Bombay High Court
Edelweiss Investment Adviser Limited vs Wondervalue Realty Developers Private ... on 14 June, 2021
Author: B.P.Colabawalla
Bench: B.P.Colabawalla
10-ia(L)-12622-2021.doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
IN ITS COMMERCIAL DIVISION
INTERIM APPLICATION (L) NO. 12622 OF 2021
IN
COMMERCIAL SUIT (L) NO. 12616 OF 2021
Edelweiss Investment Adviser Limited .. Applicant/
Plaintiff
IN THE MATTER BETWEEN
Edelweiss Investment Adviser Limited .. Plaintiff
Vs.
Wondervalue Realty Developers Pvt.
Private Limited & Ors. .. Defendants
......
Mr.Virag Tulzapurkar, Sr. Counsel a/w. Mr.Shyam Kapadia,
Mr.Vikram Trivedi, Mr.Sunil Tilokchandani, Ms.Priya Diwadkar &
Ms.Neha Jhaveri i/b. Manilal Kher Ambalal & Co for the
Applicant/Plaintiff.
Dr. Birendra Saraf, Sr. Counsel a/w. Mr.Mohan Jaykar, Mr. Rohan
Sawant, Mr. Nikhil Wable, Ms. Priyanka Daga & Ms. Juhi Valia i/b.
Mr. Jaykar & Partners for Defendant Nos. 1 & 5 to 11.
Mr.Aspi Chinoy, Sr. Counsel a/w. Mr. J. P. Sen, Sr. Counsel,
Ms.Sonia Putta, Ms. Devyani Deshmukh & Mr.Atharva Sawant i/b.
Solomon & Co. for Defendant No. 2.
Mr. Venkateshy Dhond, Sr. Counsel a/w. Ms. Pooja Kshirsagar
i/b. Prakash & Co for Defendant No.3.
Mr.Rohan Cama, Mr.Pheroze Mehta, Mr. Krishna Moorthy, Mr.
Abinath Pradhan, Ms. Garima Agrawal i/b. Wadia Ghandy & Co
for Defendant No. 4.
Ganesh Lokhande 1/3
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10-ia(L)-12622-2021.doc
......
CORAM :- B.P.COLABAWALLA, J.
DATE :- 14th JUNE, 2021. (THROUGH VIDEO CONFERENCE) P. C.:
1. The learned Counsel appearing on behalf of the respective Defendants have stated the above Interim Application has been served on them only on 11 th and 12th June, 2021 and seek time to file an Affidavit-in-Reply.
2. Mr.Tulzapurkar, the learned Senior Counsel appearing on behalf of the Applicant submitted that in the meanwhile there should be some ad-interim protection. I have heard Mr.Tulzapurkar at length and also heard respective Counsels appearing for the Defendants. I do not find that any case for urgent ad-interim relief is made out. Prima-facie it appears that the plaintiff has a money claim against Defendant No.1 in whom it has invested approximately Rs.163 Crores under 15 investment agreements. According to Mr.Tulzapurkar the dues as of today are Rs.263 Crores. He submits that under the Agreements entered into with Defendant No.1, there is an equitable charge and/or equitable assignment created in favour of Applicant-Plaintiff in the Sale component that is to be Developed on the land belonging to Ganesh Lokhande 2/3 ::: Uploaded on - 16/06/2021 ::: Downloaded on - 16/06/2021 20:38:18 ::: 10-ia(L)-12622-2021.doc Defendant Nos. 2 and 3 Societies.
3. At this stage, I am unable to grant any relief without first having replies filed by the concerned Defendants, especially Defendant Nos. 2 and 3. Another reason for rejecting ad-interim relief is that the Plaintiff itself in the year 2019 opted not to purchase the flats to set off its investment but instead of exercised its right for repayment. This being the position, I do not think that any case for ad-interim relief is made out.
4. The Defendants are directed to file their respective Affidavit-in-Reply within a period of one week from today and serve the copy of the same on the Advocates for the Plaintiff. The Plaintiff shall file its Affidavit-in-Rejoinder within a period of one week thereafter and the serve the copy of the same on the Advocates for the Defendants. Place the above Interim Application pre-emptorally for hearing on 12th July, 2021.
5. All parties to act on an authenticated copy of this order duly signed by the Personal Assistant/Private Secretary/Associate of this Court.
(B. P. COLABAWALLA, J.) Ganesh Lokhande 3/3 ::: Uploaded on - 16/06/2021 ::: Downloaded on - 16/06/2021 20:38:18 :::