ANANT GUPTA Vs. PUNJAB NATIONAL BANK

JUDGEMENT

(1.) This order shall dispose of I.A. No. 7883/1996, the application filed by the plaintiff under Order 39, Rules I and 2, CPC, seeking for an injunction directing the defendant No. 1 to deposit the amount of Rs. 19 lacs with interest accrued thereon till date from the account of late Amar Nath Gupta to the HUF Account No. 4381 under the name and style of "Amar Nath Gupta & Sons HUF" or the 'Capital Gains Account' of the HUF in the defendant No. 1 Bank and also to restrain the defendant No. 1 by way of an ex parte order from transferring the amount of Rs. 19 lacs with interest accured thereon on till date to any legal representative, their servants, heirs and assigns or any other person.

(2.) The plaintiff is stated to be a member of Hindu undivided family known as 'Amar Nath Gupta & Sons HUF'. The defendants No. 2,3 and 4 are also stated to be coparceners of the aforesaid Hindu Undivided Family whereas, the defendants Nos. 5,6,7 and 8 are the married sisters of the defendant No. 2. who is stated to be present Karta of the HUF. It is stated that the aforesaid HUF among other properties also owned property bearing No. A-44, Mohan Industrial Area, Mathura Road, New Delhi, in which the then Karta of the HUF Col. Amar Nath Gupta owned undivided share which was purchased out of HUF funds. Late Amar Nath Gupta sold the aforesaid property for an amount of Rs. 75,66,665 .00 . Payment for the aforesaid sale was made in two instalments, that is, advance payment amounting Rs. 19 lacs and the balance amount of the sale consideration amounting to Rs. 55,15,332 .00 . The cheque amounting to Rs. 19 lacs was deposited in the name of late Amar Nath Gupta and thereafter an FDR for the said amount was also made by late Amar Nath Gupta in his own name. The balance amount of the sale consideration amounting to Rs. 55,15,332.00 was deposited in the personal account of late Amar Nath Gupta and out of the said amount, an amount of Rs. 50 lacs was transferred to the HUF account existing in the same Bank on 23.9.1995. Rs. 4 lacs thereof was invested by Amar Nath Gupta personally and Rs. 19 lacs remained in the FDR as the same had not matured.

(3.) It is stated that the intention of late Amar Nath Gupta, who was the then Karta of the HUF was to invest the said HUF fund in a profitable manner after maturity of the FDR which was scheduled to mature on 21.11.1995. Unfortunately, however, Amar Nath Gupta passed away on 11.11.1995 before maturity of the aforesaid FDR and in view of his death, the amount received against the said FDR could not be transferred to the account of the HUF like the earlier amount of Rs. 50 lacs which was transferred to the HUF account by Amar Nath Gupta himself from his personal account. Accordingly, the plaintiff approached the defendant No. 1 to transfer said Rs. 19 lacs which got matured against the FDR account on 21.II.1995 to the HUF account or to the Capital Gains Account, as the same is the property of the HUF.