Skybridge Incap Advisory LLP vs Cherag Shah — Bombay HC (2026) — LawSathi Research

Skybridge Incap Advisory LLP vs Cherag Shah — Bombay HC (2026) — LawSathi Research

What the court decided

AI extract

Outcome

Interim Application No. 3320 of 2025 disposed of as infructuous; prayer clauses (a), (b) and (f) of Court Receiver's Report No. 112 of 2025 disposed of per the Court's directions; Court Receiver, High Court, Bombay, to take physical possession (with police assistance, within two weeks) of Flats nos. 1003 and 1004, Latitude Building, N.I.B.M. Chowk, Kondhwa, Pune – 411048, and report by the next date; occupants Ms. Leelavati Sabale and Ms. Charushila Sabale to furnish original title deeds within one week; effective steps to secure the Respondent's presence; updated EOW and Versova Police Station reports by the next date; matter listed for 23rd March 2026.

Issue for consideration

Whether Interim Application No. 3320 of 2025 (in Interim Application No. 3229 of 2024) has become infructuous and should be disposed of, given that Company Petition No.(IB)/211(MB) of 2025 was dismissed as pre-mature. +2 more

Court's answer

Interim Application No. 3320 of 2025 stands disposed of as infructuous, the Company Petition No.(IB)/211(MB) of 2025 having been dismissed as pre-mature.

Ratio / Principle

The Court Receiver, High Court, Bombay, is directed to take physical possession of Flats no.1003 and 1004 in Latitude Building, N.I.B.M. Chowk, Kondhwa, Pune – 411048, with the help of police assistance, within a period of two weeks.

Key takeaways

The Court Receiver is to place a report before this Court on the physical possession of the said flats by the next date.ratio¶5
The occupants of the said flats, Ms. Leelavati Sabale (Flat no.1003) and Ms. Charushila Sabale (Flat no.1004), are respectively directed to furnish the original title deeds of the said flats to the Court Receiver within a period of one week.ratio¶5
Prayer clauses (a), (b) and (f) in Court Receiver's Report No.112 of 2025 stand disposed of in accordance with the foregoing directions.ratio

Detailed headnote1 paragraphs

Bombay High Court, Commercial Division (Abhay Ahuja, J.; 23 February 2026) — On counsel's submission that Company Petition No.(IB)/211(MB) of 2025 stood dismissed as pre-mature, Interim Application No. 3320 of 2025 (in IA 3229 of 2024, connected to Commercial Execution Application No. 183 of 2025) was disposed of as infructuous. Pursuant to the Court's order dated 22 January 2026, the Public Prosecutor tendered EOW reports showing a proclamation issued in FIR No. 57 of 2024 (EOW Unit 7), affixed where the Respondent/Award Debtor's sister resides in Pune, and a non-bailable warrant in FIR No. 13 of 2024 (EOW Unit 2) against the Respondent, Harshawardhan Hanmant Sabale, who remains untraced; the reports, along with the Versova Police Station report, were taken on record, effective steps to secure the Respondent's presence were ordered, and updated reports were sought by the next date. The Court directed the Court Receiver, High Court, Bombay, to take physical possession — with police assistance, within two weeks — of Flats nos. 1003 and 1004, Latitude Building, N.I.B.M. Chowk, Kondhwa, Pune – 411048 (symbolic possession since 22 March 2024), and directed the occupants, Ms. Leelavati Sabale (Flat 1003) and Ms. Charushila Sabale (Flat 1004), to furnish original title deeds within one week, the Applicant/Creditor having indicated that the Respondent was neither appearing nor were the outstandings recoverable (original title deeds of Flat No. 3, Saiba Complex, Kondhawa, Pune also not received). Prayer clauses (a), (b) and (f) of Court Receiver's Report No. 112 of 2025 stand disposed accordingly; matter listed for 23 March 2026.

36-CRR-517-2024 @ CONNECTED MATTERS.doc

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

COURT RECEIVER’S REPORT NO.517 OF 2024 IN COMMERCIAL EXECUTION APPLICATION NO. 183 OF 2025

CHERAG SHAH )...APPLICANT

V/s.

HARSHAWARDHAN HANMANT SABALE )...RESPONDENT WITH

COURT RECEIVER’S REPORT NO. 112 OF 2025 IN

COMMERCIAL EXECUTION APPLICATION NO. 183 OF 2025 WITH

INTERIM APPLICATION NO. 3320 OF 2025 IN

INTERIM APPLICATION NO. 3229 OF 2024

WITH

COMMERCIAL EXECUTION APPLICATION NO. 183 OF 2025

WITH

INTERIM APPLICATION NO. 3229 OF 2024

WITH

COMMERCIAL EXECUTION APPLICATION NO. 183 OF 2025

WITH

COURT RECEIVER’S REPORT NO. 104 OF 2025

IN

COMMERCIAL EXECUTION APPLICATION NO. 183 OF 2025

WITH

COURT RECEIVER’S REPORT NO. 174 OF 2024

IN

COMMERCIAL EXECUTION APPLICATION NO. 183 OF 2025

WITH

SHOW CAUSE NOTICE (L) NO.26194 OF 2024 IN

INTERIM APPLICATION NO. 3229 OF 2024

ARTI VILAS KHATATE

Digitally signed by ARTI VILAS KHATATE Date: 2026.02.23 19:03:53 +0530

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36-CRR-517-2024 @ CONNECTED MATTERS.doc

Mr.Anurag Mishra i/by Mr.Suraj Naik, Advocate for the Applicant in IA/3320/2025.

Mr.Yash Badkur a/w. Mr.Rehaan Shaikh, Advocate for the Applicant/Creditor in COMEX/183/2025.

Mrs.M.M.Deshmukh (I/c. Public Prosecutor) a/w. Ms.Supriya Kak, APP, for the State of Maharashtra.

Ms.Juhi Bhayani i/by BLAC Co., Advocate for the Respondent no.7 – RBI.

Mrs.Naina Poojari, Master (Admn.) and Mrs.V.N.Worlikar, Section Officer, Court Receiver’s Officer, present in Court.

Mr.Himmat Jadhav (EOW Unit 2) and Mr.Uttam Mane (EOW Unit 7), Police Inspectors, Economic Offences Wing, present in Court.

Mr.Paresh Gargade, Police Sub-Inspector, Versova Police Station, present in Court.

CORAM : ABHAY AHUJA, J. DATE : 23^rd FEBRUARY 2026

P.C. :

At the outset, learned Counsel appearing in the matter submit that the Company Petition No.(IB)/211(MB) of 2025 having been dismissed being pre-mature, this application has become infructuous and that this Court may dispose of the same.

Accordingly, Interim Application No.3320 of 2025 stands disposed as infructuous.

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36-CRR-517-2024 @ CONNECTED MATTERS.doc

Pursuant to order dated 22^nd January 2026, today when the matter is called out, Mrs.Deshmukh, learned Public Prosecutor, appears and submits two reports, which indicate that in one of the criminal complaint (First Information Report No.57 of 2024, EOW Mumbai, Unit 7) against the Respondent / Award Debtor, a proclamation has been issued and has been affixed on the address where his sister is staying in Pune and as regards the second criminal complaint (First Information Report No.13 of 2024, EOW Mumbai, Unit 2), a non-bailable warrant has been issued and as soon as the Respondent will be found, he will be arrested. Let effective steps be taken to secure the presence of the Respondent in Court as soon as possible. Mrs.Deshmukh also tenders across the bar report of Versova Police Station filed pursuant to directions of this Court, as regards securing the presence of the Respondent in this Court, where it has been stated that the Versova Police Station is also in search of the Respondent and as and when he is found, his presence will be secured in the Court. The said reports are taken on record. Let an updated report be furnished on behalf of the EOW as well as the Versova Police Station by the next date.

Mr.Yash Badkur, learned Counsel, appears for the Award Creditor and submits that since no original title deeds have been received in avk 3/5

36-CRR-517-2024 @ CONNECTED MATTERS.doc

respect of Flat No.3, Saiba Complex, S.No.63/51, Kondhawa Complex, Pune – 411048, this Court may grant some time to take out an application seeking appropriate directions in this regard. As regards Flats no.1003 and 1004 in Latitude Building, N.I.B.M. Chowk, Kondhwa, Pune – 411048 (the “said flats”) this Court may direct the Court Receiver to take physical possession of the said flats and also direct the occupants thereof to provide the original title deeds so that the Court Receiver can be directed to sell the said flats. Mr.Badkur submits that this is because neither the Respondent is appearing before this Court nor the outstandings can be recovered.

The Court Receiver, High Court, Bombay, had earlier taken symbolic possession of the said Flats no.1003 and 1004 in Latitude Building, N.I.B.M. Chowk, Kondhwa, Pune–411048, on 22^nd March 2024. In view of the aforesaid submission, this Court directs the Court Receiver, High Court, Bombay, to take physical possession of Flats no.1003 and 1004 in Latitude Building, N.I.B.M. Chowk, Kondhwa, Pune – 411048, with the help of police assistance, within a period of two weeks and place a report before this Court on the same by the next date. The occupants of the said flats viz. Ms.Leelavati Sabale in occupation of Flat no.1003 and Ms.Charushila Sabale in occupation of avk 4/5

36-CRR-517-2024 @ CONNECTED MATTERS.doc

Flat no.1004, in Latitude Building, N.I.B.M. Chowk, Kondhwa, Pune –

411048, are respectively directed to furnish original title deeds of the said flats to the Court Receiver within a period of one week.

Prayer clauses (a), (b) and (f) in the Court Receiver’s Report No.112 of 2025 stand disposed as above.

All to act on a copy of this order duly authenticated by the learned Associate of this Court.

List on 23^rd March 2026 for further consideration.

(ABHAY AHUJA, J.)

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