Delhi High Court - Orders
Daiichi Sankyo Company, Limited vs Malvinder Mohan Singh And Ors on 2 March, 2023
Author: Yashwant Varma
Bench: Yashwant Varma
$~39 & 40
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P.(EFA)(COMM.) 6/2016 & I.A. 9262/2018 (Direction),
EX.APPL.(OS) 31/2020 (Direction), EX.APPL.(OS), 90/2020
(U.O.XXI r/wS.151CPC), EX.APPL.(OS), 819/2020
(Appropriate Direction), EX.APPL.(OS) 1361/2021(Direction)
DAIICHI SANKYO COMPANY, LIMITED..... Decree Holder
Through: Mr. Arvind Nigam and Mr.
Arun Kathpalia, Sr. Advs. with
Mr. Amit Kumar Mishra, Ms.
Devna Arora, Ms. Samridhi,
Mr. Varad Chaudhary, Ms.
Gauri, Ms. Astha Anuja, Mr.
Rohan Jaitley and Mr. Kunal
Chatterji, Advs.
versus
MALVINDER MOHAN SINGH AND ORS.
..... Judgement Debtors
Through: Mr. Saurabh Kirpal, Sr. Adv.
with Mr. Rishi Agrawala and
Mr. Pranjit Bhattacharya, Advs.
for JD-28/ Indiabulls Housing
Finance Ltd.
Mr. Ajay Bhargava, Ms.
Trishala Trivedi, Mr. Shivank
Diddi and Ms. Abhipriya, Advs.
for applicant.
Mr. Alok Kumar, Ms. Garima
Soni, Mr.Abhinav Shukla and
Mr. Manav Gupta, Advs. for
JD-36.
Mr. Sudhir Nandrajog, Sr. Adv.
with Mr. Amol Sharma, Mr.
Devmani Bansal and Mr.
Tushar Sahu, Advs. for RBL
Bank.
Mr. Sanjiv Kalra, Sr. Adv. with
Ms Shally Bhasin and Mr.
Prateek Yadav, Advs. for Axis
Bank.
Signature Not Verified
Mr. Aman Gandhi, Mr. Parth
Digitally Signed
By:NEHA
Signing Date:02.03.2023
19:07:27
Bose & Mr. Pranay Tuteja,
Advs. for Ambit Finvest.
Mr. Rajiv Nayar and Mr.
Abhinav Vasisht, Sr. Advs.
with Mr. Sanjeev Sharma, Mr.
H.S. Chandiok, Mr. Saleem
Hasan, Ms. Akshita Sachdeva,
Ms. Sanya Sud, Mr. Rohit
Dahiya, Mr. Hriday Kochar,
Mr. Siddharth Jain, Mr. Hriday
Kochar, Mr. Prayas Pandit &
Ms. Vedika Pandey, Advs. for
Fortis Healthcare Ltd.
Mr. Gaurav Mitra, Mr. Atul
Sharma, Ms. Renuka Iyer, Mr.
Kamal Gupta, Mr. Aditya
Vashisth and Mr. Anand Singh
Sengar, Advs. for JD-22.
Ms. Devina Sehgal, Adv. for
JD-16 & 17.
Mr. Jayant Mehta, Sr. Adv.
with Ms. Roopali Singh, Ms.
Durga Priya, Ms. Sayobani
Basu and Mr. Akash Ray,
Advs. for JD- 25.
Ms. Aditi Mohan and Ms.
Sakshi Sharma, Advs. for
Applicant in LA. 5552/2019.
Mr. Dheeraj Nair, Ms.
Vishrutyi Sahni and Ms. Aishna
Jain, Advs. for JD-37.
Mr. Darpan Wadhwa, Sr. Adv.
with Mr. Sandeep Das, Mr.
Siddharth Sharma, Ms.
Anandini Kumari, Mr. Amer
Vaid and Ms. Neelakshi
Bhaduria, Advs. for RCMIML.
Mr. Ashish Dholakia, Sr. Adv.
with Mr. Sandeep Das, Ms.
Anandini Kumari & Mr. Rohan
Chawla, Ms. Kritika Mundra,
Advocates for Religar.
Signature Not Verified
Digitally Signed
By:NEHA
Signing Date:02.03.2023
19:07:27
40
+ O.M.P.(I) (COMM.) 206/2016
DAIICHI SANKYO COMPANY LIMITED ..... Petitioner
Through: Mr. Arvind Nigam and Mr.
Arun Kathpalia, Sr. Advs. with
Mr. Amit Kumar Mishra, Ms.
Devna Arora, Ms. Samridhi,
Mr. Varad Chaudhary, Ms.
Gauri, Ms. Astha Anuja, Mr.
Rohan Jaitley and Mr. Kunal
Chatterji, Advs.
versus
MALVINDER MOHAN SINGH & ORS. ..... Respondents
Through: Mr. Aman Gandhi, Mr. Parth
Bose & Mr. Pranay Tuteja,
Advs. for Ambit Finvest.
Mr. Jayant Mehta, Sr. Adv.
with Ms. Roopali Singh, Ms.
Durga Priya, Ms. Sayobani
Basu and Mr. Akash Ray,
Advs. forJD-25.
CORAM:
HON'BLE MR. JUSTICE YASHWANT VARMA
ORDER
% 02.03.2023 EX.APPL.(OS) 3651/2022(Direction) in O.M.P.(EFA)(COMM.) 6/2016 Arguments heard.
Order reserved.
EX.APPL.(OS) 3650/2022(Direction) in O.M.P.(EFA)(COMM.) 6/2016
1. The instant application has been made for directions being framed to call upon the Respondent No.24/RBL Bank Ltd. to undertake the sale of 4.20 lakh equity shares of Fortis Healthcare Ltd [FHL] and which were originally held as security for credit facilities which had been extended.
Signature Not Verified Digitally Signed By:NEHA Signing Date:02.03.2023 19:07:272. As would be evident from the order of 15 April 2021 passed in SLP (C) 20417/2017 and Contempt Petition (C) 2120/2018, the Court had, at that stage, taken note of the statement made on behalf of RBL which was arrayed as Noticee No.4, that those shares were under their control and that all facilities in respect of which the same had been obtained stood squared up and all amounts advanced by them had been duly recovered. While dealing with the aforesaid 4.20 lakh shares, the Supreme Court in its final order of 22 September 2022 also noticed the aforesaid aspect by providing as follows in paragraph 30(e):-
"30........
(e) Certain shares which are still lying with the noticee banks and financial institutions, for example, the shares of FHL pledged with and continued to be held by RBL Bank which were dealt with in the order dated 15.04.2021 passed by this Court, shall be available to the executing court and shall abide by such order as the executing court may deem appropriate to pass."
3. Upon being placed on notice of the present application, Mr. Nandrajog, learned Senior Counsel appearing for RBL submits that while on 15 April 2021 a statement had been made that all accounts had been squared up and amounts recovered, RBL further claims Rs.15 lakhs towards litigation costs which have already been incurred and an identical sum for future costs that may be incurred in that regard. The submission, in essence, appears to be that RBL would stake a claim to retain at least Rs. 30 lakhs at this stage under the head of "litigation costs" that have been incurred by it or may be incurred in the future.
4. In light of the aforesaid stand as struck, the Court, is of the considered opinion that the retention of Rs.30 lakhs or more and which is the solitary stand taken by the RBL in this application is one which can always be considered even after the sale of the 4.20 lakh equity shares is completed and accomplished. The said claim of RBL Signature Not Verified Digitally Signed By:NEHA Signing Date:02.03.2023 19:07:27 can always be considered prior to the Court framing directions for the release of the amounts that may be obtained from that sale.
5. In view of the aforesaid, the Court hereby directs RBL to move forward with the sale of the 4.20 lakh equity shares of FHL which are presently held in its control. The entire monies that may be gathered from that sale shall be transmitted to the Registrar General of this Court within a period of one week from the date of completion of the transaction. The Court also grants liberty to RBL to effect the sale of the 4.20 lakh equity shares of FHL either in one go or in tranches as may be considered expedient by it bearing in mind the prevailing price of the stock and in order to ensure that maximum revenue is obtained from those sales. RBL shall also place all relevant documentation connected with the sale that may be undertaken on the record of these proceedings.
6. The entire amount that may be gathered from and in terms of the permission that has been accorded, shall be held by the Registrar General of this Court and shall be retained till such time as the claim of RBL is ruled upon in the present proceedings
7. The entire exercise be completed on or before 31 March 2023.
Dasti.
EX.APPL.(OS) 3763/2022 (Appointment of Forensic Auditor) in O.M.P.(EFA)(COMM.) 6/2016 Let this application be called for consideration on 24.03.2023.
EX.APPL.(OS) 3764/2022 (Appointment of Forensic Auditor), EX.APPL.(OS) 3850/2022 (Appointment of Forensic Auditor) in O.M.P.(EFA)(COMM.) 6/2016 List on 24.03.2023.
YASHWANT VARMA, J.
MARCH 02, 2023/bh Signature Not Verified Digitally Signed By:NEHA Signing Date:02.03.2023 19:07:27