Disposed

Sonika Engineering and Constructions Limited and 2 Others v. Churchgate Investment and Trading Co. Pvt. Ltd.

Bombay HC15 Feb 2017COMAP/48/2017

Case brief

AI extract

What is this about?

The Commercial Appeal was disposed of by upholding agreed consent terms. The appellants agreed to pay the loan amount with interest in instalments and issued post-dated cheques. Symbolic possession of mortgaged properties was confirmed with the Court Receiver.

What did the court decide?

The decree was marked as fully satisfied on acceptance of consent terms and the undertaking to pay the loan amount with interest.

Sonika Engineering and Constructions Limited and 2… — Company and Corporate | Bombay HC (2017)

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COMAPL. 9-17

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VPH

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION

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COMMERCIAL APPEAL (L) No. 9 OF 2017

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NOTICE OF MOTION (L) No. 255 OF 2016 IN COMMERCIAL SUIT (L) No. 313 OF 2016

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Sonika Engineering and Constructions Ltd. & Ors. … Appellants Vs. Churchgate Investment & Trading Co. Pvt. Ltd. … Respondents

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Mr. Satishkumar R. Soni, for the Appellants.

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Mr. Dipan Merchant, Sr. Counsel a/w Gaurav Ingale i/b I. V. Merchant, for the Respondents.

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Dr. M. S. Deshpande, Court Receiver – Present.

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CORAM : V. M. KANADE, & P. R. BORA, JJ.

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DATE : FEBRUARY 15, 2017 PC.

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. The parties have amicably settled the dispute. They have

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filed consent terms. Consent terms are signed by the Appellants and

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the authorised representative of the Respondents and their respective

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advocates. All parties are present in the Court. Undertakings given in

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COMAPL. 9-17

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paragraph 2 is accepted. The Appellants have agreed that they are liable to pay Rs. 3,59,77,803, inclusive of interest @ 18% per annum and penal interest @ 2% as on 14.2.2017 towards the loan amount advanced by the Respondents. In paragraph 2 the Appellants have given an undertaking to pay outstanding loan amount alongwith interest in 14 monthly instalments, for which they have issued 6 post dated cheques for the said amount and ensure that the cheques would be honoured. A Court Receiver was appointed and he has already taken symbolic possession of the mortgaged properties. In view of the consent terms, the decree shall be marked as fully satisfied and the Court Receiver will be discharged on payment on the full amount. The Court Receiver is directed not to take forcible possession. Symbolic possession of the property shall be with the Court Receiver till the last instalments is paid. If the decreetal amount is paid, the Court Receiver shall hand over symbolic possession back to the Appellants and he shall stand discharged without passing further orders. Appeal is accordingly disposed of in terms of consent terms.

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Sd/Sd/[P. R. BORA, J.] [V. M. KANADE, J.]

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Vinayak Halemath

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Sonika Engineering and Constructions Limited and 2 Others v. Churchgate Investment and Trading Co. Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

Sonika Engineering and Constructions Limited and 2 Others v. Churchgate Investment and Trading Co. Pvt. Ltd.

Case brief

What is this about?

What did the court decide?

What the court decided

A compact analysis

Statutes considered

Parties & counsel

Coram

Case details

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