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Splendor Landbase Ltd vs M/S Mrb. Promoters Pvt Ltd & Ors on 3 July, 2020

Author: Rajiv Shakdher

Bench: Rajiv Shakdher

                           $~6
                           *       IN THE HIGH COURT OF DELHI AT NEW DELHI
                           +       CS(OS) 573/2016
                                   SPLENDOR LANDBASE LTD                        .....Plaintiff
                                               Through  Mr. Anirudh Bakhru with Ms. Mehak
                                                        Tanwar and Mr. Manish Prakash,
                                                        Advs.
                                               versus

                                   M/S MRB. PROMOTERS PVT LTD & ORS.           .....Defendants
                                                Through  Mr. Jasmeet Singh, Adv. for D-2.

                                   CORAM:
                                   HON'BLE MR. JUSTICE RAJIV SHAKDHER
                                                ORDER

% 03.07.2020 [Court hearing convened via video-conferencing on account of COVID-19] I.A. 5102/2020

1. Allowed, subject to the applicant/judgement debtor No. 2 curing the deficiencies referred to in the captioned application within five days of the lockdown qua this Court being lifted.

2. Mr. Jasmeet Singh, who appears on behalf of the applicant/judgement debtor No. 2, says that the said applicant/judgement debtor No. 2 needs a short accommodation to pay Rs. 40,00,000/-, in terms of the judgement and decree dated 21.08.2019, which is pivoted on the Settlement Agreement dated 20.08.2020 [hereafter referred to as the "S.A."].

3. To be noted, as per the aforesaid judgement and decree, the defendants were required to pay Rs. 1,00,00,000/- to the plaintiff. The directors of judgement debtor No. 1 company i.e. judgement debtor Nos. 2 and 3 undertook to pay, personally, 50% each, of the decretal amount, in the manner set out in the aforesaid judgement and decree.

4. It is not in dispute that the applicant/judgement debtor No. 2 has paid Rs. 10,00,000/- out of Rs. 50,00,000/- to the non-applicant/decree holder.

5. Insofar as Rs. 40,00,000/- is concerned, a cheque bearing No.757235 dated 25.06.2020, drawn on IndusInd Bank, was issued by the applicant/judgement debtor No. 2 which, concededly, has been dishonoured on presentation.

5.1 The instant application has been moved by the applicant/judgement debtor No. 2 seeking extension of time to pay Rs. 40,00,000/-.

6. In the hearing held today, Mr. Jasmeet Singh, after confabulating with the applicant/judgement debtor No. 2, telephonically, has, dehors the averments made in the captioned application, offered the following terms for payment of Rs. 40,00,000/-:

(i) A demand draft of Rs. 5,00,000/- will be handed over to the non-applicant/decree holder for payment.

(ii) The balance amount i.e. Rs. 35,00,000/- will be paid on or before 31.10.2020.

(iii) An affidavit will be filed by the applicant/judgement debtor No. 2 disclosing his unencumbered assets which would include, both, immovable and movable properties, having, in the very least, monetary worth equivalent to Rs. 35,00,000/-.

(iv) In case Rs. 35,00,000/- is not paid to the non-applicant/decree holder on or before 31.10.2020, the non-applicant/decree holder will be entitled to claim the amounts, which will include interest at the rate of 12%, in terms of the judgement and decree dated 21.08.2019, after adjusting the amounts already received.

7. Mr. Anirudh Bakhru, who appears for the non-applicant/decree holder, on instructions, says that the aforesaid terms offered for modification of the judgement and decree dated 21.08.2019 are acceptable.

8. For the moment, without prejudice to its rights and contentions, the non-applicant/decree holder will receive a demand draft of Rs. 5,00,000/- and encash the same.

9. Besides this, the applicant/judgement debtor No. 2 will also file the fund flow and cash flow statement of judgement debtor No. 1 company and his personal bank statements spanning the period between 20.08.2019 and 01.07.2020.

10. Renotify the captioned application on 09.07.2020 to enable the applicant/judgement debtor No.2 to file an affidavit, as indicated above.

RAJIV SHAKDHER, J JULY 03, 2020 pmc/KK Click here to check corrigendum, if any CS(OS) 573/2016 3/3 Signature Not Verified digitally signed byVIPIN KUMAR RAI signing date04.07.2020 07:49