Allowed

Vinay Shah v. State Bank of Hyderabad(Pet) and the O.L. of Twilight Litaka Pharma Limited

Bombay HC22 Dec 2023IA/3/2024

Case brief

AI extract

What is this about?

The Bombay High Court allowed an interim application seeking leave to file or pursue legal action for specific performance of an agreement for sale under Section 446(2) of the Companies Act, 1956. The court clarified that since a special civil suit was already filed, leave is granted to pursue it.

What did the court decide?

Leave is granted to the applicant to pursue Special Civil Suit No.109/2023 filed before the Court of Civil Judge, Senior Division, Vadgaon.

Vinay Shah vs State Bank of Hyderabad(Pet) and the O.L… — Specific Performance | Bombay HC (2023)

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921-ial-9524-2021 in cp-471-2012-order2.doc

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MAMTAAMARKALE Digitallysigned byMAMTAAMARKALEDate:2024.01.0313:03:11+0530

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

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INTERIM APPLICATION (L) NO. 9524 OF 2021 IN

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COMPANY PETITION NO. 471 OF 2012

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This order is corrected as per speaking to the minutes of the order dated 3/1/2024.

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Vinay Shah ...Applicant In the matter between State Bank of Hyderabad ...Petitioner Vs. The Official Liquidator of Twilight Litaka Pharma Limited (In Liqn.) ...Respondent

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Mr. Karl Tamboly a/w. Mr. Harsh L. Behany a/w. Ms. Prachi Sanghvi i/b. Harsh Behany, for the Applicant. Mr. Shanay Shah, for the Official Liquidator. Ms. Nikita Yadav, Assistant Official Liquidator.

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CORAM : MANISH PITALE, J. DATE : 22 DECEMBER 2023

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P.C.

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. By this application, the applicant had initially sought direction against the official liquidator for accepting balance consideration and for executing the sale deed in respect of the property in question and in that light, further relief was sought in terms of prayer clause (d). Subsequently, the applicant amended the application in order to incorporate prayer clause (a)(i) as an alternative prayer seeking leave under Section 446(2) of the

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page 1 of 2

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Mamta Kale

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921-ial-9524-2021 in cp-471-2012-order2.doc

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Companies Act, 1956, to initiate necessary legal action for seeking specific performance of the agreement for sale dated 28/3/2011, executed between the applicant and the company in liquidation.

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The learned counsel for the applicant submits that the applicant has already filed Special Civil Suit No.109/2023 before the Court of Civil Judge, Senior Division, Vadgaon, seeking performance of the said agreement and the official liquidator is also made a party to the said suit.

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In that light, the learned counsel appearing for the applicant submits that this Court may grant only prayer clause (a) (i) clarifying that leave is granted to pursue the aforesaid suit already filed, while prayer clauses (a) and (b) are not pressed in the application, in the light of filing of the said suit.

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The learned counsel for the official liquidator has no objection to the aforesaid prayer made on behalf of the applicant.

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In view of the above, the application is allowed in terms of prayer clause (a)(i) and it is clarified that since the aforesaid suit is already filed, leave is granted to the applicant to pursue the same before the said Court.

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MANISH PITALE, J.

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page 2 of 2

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Mamta Kale

Vinay Shah v. State Bank of Hyderabad(Pet) and the O.L. of Twilight Litaka Pharma Limited

Case brief

What is this about?

What did the court decide?

Vinay Shah v. State Bank of Hyderabad(Pet) and the O.L. of Twilight Litaka Pharma Limited

Case brief

What is this about?

What did the court decide?

What the court decided

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