Dismissed

Liquidator of Piramal Financial Services Ltd. v. Ashish Patel Ahmedabad

Gujarat HC24 Feb 2022COMA/211/2011

Case brief

AI extract

What is this about?

The High Court disposed of a company application filed by the Official Liquidator for executing a consent decree to recover a sum and possess property. The application was rejected as satisfied because the respondent complied with prior court orders by depositing the realized sale proceeds.

What did the court decide?

The company application was disposed of as the applicant's prayers were considered complied with by the deposit of money.

Liquidator of Piramal Financial Services Ltd. Vs… — Company and Corporate | Gujarat HC (2022)

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C/COMA/211/2011 ORDER DATED: 24/02/2022

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IN THE HIGH COURT OF GUJARAT AT AHMEDABAD

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R/COMPANY APPLICATION NO. 211 of 2011 In R/COMPANY PETITION NO. 147 of 2000

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========================================================== LIQUIDATOR OF PIRAMAL FINANCIAL SERVICES LTD Versus

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ASHISH PATEL AHMEDABAD & 4 other(s)

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==========================================================

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Appearance:

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MR PATHIK M ACHARYA(3520) for the Applicant(s) No. 1 ADVOCATE NOTICE UNSERVED for the Respondent(s) No. 5 MR. BHADRISH S RAJU(6676) for the Respondent(s) No. 1,2,3,4 SAIRICA S RAJU(8761) for the Respondent(s) No. 1,2,3,4

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==========================================================

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CORAM: HONOURABLE MR. JUSTICE BHARGAV D. KARIA

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Date : 24/02/2022 ORAL ORDER

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1.Heard learned advocate Mr. Pathik M. Acharya for the applicant-Official Liquidator and learned advocate Mr. Bhadrish S. Raju for the respondents.

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2.By this application, the Official Liquidator of M/s. Piramal Financial Services LtdCompany [In Liquidation] prayed for the following reliefs:

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“A. Hon’ble Court be pleased to execute the Consent Decree dated 20^th November,1998 passed by the City Civil Court in Suit No. 3110 of 1998 to Suit No. 3115 of 1998 to recover and realise the sum of Rs. 6,71,37,000/- (Six Crore Seventy One Lac Thirty Seven Thousand) together with interest thereon at the

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Page 1 of 5

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C/COMA/211/2011 ORDER DATED: 24/02/2022

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rate of 36% per annum from the date of Suit till payment or realisation.

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B. In execution of Decree to permit and direct Liquidator to take peaceful possession of undivided interest in piece or parcels of land situate lying and being at Kochrab, Taluka City being Final Plot No. 605 in the Registration District and Sub District (4)(Paldi) of Ahmedabad containing by Admeasurements 6,716.97 sq.mtrs or thereabouts that is available in respect of 13 flats bearing Nos. C-12, C-22, C-42, C-62, C-72, C-82, D-11,D-21, D-41, D-51, D-61, C-42, C-62, C-72, C-82, D-11,D-21,D-41,D-51,D-61, D- 81, D-102 each admeasuring 210 sq.yds in “Tirthbhoomi” near Law Garden, Ellisbridge, Ahmedabad 380 006.

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C.If Respondent or its servants and agents or any other persons interfere or object to the taking possession by the Liquidator then and in such eventuality Liquidator may be Authorised to remove the Respondents and/or any person Occupying the said premises with police assistance and take Possession.

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D.To permit and direct Sale Committee appointed by the Hon’ble Court to sell undivided interest in piece or Parcels of land situate lying and being at Kochrab, Taluka City being Final Plot No. 605 in the Registration District and Sub District (4) (Paldi) of Ahmedabad containing by admeasurement 6,716.97 sq.mtrs or thereabouts that is available in respect of 13 flats bearing Nos. C-12, C-22, C-42, C- 62, C-72, C-82, D-11,D-21, D-41, D-51, D- 61, C-42, C-62, C-72, C-82, D-11,D-21,D41,D-51,D-61, D-81, D-102 each admeasuring 210 sq.yards in “Tirthbhoomi” near Law Garden, Ellisbridge, Ahmedabad 380 006.

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Page 2 of 5

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C/COMA/211/2011 ORDER DATED: 24/02/2022

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E.Pending the hearing and final disposal of the Respondents and each of them be restrained by an Order of injunction from dealing with or disposing of or create third party right in respect of piece or parcels of land situate lying and being at Kochrab, Taluka City, being Final Plot No. 605 in the Registration District and Sub District and Sub District (4) (Paldi) of Ahmedabad containing by admeasurements 6,716.97 sq.mtrs or thereabouts.

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F. ad interim reliefs in terms of Para (E) be granted.

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G. Such further and other reliefs as the nature circumstances of the case may require and as the Hon’ble court may deem fit and proper be granted to the Applicant;

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H. Applicants cost be provided for.”

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3.Learned advocate Mr. Acharya submitted that the application was preferred for execution of the decree in respect of security interest in the land belonging to respondent No.5 i.e. Swapna Co operative Housing Society Ltd. situated at Final Plot No. 605 MaujeKochrab, Taluka-City Sub District (4) Paldi, District-Ahmedabad to recover the amount as per the judgement and decree dated 20.11.1998 passed in Civil Suits No. 3110 and 3115 of 1998 for Rs. 6,71,37,000/- and interest @ 3.% per annum from the date of the decree till realization.

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C/COMA/211/2011 ORDER DATED: 24/02/2022

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4.Learned advocate Mr. Acharya submitted that respondent No.5 filed Company Application No. 235 of 2013 before this Court which was disposed of by order dated 29.04.2014 permitting respondent No.5 to construct the building on the land in question subject to possession of area of 2730 sq.yars comprising of 13 flats of saleable built up premises to be handed over to the Official Liquidator. This Court also reserved the right in this application of the Official Liquidator subject to the final outcome.

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5.It was pointed out that respondent No.5 also thereafter filed Company Application No. 65 of 2018 showing willingness to deliver 11 flats instead of 13 flats admeasuring 3054.49 sq.yards in aggregate area of the flats occupied by 11 flats, which were similar to the area of 13 flats which were offered earlier. This Court by order dated 14.03.2019 directed respondent No.5 to sell 11 flats at minimum price of Rs. 4000/- per sq.ft, as also the additional price, if fetched during the sale of the property and if the price fetched is less than Rs. 4000/- per sq.ft, the difference amount to be paid by the respondent No.5 to the Official Liquidator.

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C/COMA/211/2011 ORDER DATED: 24/02/2022

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The respondent No. 5 was also directed to file an undertaking before this Court to the effect that respondent No.5 would make all endeavors to dispose of all the 11 flats within a period of six months.

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6.Learned advocate Mr. Acharya submitted that respondent No.5 pursuant to the order dated 14.03.2019 sold 11 flats for an amount of Rs. 10,96,12,000/- which was deposited with the Official Liquidator.

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7.It was therefore submitted that the prayers made in this application by the Official Liquidator for execution of the decree is satisfied in view of the order passed by this Court on 14.03.2019.

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8.In view of the above facts and considering the averments made in the further report of the Official Liquidator dated 09.02.2022, this application would not survive and is accordingly disposed of as the prayers made by the Official Liquidator as stated here-inabove are complied with by deposit of the aforesaid amount by respondent No.5.

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(BHARGAV D. KARIA, J)

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JYOTI V. JANI

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Liquidator of Piramal Financial Services Ltd. v. Ashish Patel Ahmedabad

Case brief

What is this about?

What did the court decide?

Liquidator of Piramal Financial Services Ltd. v. Ashish Patel Ahmedabad

Case brief

What is this about?

What did the court decide?

What the court decided

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