOWING:
ORDER
1. This petition by the plaintiff in Commercial O.S.No.298/2024, on the file of the Commercial Court is directed against the impugned order dated 28.02.2024, whereby the Commercial Court declined to grant an ad-interim exparte order of temporary injunction sought for in I.A.Nos.2 to 6 of 2024 and directed issuance of emergent notice and suit summons to the respondents
- defendants.
2. When the matter came up before this Court on 05.03.2024, the following interim order was passed;
"Heard learned Senior Counsel for the petitioners and perused the material on record.
In addition to reiterating the various contentions urged in the memorandum of petition and referring to the material on record, learned Senior Counsel for the petitioners invited my attention to the Debenture Trust Deed dated 05.12.2016 in order to point out that the plaintiffs - petitioners being the Promoters under the said Deed / documents, it was incumbent upon respondent No.1 - defendant No.1 to make a first offer in favour of the petitioners before proceeding to execute Assignment Deed dated 13.02.2024 in favour of -4- NC: 2024:KHC:13102 WP No. 6931 of 2024 respondent No.3 - defendant No.3 and as such, the Trial Court has committed an error in not passing an ad-interim ex-parte order of temporary injunction as sought for by the petitioners - plaintiffs without appreciating that if injunction was not granted in favour of petitioner against respondent Nos.1 and 3 from their rights under the Debenture Trust Deed as well as Assignment Deed it would result in irreparable injury and hardship to the petitioners and justice would suffer.
It is also pointed out that the Trial Court committed an error in coming to the conclusion that petitioners - plaintiffs have not produced the Assignment Deed without appreciating that the petitioners - plaintiffs have specifically contended that the said document was not even furnished to the petitioners and not in their custody or possession. The said submission is placed on record.
Issue emergent notice to the respondents returnable by 25.03.2024.
Meanwhile by way of interim arrangement and without prejudice to the rights and contentions of the parties, respondent Nos.1 and 3 are directed not to exercise any rights under the Debenture Trust Deed dated 05.12.2016 and Assignment Deed dated 13.02.2024 till the next date of hearing.
Liberty is reserved in favour of respondents to seek vacation / modification of this order."
3. Heard learned senior counsel for the petitioners and learned counsel for the respondents and perused the material on record. -5-
NC: 2024:KHC:13102 WP No. 6931 of 2024
4. It is pointed out that the suit is presently posted before the Trial Court on 23.04.2024 and that respondent Nos.1 to 3 - defendant Nos.1 to 3 have already entered appearance in the suit, but have not filed their objections, written statement, documents etc., Learned counsel for respondent No.4 submits that respondent No.4 would also enter appearance in the suit, on the next date of hearing.
5. Learned counsel for respondent Nos.1 to 3 - defendant Nos.1 to 3 jointly submits that the interim order is operating against them and respondent Nos.1 to 3 would enter appearance in suit and file their statement of objections and contest the applications on merits and the Trial Court may be directed to prepone / advance the suit from 23.04.2024 to 04.04.2024, with a direction to the Trial Court to dispose of the applications as expeditiously as possible, in the light of the provisions contained under Order XXXIX Rule 3A of CPC.
6. Per contra, learned senior counsel for the petitioners submits that the petitioners do not have any objection for the suit to be preponed from 23.04.2024 to 04.04.2024 and by directing the Trial Court to dispose of I.A.Nos.2 to 6 of 2024 within the time line -6- NC: 2024:KHC:13102 WP No. 6931 of 2024 prescribed under Order XXXIX Rule 3A of CPC. It is however submitted that till disposal of I.A.Nos.2 to 6 of 2024 on merits by the Trial Court, the aforesaid interim order passed by this Court may be directed to be continued without prejudice to the rights and contentions of the parties.
7. In view of the aforesaid facts and circumstances and the joint submissions made by both sides, I deem it just and appropriate to dispose off this petition by issuing certain directions in this regard.
8. In the result, I pass the following:-
ORDER
(i) Petition is hereby disposed of.
(ii) The Commercial Court is directed to prepone / advance the suit from 23.04.2024 to 04.04.2024, on which date the respondents would file their objections / documents etc., to I.A.Nos.2 to 6 of 2024, filed by the petitioners.
(iii) Immediately, upon the respondents - defendants filing their objections / documents etc., to I.A.Nos.2 to 6 of 2024, the Trial Court shall dispose of I.A.Nos.2 to 6 of 2024, in accordance with law, on or before 25.04.2024, in the light of the provisions -7- NC: 2024:KHC:13102 WP No. 6931 of 2024 contained in Order XXXIX Rule 3A of CPC and also in view of the intervening summer vacation, 2024.
(iv) Liberty is reserved in favour of the petitioners to file their reply / rejoinder to the statement of objections, to be filed by the respondents - defendants.
(v) Liberty is also reserved in favour of the parties to file appropriate application seeking preponement / advancement of the suit from 23.04.2024 to 04.04.2024, to enable compliance of this order.
(v) It is further directed that till the Trial Court disposes off I.A.Nos.2 to 6 of 2024 as stated supra, the aforesaid interim order passed by this Court in the present petition, shall continue to subsist and remain in force and operate between the parties, without prejudice to their respective rights and contentions.
(vi) All rival contentions on all aspects of the matter are kept open to be decided by the Trial Court and no opinion is expressed on the same.
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JUDGE GH/SRL List No.: 1 Sl No.: 21