SURAKSHIT EXPORTS PRIVATE LIMITED Vs. ADITYA GANJU

JUDGEMENT

(1.) THE prayer made by the plaintiffs seeking unconditional withdrawal of the suit filed for foreclosure of mortgage or sale and in the alternative for recovery or Rs.2,04,76,219.00 is being resisted by the defendant.

(2.) ONE Shri Shridev Sharma (for short Mr. Sharma?) is stated to be the Director/Constituted Attorney and has controlling interests in all the plaintiff companies except plaintiff No.8. Mr. V.K. Misra (for short Mr. Misra?), an acquaintance of Mr. Sharma is stated to have informed Mr. Sharma that he intended to initiate a luxury housing project for his son Mr. Gautam Misra for which he M/s. Hulas Rai Baij Nath Vs. Firm KB Bass & Co., AIR 1968 SC 111 had identified 15 acres of land in Village Bamnauli, Tehsil Vasant Vihar, Near Brijwasan in the National Capital Territory of Delhi. It is the case of the plaintiffs that since Mr. Misra at that time was posted as the Controller of Defence Accounts at Meerut, U.P. and held a Government position, help of Mr. Sharma was sought for purchase of the land and also for a loan of Rs.2.00 crore. Mr. Sharma is stated to have past experience in the real estate business in various capacities. To achieve this object it was decided to incorporate a new company with the father of Mr. Misra and his son being the only Directors and shareholders apart from Mr. Sharma or his nominee as shareholders in proportion to their financial involvement. Since Mr. Sharma is stated not to have been comfortable with this arrangement an alternative proposal of a loan of Rs.2.00 crore was explored with rights to sell luxury apartments to be built on the land.

(3.) IT is the say of the plaintiffs that the license granted by the defendant to exclusively use and occupy the property is not revocable till payment of dues of the plaintiffs. The title deeds are deposited with the plaintiffs. The endeavour of the defendant to send some cronies to take forcible possession of the land hastened litigation.