Elegant Capitls Pvt. Ltd. v. Incable Net (Andhra) Ltd.
Case brief
What is this about?
On an application for judgment in a summary suit for recovery of money due under an Inter Corporate Deposit Agreement and dishonoured cheques, the High Court held the defendant had no adequate defence but granted leave to defend on condition of depositing the claimed amount.
What did the court decide?
Defendant granted leave to defend the suit on condition of depositing Rs. 15,37,70,000/- by January 4, 2012.
What the court decided
1 sj-296-09-ss-1144-09
I N THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION
jmi
SUMMONS FOR JUDGMENT NO. 296 OF 2009 IN
SUMMARY SUIT NO. 1144 OF 2009.
M/s. Elegant Capitals Private Limited. ..Plaintiff.
vs.
In Cablenet (Andhra) Limited. ..Defendant.
Mr. Gaurav Joshi, i/b. Anil T. Agarwal, for Plaintiff. Mr. Niranjan Pandit, a/w. Mr. Murlidharan, i/b. Joy Legal Consultants, for Defendant.
CORAM : S.J. KATHAWALLA, J. RESERVED ON : 4TH AUGUST 2011. PRONOUNCED ON : 9TH NOVEMBER, 2011.
JUDGMENT :
By the above Summons for Judgment, the Plaintiff has prayed that the Judgment be entered in favour of the Plaintiff in the Suit against the Defendant for the sum of Rs. 15,37,70,000/- as more particularly set out in the particulars of claim being Exhibit – I to the Plaint, along with further interest at the rate of 13% per annum on Rs. 11,10,00,000/- from 24th March 2009 till payment and/or realization thereof and costs.
Issues for consideration
3 issues framed by the court
Whether a Summary Suit under Order XXXVII CPC is maintainable when the plaintiff has security by way of pledged shares.
Whether the plaintiff is entitled to unconditional leave to defend requiring a deposit of the claimed amount.
Whether the defence raised by the defendant regarding forfeiture of shares and pending counterclaims is maintainable.
Parties & counsel
- petitioner
M/s. Elegant Capitals Private Limited
- respondent
In Cablenet (Andhra) Limited
Coram
S.J. KATHAWALLA
Case details
As recorded by the court registry
Similar cases
Judgements on the same questions, provisions and authorities, from every court