Bombay High Court
Omkar Realtors And Developers Private ... vs Emgee Homes Private Limited And 2 Ors on 20 January, 2020
Author: A.K. Menon
Bench: A.K. Menon
17-IA-1-19-COMS-1323-19.doc
Dixit
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION NO.1 OF 2019
IN
COMMERCIAL SUIT NO.1323 OF 2019
Omkar Realtors and Developers Pvt. Ltd., Mumbai ....Applicant
In the matter between
Omkar Realtors and Developers Pvt. Ltd., Mumbai ....Plaintiff
V/s.
Emgee Homes Private Limited, Mumbai & Ors. ....Defendants
Mr. Chetan Kapadia, with Ms. Urvashi Haryan, i/by Diamondwala & Co., for
the Applicant-Original Plaintiff.
Mr. M.M. Vashi, Sr. Advocate, with Ms. Aparna Deokar, i/by M.P. Vashi &
Associates, for Defendant No.1.
Mr. Gaurav Mehta, with Mr. B. Chopra, i/by Dhruve Liladhar & Co., for
Defendant No.2.
CORAM : A.K. MENON, J.
DATED : 20TH JANUARY, 2020.
P.C. :
1. By this interim application, the applicant-plaintiff seeks an ad-interim relief in terms of prayer clause (b) in relation to 2,600 equity shares in the 2 nd defendant-company, described as suit property no.2 in the plaint. The application made today is on the basis of an apprehension set out in 1/2 ::: Uploaded on - 22/01/2020 ::: Downloaded on - 22/01/2020 21:15:50 ::: 17-IA-1-19-COMS-1323-19.doc paragraph 16 of the interim application, whereby the plaintiff contends that it has learnt that defendant no.1 being in financial difficulties, it is likely to sell suit properties, including suit property no.2, to avoid making payment of a sum of Rs.5 crores, in respect of which the suit has been filed.
2. The suit proceeds on the basis of the terms agreed between the parties recorded in a letter agreement dated 29 th April 2016, which provides for the consequences of an agreement to sell and transfer 2,600 equity shares of the plaintiff for a consideration of Rs.45 crores and in respect of which a sum of Rs.5 crores had been paid. The letter agreement was kept in an escrow and has since been shared with the parties, pursuant to the order passed on 17 th December, 2019.
3. The suit being for recovery of a sum of Rs.5 crores and having considered the averments in the plaint no case is made out to support the contention that suit properties including suit property no.2 are being sold to defeat the decree that may be passed against the defendants and to avoid making payment of a sum of Rs.5 crores, I am of the view that no ad-interim relief can be granted at this stage.
4. Ad-interim relief is, therefore refused. IA to be listed in the usual course.
(A.K. MENON, J.) 2/2 ::: Uploaded on - 22/01/2020 ::: Downloaded on - 22/01/2020 21:15:50 :::