Il And Fs Financial Services Ltd. v. Vandanaa Udhyog Ltd.
N THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO.5 OF 2015 IN SUIT NO.856 OF 2014 WITH NOTICE OF MOTION NO.1645 OF 2015 WITH SUIT NO.856 OF 2014 IL&FS Financial Services Ltd.
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Plaintiff
Versus
Vandanaa Udhyog Ltd.
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Defendant Dr. B.B.Saraf, Mr. Nimay Dave with Mr. Sachin Chandrana, Mr. Akhil Tiwari i/by M/s. MKA and Co., for Plaintiff. Ms. Shyamli Gadre with Mr. Ankit Kulkarni i/by M/s. Little and Co., for Defendant.
Mr. Deepak Yadav, Vice President (Banking) of Defendant, present.
Mr. Rakesh Devan, Legal Manager of Plaintiff, present. CORAM: S. J. Kathawalla DATE : 21st October 2015 P.C.
1.
Mentioned. Not on board. Taken on board.
1.
The order dated 16-10-2015 is recalled and the following order is passed :
(i) The learned Advocate for Defendant on instructions from Mr. Deepak Yadav, Vice President (Banking) of the Defendant Company, who is present in Court, submits to a decree in the sum of Rs.96,39,18,426/- alongwith interest 1/3
thereon at contractual rate. However, the said decree shall not be executed by the Plaintiff of the Defendant pays the said amount as undertaken hereinbelow:
(i) Rs.3,00,00,000 /- (Rupees Three Crores) is already paid on 13-10-2015;
(ii) Rs.3,00,00,000 /- (Rupees Three Crores) to be paid on or before 31-03-2016;
(iii) Rs.3,00,00,000 /- (Rupees Three Crores) to be paid on or before 31-06-2016;
(iv) Rs.7,39,18,426 (Rupees Seven Crores Thirty Nine Lakhs Eighteen Thousand Four Hundred Twenty Six) to be paid on or before 01-10-2016;
(v) Rs.12,00,00,000/- (Rupees Twelve Crores) to be paid on or before 31-12-2016;
(vi) Rs.16,00,00,000/- (Rupees Sixteen Crores) to be paid on or before 01-04-2017;
(vii) Rs.30,00,00,000/- (Rupees Thirty Crores) to be paid on or before 01-07-2017;
(viii) Rs.22,00,00,000/- (Rupees Twenty Two Crores) plus the due interest at the contractual rate on the entire admitted 2/3
amount of Rs.96,39,18,426/- to be paid on or before 30-102017; 2.
As far as balance disputed amount is concerned, the Suit shall continue.
3.
In the event of any default on the part of the Defendant in paying the aforesaid amounts as undertaken, the decree shall forthwith become executable.
4.
Any decree passed by this Court in pending Summary Suit No.858 of 2014 shall not be executed against the Directors of the Defendant Company until the amounts as undertaken hereinabove, are paid.
5.
It is clarified that after the payment of the above amounts, if any further amounts are due and payable under the decree passed in the Summary Suit No.858 of 2014, the Plaintiff shall be at liberty to execute the same against the Directors of the Defendant Company.
6.
The above Notices of Motion are accordingly disposed of.
7.
Place the Suit for Directions on 02-05-2016.
(S. J. KATHAWALLA, J.) 3/3