INDIAN BANK Vs. ASHOKA BUILDERS AND PROMOTERS

JUDGEMENT

(1.) The facts giving rise to this application are that the defendants were sanctioned a secured overdraft loan of Rs 1.5crores on the basis of a request made by M/S Ashoka Builders and Promoters, hereinafter called defendant No. 1, as contained in their letter written to the Indian Bank, Chandni Chowk Branch Delhi, for depositing the same as security with Dalmia Developers & Promoters Ltd for development of 1/4th share of Edward Keventers' land in Chanakaya Puri and for construction of multi storeyed building thereon. Admittedly Rs 2 crores are lying with Dalmia Developers & Promoters Ltd and Edward Keventers (Successors) Pvt. Ltd. as security on behalf of the defendants in pursuance to the Memorandum of Understanding duly executed between the defendants and Dalmia Developers & Promoters Ltd.

(2.) Some disputes arose between the defendants and Dalmia Developers & Promoters Ltd regarding the agreement duly arrived at between them as a result of which the plaintiff bank filed this suit for recovery of Rs2,79,84,444.00 under Order 34 Civil Procedure Code against Ashoka Builders and Promoters and its partners and others. In the suit the plaintiff bank filed this application under Order 39 Rules 1-2 and Order 41 Rule I and Section 151 Civil Procedure Code seeking interim relief that the defendants be restrained from alienating, disposing of or transferring or parting with possession of the property or portions of property No. 11-K/60B, Lajpat Nagar, New Delhi, owned by defendants 7 to 10, property No. B23, Greater Kailash Part I New Delhi, flat No.4 on the ground floor and Hall No. 12, Basement floor, Ashoka Palace 877, East Park Road, karol Bagh, New Delhi owned by defendant No.1, and agricultural land bearing Khasra No. 146, 149, 150, 154, 155, 156, 157 Village Chandpur, Kashipure, Nanital, U.P. measuring about 13.07 'Nacres, and flat No.202 Ashoka Palace, 877 East Park Road, Karol Bagh owned by defendant No.2, flat No.204 Ashoka Palace owned by defendant No.5 and properties bearing No.926, 927, 933 Gali Tota Maida. Nahar Sahdat Khan, behind Novelty Cinema, Delhi now owned by defendant No. 3 and land of property No. 877 East Park Road, Karol Bagh New Delhi till the disposal of the suit. The plaintiff has also prayed for attachment before judgment of the aforesaid properties- for the suit amounts as well as the cost of the suit and interest to safeguard the interests of the plaintiff bank and the defendants 1 to 10 be directed to furnish security for the amounts in the suit, interest as well as the costs of the suit by way of bank guarantee.

(3.) The plaintiff/applicant has also sought orders for attachment before judgment of the amount lying in Vyasa Bank, Connaught Circus, New Delhi in the name of Dalmia Developers & Promoters Ltd and Edward Keventers (Successors) Pvt Ltd in the form of Fixed deposit or in any manner. Request has also been made that Dalmia Developers & Promoters Ltd and Edward Keventers (Successors) Pvt Ltd. be also directed to furnish security for the suit amount by way of bank guarantee.