Sameer Hemant Kale vs M/S. Ashok Commercial Enterprises and Ors. — Bombay HC (2026) — LawSathi Research

Sameer Hemant Kale vs M/S. Ashok Commercial Enterprises and Ors. — Bombay HC (2026) — LawSathi Research

What the court decided

AI extract

Outcome

Interim applications allowed in terms of prayer clauses (a) to (d), effecting validation of the two agreements dated 16 September 2014 (Flat Nos. 807 and 808) with the Official Liquidator's consent, following the Applicants' tender of a Demand Draft for the claimed Rs.5 lakh shortfall.

Issue for consideration

Whether the interim applications seeking validation of the two agreements dated 16 September 2014 entered into between the Applicants and Mantri Realty for purchase of Flat Nos. 807 and 808 should be allowed, notwithstanding the Official Liquidator's objection of a Rs.5 lakh shortfall in consideration.

Court's answer

Having heard learned counsel, and given that the Official Liquidator accorded consent on the stated terms (after the Applicants made good the claimed Rs.5 lakh shortfall by tendering a Demand Draft), the interim applications are allowed in terms of prayer clauses (a) to (d).

Ratio / Principle

The interim applications are accordingly disposed of.

Detailed headnote1 paragraphs

Bombay High Court (Ordinary Original Civil Jurisdiction), Coram: Arif S. Doctor, J.; decided 6 February 2026 in Interim Application No. 2192 of 2025 and Interim Application (L) No. 14766 of 2025 in Company Petition No. 291 of 2014 (matter of M/s Ashok Commercial Enterprises & Anr; respondents include the Official Liquidator of Mantri Realty Limited). Applicants Sameer Hemant Kale and Nikhil Hemant Kale sought validation of two agreements dated 16 September 2014 with Mantri Realty for purchase of Flat Nos. 807 and 808. The Official Liquidator's sole objection was a claimed shortfall of Rs.5 lakhs in consideration; on the previous occasion the Applicants contended the sum had been paid in cash. Today, without prejudice to that contention, the Applicants tendered a Demand Draft for Rs.5 lakhs towards the claimed shortfall, whereupon the Official Liquidator consented to validation of both agreements, expressly on the footing that the agreements were genuine and that this validation should not serve as a binding precedent for other validation requests involving the defendants, family members or entities controlled by the Mantri group, which are said to be incapable of validation as not bonafide. The Court allowed the interim applications in terms of prayer clauses (a) to (d) and disposed of them. The order stands corrected pursuant to speaking-to-the-minutes dated 16/2/2026.

Digitally signed by MEERA MEERA MAHESH MAHESH JADHAV JADHAV Date: 2026.02.16 19:17:40 +0530

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6-IA-2192-2025-SPEAKING.DOC

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

INTERIM APPLICATION NO. 2192 OF 2025

IN

COMPANY PETITION NO. 291 OF 2014

Sameer Hemant Kale ...Applicant In the matter between M/s Ashok Commercial Enterprises & Anr ...Petitioner

Vs.

The Official Liquidator of Mantri Realty Limited & Anr ...Respondents

WITH

INTERIM APPLICATION (L) NO. 14766 OF 2025

IN

COMPANY PETITION NO. 291 OF 2014

Nikhil Hemant Kale ...Applicant In the matter between M/s Ashok Commercial Enterprises & Anr ...Petitioner Vs.

The Official Liquidator of Mantri Realty Limited & Anr ...Respondents

Mr. Jehaan Mehta (through VC) a/w Ms Anjali Gupta i/b King Stubband Kasiva for Applicant.

Mr. Rushabh Sheth for Official Liquidator.

Mr. Satyajit Roul, Official Liquidator present.

Mr. Chetan Shelke, Deputy Official Liquidator present.

CORAM : ARIF S. DOCTOR, J DATE : 6th FEBRUARY 2026

Meera Jadhav:-This order has been corrected pursuant to the speaking to the minutes of order dated 16/2/2026.

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6-IA-2192-2025-SPEAKING.DOC

P.C.

INTERIM APPLICATION NO. 2192 OF 2025

AND

INTERIM APPLICATION (L) NO. 14766 OF 2025

1 The present interim applications seek validation of two agreements dated

16th September 2014 entered into between the Applicants and Mantri Realty for purchase of Flat Nos.807 and 808.

2 The only objection taken on the previous ground by the Official Liquidator was that there was a short fall in payment of consideration to the extent of Rs.5 lakhs. On the previous occasion, Mr. Mehta had sought to contend that there was no short fall since the amount of Rs.5 lakhs had, in fact been paid in cash.

3 Tody, Mr. Mehta, without prejudice to his contention that the amount of Rs.5 lakhs had been paid in cash, tendered a Demand Draft for Rs.5 lakhs towards what the Official Liquidator had claimed, was a short fall. Mr. Sheth submits that given the fact that the Applicants have today made good the short fall of Rs.5 lakhs, the Official Liquidator would have no problem in validating both the agreements. He, however, clarifies that this is only in the facts and circumstances of the present case the liquidator is doing so, since the agreements in question are found to be genuine. He submits that the fact that the Official Liquidator has validated these agreements should not be used as a binding precedent in other cases, since there are several instances where the directions and/or entities controlled by the Defendants and/or family members and or entities controlled by the family members of Mantri group have come forward seeking validation. He submits that those transactions are incapable of

Meera Jadhav:-This order has been corrected pursuant to the speaking to the minutes of order dated 16/2/2026.

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6-IA-2192-2025-SPEAKING.DOC

being validated because they are not bonafide. He submits that as long as this, it is made expressly clear that the present interim applications can be disposed of.

4 Having heard the learned counsel and given today the fact that the liquidator has accorded consent on the aforesaid terms, the interim applications are allowed in terms of prayer clauses (a) to (d).

5 Interim applications are accordingly disposed of.

[ARIF S. DOCTOR, J.]

Meera Jadhav:-This order has been corrected pursuant to the speaking to the minutes of order dated 16/2/2026.