919-38084-2024.
doc
IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
IN ITS COMMERCIAL DIVISION
INTERIM APPLICATION (L) NO.38084 OF 2024
Digitally IN
signed by
SMITA COMM. SUIT (L) NO.38000 OF 2024
SMITA RAJNIKANT
RAJNIKANT JOSHI
JOSHI Date:
2024.12.21
17:15:42
+0530 Northern Arc Capital Limited .. Applicant
Plaintiff.
v/s.
Aviom India Housing Finance Pvt. Ltd., .. Respondent/
Defendant.
Mr. Ravi Kadam, Sr. Advocate with Sr. Advocate Mr. Nikhil Sakhardande,
Mr. Rohan Kadam, Mr. Rajendra Barot, Mr. Vivek Shetty, Ms. Aditi
Bhansali, Ms. Vasudha Jain and Mr. Tejas Raghav i/b. AZB & Partners, for
the Applicant/ Orig. Plaintiff.
CORAM: FIRDOSH P. POONIWALLA,J.
DATE : 20th DECEMBER, 2024.
P.C:-
1. In this case, the Debenture Holders subscribed to non-convertible
debentures (“NCDs”) of Rs. 30 crores issued by Aviom India
Housing Finance Pvt. Ltd. dated October 26, 2021. Admittedly,
Avion India Housing Finance Pvt. Ltd has committed default which
entitles the Plaintiff to seek urgent ad-interim reliefs against Aviom
India Housing Finance Pvt. Ltd. The documents and the facts
involved in this matter are similar to the documents and facts
involved in Commercial Suit (L) No. 37972 of 2024.
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2. In Interim Application (L) No.38013 of 2024 in Commercial Suit
(L) No. 37972 of 2024, an Order dated December 20, 2024, has
been passed granting certain reliefs in favour of the Plaintiff
therein. Considering that the facts involved in the present matter
are similar to the facts involved in Commercial Suit (L) No. 37972
of 2024, an order similar to the December 20, 2024 Order, is
warranted to be passed in the present matter.
3. Accordingly, I pass the following ad-interim orders.
4. Defendant No. 1 is directed to disclose to the Plaintiff, the details of
all receivables and/or monies received from September 30, 2024
until December 19, 2024 (“Period 1”), arising out of and/or in
relation to each of the Assigned Assets (at Exhibit Q to the Plaint).
This disclosure shall also be made by filing an Affidavit on or before
January 2, 2025 in this Hon’ble Court.
5. Defendant No. 1 is directed to disclose to the Plaintiff, the details
of all receivables and / or monies that are received from and after
December 20, 2024, arising out of and/or in relation to each of the
Assigned Assets (at Exhibit Q to the Plaint) (“Period 2”). This
disclosure shall also be made by filing an Affidavit on a monthly
basis in this Hon’ble Court.
6. Defendant No. 1 is directed to disclose to the Plaintiff, the details
of the vendors with whom the Underlying Documents underlying
the Assigned Assets (at Exhibit Q to the Plaint) are lying on or
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before January 2, 2025. This disclosure shall also be made by filing
an Affidavit in this Hon’ble Court on or before 2nd January, 2025.
7. Defendant No. 1 is directed to allow the Plaintiff’s representatives
and agents to inspect and take copies of the documents relating to
the Assigned Assets (including documents in relation to the
underlying security/mortgages).
8. The Court Receiver, High Court Bombay is appointed as the
Receiver of the ‘Assigned Assets’ (Exhibit Q to the Plaint) with all
powers under Order XL of the Code of Civil Procedure,1908 on the
following terms;
a. Defendant No. 1 is directed to disclose to the Court Receiver,
High Court Bombay, the details of all receivables and/or
monies received from September 30, 2024 until December
19, 2024 (“Period 1”), arising out of and/or in relation to
each of the Assigned Assets (at Exhibit Q to the Plaint). This
disclosure shall also be made by filing an Affidavit on or
before January 2, 2025 in this Hon’ble Court.
b. Defendant No. 1 is directed to disclose to the Court Receiver
on a monthly basis, the details of all receivables and / or
monies that are received from and after December 20, 2024,
arising out of and/or in relation to each of the Assigned
Assets (at Exhibit Q to the Plaint) (“Period 2”).
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c. The Court Receiver, High Court Bombay is directed to
forthwith open a no-lien bank account with Federal Bank,
Fort branch, in trust for the plaintiff. The said escrow account
will be opened in the name of the Plaintiff i.e., “Northern Arc
Capital Ltd. Escrow Account”. It shall be opened forthwith and
on or before December 30, 2024.
d. Defendant No. 1 shall, within 10 days of this Order, deposit
all receivables received during Period 1; and deposit all
receivables that are received during Period 2, within 2 days of
the receipt thereof; in the aforementioned bank account
opened by the Court Receiver, High Court Bombay.
9. This Order shall continue till further Orders of this Hon’ble Court.
This Order shall not impact the rights of the end borrowers.
10. Defendant No. 1 shall file an Affidavit in Reply within four weeks
on or before 17th January, 2025. The Plaintiff may file a Rejoinder
within 2 weeks thereafter, on or before 31st January, 2025.
11. All rights and contentions of the Parties are kept open. Plaintiff is
given liberty to apply.
12. Place the Interim Application on 3rd February, 2025.
(FIRDOSH P. POONIWALLA,J.)
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