Delhi High Court - Orders
M/S Kauntum Papers Ltd vs Princess Choice Hotel Pvt. Ltd. & Ors on 23 November, 2022
$~17
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ EX.P. 74/2019 & EX.APPL.(OS) 526/2020, EX.APPL.(OS)
1366/2021, EX.APPL.(OS) 3695/2022
M/S KAUNTUM PAPERS LTD. ..... Decree Holder
Through: Mr. Aman Shanker, Advocate
along with Mr. Sanjay Khosla,
AR of DH (M:9971227888)
versus
PRINCESS CHOICE HOTEL PVT. LTD.
& ORS. ..... Judgement Debtors
Through: Mr. Prem Prakash, Advocate
(M:8130115571,email:premp84
[email protected])
Mr. Rohan Dewan, Advocate
for SIDBI.
Mr. Jitendra Soni, JUDGMENT
DEBTOR (through VC)
CORAM:
HON'BLE MS. JUSTICE MINI PUSHKARNA
ORDER
% 23.11.2022 EX.APPL.(OS) 3695/2022 (u/S 151 CPC)
1. This is an application under Section 151 CPC on behalf of SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA (SIDBI) for producing the auction notice.
2. By way of the present application, SIDBI submits that auction notice of the hotel property namely, "The Clematis" situated at Candolim Village, Taluka Bardez, North Goa may be taken on record. Vide order dated 07.04.2021, auction notices had been directed to be Signature Not Verified Digitally Signed By:PURAN SINGH TARIYAL Signing Date:28.11.2022 17:08:06 filed before this Court. The applicant has already reproduced the earlier auction notices before this Court. Thus, by way of the present application auction notice dated 09.09.2022 is prayed to be taken on record.
3. Considering the application and the directions of this Court vide order dated 07.04.2021, the auction notice dated 09.09.2022 is taken on record. With the aforesaid observations, the present application is disposed of.
EX.P. 74/20194. This Court by order dated 03.11.2020 had recorded that judgment debtors have rights in the hotel property, namely, "The Clematis" situated at Candolim Village, Taluka Bardez, North Goa under Survey Nos.116/15, 117/12 and 117/11. The present decree holder as well as the SIDBI have claims against the judgment debtor. While the judgment debtor seeks to execute the money decree passed vide order dated 13.12.2018 in CS(OS) 437/2017, the claim of SIDBI arises from the fact that SIDBI had extended a loan to the judgment debtors, wherein the property of the hotel namely, "The Clematis"
situated in Goa had been tendered as a collateral property through mortgage. Thus, in the order dated 03.11.2020 passed by this Court, it is clearly recorded that SIDBI which had initiated action under the SARFAESI Act, may recover its debt after sale of the said hotel. It is further recorded that in case SIDBI receives any amount higher than what is claimed by SIDBI, the balance amount will be deposited with this Court so that decree of the decree holder in the present case may also be satisfied.Signature Not Verified Digitally Signed By:PURAN SINGH TARIYAL Signing Date:28.11.2022 17:08:06
5. Similar directions were reiterated by this Court in its order dated 07.04.2021. In the said order dated 07.04.2021, it was again directed that in case any surplus is left pursuant to the sale of hotel property as aforesaid, the same shall be deposited by the SIDBI in Court.
6. Now an affidavit dated 18.11.2022 has been filed on behalf of the SIDBI. In the said affidavit, it is stated as follows:
"2. The auction of the hotel property namely, "The Clematis" situated at Candolim Village, Taluka Bardez, North Goa, Goa under Survey Nos. 116/15, 117/12 and 117 /11 ("Clematis") conducted on 27.0.9.2022 was successful. The sale has been confirmed for a total sale consideration of Rs. 14,25,00,000/- (Rupees Fourteen Crores Twenty Five Lakhs Only). The successful bidder has transferred 25% of the sale consideration i.e., Rs. 3,56,25,000/- to SIDBI. The remaining amount is to be deposited within 90 days i.e., till 24.12.2022.
3. The final estimate of the total outstanding i.e., principal plus interest and the expenses incurred by SIDBI can be calculated once the full and final payment is received from the successful bidder. SIDBI will submit the final estimate before this Hon'ble Court and in case, any surplus is left, SIDBI will deposit that amount before this Hon'ble Court."
7. In view of the aforesaid, it is submitted on behalf of ld. counsel for SIDBI that once the full sale consideration is received by SIDBI, it may be allowed to collate its accounts. It is further submitted that after collating the accounts, the surplus amounts available with SIDBI after satisfaction of its debts, shall be deposited before this Court. Let the Signature Not Verified Digitally Signed By:PURAN SINGH TARIYAL Signing Date:28.11.2022 17:08:06 exercise of collation of its accounts be carried out by the SIDBI within a period 8 weeks. The balance amount after satisfaction of the debt of SIDBI, may be deposited in this Court before the next date of hearing.
8. Ld. counsel for the decree holder submits that the decree of the decree holder may not be satisfied from the surplus amounts available, since the debts recoverable by SIDBI are high and enough balance may not be available for satisfaction of the full decretal amount as payable to the decree holder. Thus, he prays that directions may be given to the judgment debtors to file their affidavit of assets.
9. Mr. Upendra Soni, Judgment debtor is present in person through Video Conferencing. It is directed that Affidavit of Asset of judgment debtors may be filed before the next date of hearing so that appropriate orders may be passed by this Court after considering the balance amount that may be deposited by SIDBI.
10. List on 24.02.2023.
MINI PUSHKARNA, J NOVEMBER 23, 2022 au Signature Not Verified Digitally Signed By:PURAN SINGH TARIYAL Signing Date:28.11.2022 17:08:06