Bombay High Court
World Crest Advisors Llp vs Catalyst Trusteeship Ltd on 17 January, 2023
Author: R.I. Chagla
Bench: R.I. Chagla
27-3-IAL-1512-23.doc
Sharayu Khot.
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
INTERIM APPLICATION (L) NO. 1512 OF 2023
IN
COMMERCIAL SUIT NO. 189 OF 2022
World Crest Advisors LLP ...Applicant/Plaintiff
Versus
Catalyst Trusteeship Limited & Ors. ...Defendants
And
J.C. Flowers Asset Reconstruction Private ...Respondent
Limited (Proposed Defendant)
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Ms. Gulnar Mistry a/w Ms. Swati Chandan i/by ANB Legal for the
Applicant/Plaintiff.
Ms. Gathi Prakash, Ms. Nidhi Asher, Ms. Arushi Poddar i/by Cyril
Amarchand Mangaldas for the Defendant Nos. 1 and 2.
Ms. Vaibhavi Bhalerao i/by DSK Legal for the Defendant No. 3.
Mr. Sayeed Mulani a/w Ms. Shobhana Waghmare i/by Mulani & Co.
for the Defendant Nos. 4 to 9.
Mr. Shyam Kapadia a/w Ms. Gathi Prakash, Ms. Nidhi Asher, Ms.
Arushi Poddar i/by Cyril Amarchand Mangaldas for the Proposed
Defendant.
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CORAM : R.I. CHAGLA J
DATE : 17 January 2023
ORDER :
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2. By this Interim Application, the Applicant/original Plaintiff is seeking amendment to the Plaint in Commercial Suit No. 189 of 2022 in terms of Schedule of draft amendment at Exh.A and the amendment to the Interim Application (L) No. 29574 of 2021 in terms of Schedule of amendment at Exh.B.
3. The proposed amendment is necessitated on account of subsequent transfer of the suit shares by Respondent No. 2 to one J.C. Flowers Asset Reconstruction Private Limited ("J.C. Flowers") pursuant to assignment of loans sanctioned by the Respondent No. 2 to Respondent Nos. 4 to 9. This fact had been brought to the Applicant's notice by Respondent No. 2 through e-mail dated 22nd December 2022. A similar email has been received on 22nd December 2022 from a representative/employee of J.C. Flowers, regarding the purported transfer of the suit shares in its favour.
4. The Applicant has further stated that thereafter, on 4th January 2023, email as well as letter dated 3rd January 2023 were received by the Applicant which was addressed by J.C. Flowers notifying the Applicant of the purported transfer of all rights and interests in the financial assets pertaining to Essel Corporate 2/5 ::: Uploaded on - 18/01/2023 ::: Downloaded on - 19/01/2023 13:55:32 ::: 27-3-IAL-1512-23.doc Resources Private Limited together with the securities created.
5. In view thereof, the present Interim Application has been taken out for amendment of Plaint as well as Interim Application (L) No. 29574 of 2021 for impleading J.C. Flowers and consequential amendments thereto.
6. There is an averment made in the Interim Application that J.C. Flowers has been served with the draft schedule of the amendments to be carried out in the Plaint and Interim Application and have thereafter, appeared on 11th January 2023 before this Court.
7. Mr. Shyam Kapadia, learned Counsel appearing for the proposed Defendant undertakes to file Vakalatnama within one week from today.
8. Considering the averments in the Interim Application as well as the proposed amendments being sought, as has been set out at Exh.A for amendment to the Plaint and Exh.B for amendment to the Interim Application (L) No. 29574 of 2021 and which is as a 3/5 ::: Uploaded on - 18/01/2023 ::: Downloaded on - 19/01/2023 13:55:32 ::: 27-3-IAL-1512-23.doc result of the purported transfer of all interest in the suit shares by Respondent No. 2 to J.C. Flowers, the relief sought for in the Interim Application for amendment by impleading J.C. Flowers and consequential amendments is required to be granted. Further, the amendment sought in the present Suit is at a pre-trial stage. Hence, the following order is passed. :-
(i) The Applicant/original Plaintiff shall amend the Plaint in Commercial Suit No. 189 of 2022 in terms of Schedule of draft amendment at Exh.A and amend the Interim Application (L) No. 29574 of 2021 in terms of Schedule of amendment at Exh.B.
(ii) Amendment shall be carried out on or before 20th January 2023.
(iii) Learned Advocate for the Applicant shall serve a hard copy of the amended Plaint and Interim Application on the Defendants simultaneously upon carrying out the amendment.
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(iv) Re-verification is dispensed with.
(v) Interim Application is accordingly, disposed of in the above terms.
(vi) Respondent in the present Interim Application as well as the other Defendants upon being served with the amended Plaint and Interim Application, shall file Affidavit in Reply to the Interim Application (L) No. 29574 of 2021 within a period of two weeks from the service thereof.
(vii) The Plaintiff shall file their Affidavit in Rejoinder thereto on or before 7th February 2023.
(viii) Place Interim Application (L) No. 29574 of 2021 on 13th February 2023, high on board.
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