PAWAN GUPTA Vs. MITON CREDENTIA TRUSTEESHIP SERVICES LIMITED

JUDGEMENT

(1.) The present Commercial Suit for Declaration and Injunction under Sec. 34 of the Special Relief Act, 1963 read with Sec. 151 of the Code of Civil Procedure, 1908 ('CPC' hereinafter) has been filed on behalf of the Plaintiff seeking a declaration that the security/mortgage created by Defendant Nos. 4, 5 and 6 under Debenture Trust Deed dtd. 30/3/2022 and three Memorandums dtd. 19/4/2022 for recording Entry of Equitable Mortgage by deposit of Title Deeds, in so far as Karol Bagh property is concerned, be declared as null and void; and that Defendant Nos.1 to 3 may be restrained from pursuing or acting in furtherance of Debenture Trust Deed dtd. 30/3/2022 executed by Defendant No.4 and the Memorandums dtd. 19/4/2022 executed by Defendant No.4, 5 and 6 in so far as the Karol Bagh properties are concerned; and further to direct the Defendant Nos.1 to 3 to deliver the original Title Deeds of Karol Bagh property qua the shareholding of Defendant Nos.4, 5 and 6.

(2.) As per the averments made in the Plaint, Plaintiffs and Defendant Nos.8 to 13 are the family members. Defendant No.7 is a Corporate entity incorporated under the Companies Act, 1956. Plaintiff No.1, Pawan Gupta is one of the promoter Director of Defendant No.7. He along with other family members, own/control 26.40% shareholding of the Defendant No.7.

(3.) Defendant Nos.4 to 6 are subsidiary Companies of Defendant No.7 which is holding 99.90% shares in each of the aforesaid Companies. Defendant Nos.4 to 6 each own separate immovable properties described as Khasra No.199 (admeasuring 267 sq. yards); Khasra No.200 (admeasuring 267 sq. yards) and Khasra No.201 (admeasuring 267 sq. yards) located at Naiwalan, Karol Bagh, New Delhi of which there is a built up structure commonly known as 2700 Desh Bandu Gupta Road, Karol Bagh, New Delhi (hereinafter referred to as 'Karol Bagh property').