GRIESHEIM GMBH Vs. GOYAL MG GASES PVT. LTD.

JUDGEMENT

(1.) The Judgment Debtor/respondent claims variation of the order dated 27.04.2006, whereby the statement was recorded that its two properties located at Sahibabad and Ghaziabad (hereafter referred to as "the subject -properties") could be subjected to attachment; that order reads as follows:

(2.) The applicant contends that when the order was made, the two properties were subject to encumbrances; a first charge had been created in favor of the State Bank of India, Corporate Accounts Branch, for a corporate loan of Rs. 36 crores and the second pari passu charge in favor of PICUP, Lucknow, for Rs. 4.25 crores; another second pari passu charge in favor of the Jammu and Kashmir Bank, of its assets (except Ghaziabad property) had been created. It is contended that the applicant is a solvent company with a net worth of Rs. 441 crores, which is alleged to be ten times the amount of the alleged decree, that is sought to be executed.

(3.) During the course of submissions, learned Counsel had relied upon a sanction letter issued by the State Bank of India on 09.05.2009 as well as previous letter dated 15.09.2004 by the same bank as also letters dated 01.10.2004 and 11.08.2009 issued by the PICUP, and submitted that the statement recorded earlier would operate to its disadvantage now that substantial repayments had been made to the financial institutions. Reliance was also placed upon the sanction letter dated 09.05.2009 to submit that the total value of the property was Rs. 101.50 crores, which is in excess of the decreetal amount with interest (which works -out to Rs. 36.22 crores, as on date).