Rajan Garg vs Cupino Ltd. — Bombay HC (2025) — LawSathi Research

Rajan Garg vs Cupino Ltd. — Bombay HC (2025) — LawSathi Research

What the court decided

AI extract

Outcome

Direction to the Court Receiver to disclose the assets, properties and bank accounts of the Corporate Debtor and furnish the details to the Applicant within three weeks; prayers (b) and (c) kept pending for replies/responses and rejoinders within two weeks each; matter listed on 6th August 2025.

Issue for consideration

Whether directions should issue for disclosure of all assets, properties and bank accounts of the Corporate Debtor held pursuant to the Court Receiver's appointment (prayer clause (a)). +2 more

Court's answer

The Court directed the Court Receiver to disclose the assets, properties and bank accounts of the Corporate Debtor in respect whereof the Court Receiver has been appointed, and to furnish the said details to the Applicant within a period of three weeks.

Ratio / Principle

On prayer clause (b) (vacating the Court Receiver, removing attachments and handing over assets), the Court deferred consideration, directing the Execution Applicant to file a reply within two weeks with copy to the other side, and rejoinder two weeks thereafter.

Key takeaways

On prayer clause (c) (transfer of funds from the Corporate Debtor's bank accounts to the CIRP account), the Court deferred consideration, directing Respondent no.6 to file a response within two weeks with copy to the other side, and rejoinder two weeks thereafter.ratio¶30

Detailed headnote1 paragraphs

Bombay High Court (Abhay Ahuja, J.), order dated 2nd July 2025 in Interim Application No. 1471 of 2025 in Commercial Execution Application (L) No. 528 of 2020 (Rajan Garg, Applicant, in the matter between Cupino Limited v. Shree Ahuja Properties & Realtors and Others, with the Office of the Court Receiver, Bombay and Another as Respondents): With Corporate Insolvency Resolution Process (CIRP) underway in respect of the Corporate Debtor (original Respondent no.1) and a Court Receiver appointed over its bank accounts, the Court directed the Court Receiver to disclose the assets, properties and bank accounts of the Corporate Debtor and furnish the details to the Applicant within three weeks. The prayers to vacate the Court Receiver, remove attachments and hand over the assets to the Applicant (clause (b)), and to transfer the funds in the Corporate Debtor's bank accounts to the CIRP account (clause (c)), were not decided and were kept pending - reply/response within two weeks and rejoinder two weeks thereafter; matter listed on 6th August 2025. No statute or precedent was cited in the order.

30-IA-1471-2025.doc

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

INTERIM APPLICATION NO.1471 OF 2025

IN

COMMERCIAL EXECUTION APPLICATION (L) NO.528 OF 2020

RAJAN GARG )…APPLICANT IN THE MATTER BETWEEN CUPINO LIMITED )...APPLICANT V/s. SHREE AHUJA PROPERTIES & REALTORS ) AND OTHERS ) And OFFICE OF THE COURT RECEIVER, BOMBAY ) AND ANOTHER )...RESPONDENTS

Mr.Sameer Pandit a/w. Ms.Sarrah Khambati, Mr.Chaitanya Khade i/by Wadia Ghandy & Co., Advocate for the Original Applicant.

Mr.Nadeem Shama a/w. Mr.Sidharth Seshadri i/by Pan India Legal Services Ltd., Advocate for the Applicant.

Mr.Nikhil Rajani i/by M/s.V.Deshpande & Co., Advocate for the Respondent no.6.

Digitally signed byARTI ARTI VILAS VILAS KHATATE KHATATE Date: 2025.07.02 18:28:23 +0530

Mr.Swayam Chopda, Officer on Special duty a/w. Mrs.Nandini Deshpande, 1^st Assistant to Court Receiver, present in Court.

CORAM : ABHAY AHUJA, J. DATE : 2^nd JULY, 2025

P.C. :

This Interim Application seeks the following prayers :

AVK 1/4

30-IA-1471-2025.doc

(a) Appropriate directions to the Respondent no.5 to file an Affidavit disclosing all the assets, properties and bank accounts held with them.

(b) Order to vacate the Court Receiver and direct the Respondent no.5 the Receiver to remove all attachments and handover the assets and properties of the Corporate Debtor to the Applicant.

(c) Direct the Respondent no.5 to transfer the funds held in the bank accounts of the Corporate Debtor into the CIRP account operated by the Applicant.

(d) For ad-interim relief in terms of prayer clauses (a) to (b) above.

Mr.Nadeem Shama, learned Counsel, appears for the Resolution Applicant of the Respondent no.1 in the Execution Application and submits that since Corporate Insolvency Resolution Process (CIRP) is underway, in order to ascertain the assets and properties of the original Respondent no.1, this Court may direct the Court Receiver to disclose the assets, properties and bank accounts in respect whereof the Court Receiver has been appointed.

AVK 2/4

30-IA-1471-2025.doc

Mr.Pandit, learned Counsel, appearing for the Execution Applicant submits that with respect to the other prayer viz. prayer clause (b), he would need to file a reply.

Mr.Rajani, learned Counsel, appearing for the Respondent no.6 submits that since the Court Receiver has been appointed in respect of the bank accounts of the Corporate Debtor, the Respondent no.6 would not be in a position to transfer any funds, unless the Court Receiver is discharged and seeks to file a reply to the application with respect to the prayer clause (c).

Having heard the learned Counsel and having considered the submissions, this Court is of the view that the Court Receiver to disclose the assets, properties and bank accounts in respect of the Corporate Debtor in respect whereof the Court Receiver has been appointed and furnish the said details to the Applicant within a period of three weeks.

As regards the prayer clause (b), let the Execution Applicant file a reply within a period of two weeks with copy to the other side. Rejoinder in two weeks thereafter, with copy to the other side.

AVK 3/4

30-IA-1471-2025.doc

As regards the prayer clause (c), let the Respondent no.6 file a response within a period of two weeks with copy to the other side. Rejoinder in two weeks thereafter, with copy to the other side.

List on 6^th August 2025 .

(ABHAY AHUJA, J.)

AVK 4/4