EVERGRWOING INVESTMENTS AND CONSULTANTS PRIVATE LIMITED Vs. TOMORROWLAND TECHNOLOGIES EXPORTS LIMITED

JUDGEMENT

(1.) The appeal impugns the order dated 21st November, 2019 of the Single Judge of this Court in Execution Petition No.33/2018 filed by the respondent no.1/decree holder Tomorrowland Technologies Exports Limited against the respondent no.2/judgment debtor Krishan Lal Monga and Co., allowing EA(OS) No.402/2019 of the respondent no.1/decree holder for impleadment of the appellant as a judgment debtor in the execution petition and directing the appellant to file affidavit of its assets and restraining the appellant from alienating, encumbering or otherwise dealing with its assets.

(2.) The appeal came up first before this Court on 17th January, 2020 when, while issuing notice thereof, on the contention of the counsel for the appellant that the appellant had merely purchased the share broking ticket of Delhi Stock Exchange (DSE) from respondent no.2/judgment debtor Krishan Lal Monga and Co. and by such purchase was liable only to the Securities and Exchange Board of India (SEBI) or for any other liability determined by SEBI and not for other debts of the respondent no.2/judgment debtor Krishan Lal Monga and Co., operation of the order dated 21st November, 2019 of the Single Judge was stayed.

(3.) The appeal thereafter could not be taken up for hearing owing to the prevalent pandemic. The respondent no.1/decree holder applied for listing the appeal for virtual hearing and which application came up before this Court on 19th June, 2020 and was allowed and the counsel for the appellant and Mr. Pavan Sachdeva of the respondent no.1/decree holder heard on the appeal, on that date itself. However after some hearing it was felt that neither was ready with all the requisite information and law and accordingly the hearing was adjourned to today.