INDIA REALTY EXCELLENCE FUND Vs. GAUTAM JAGDISH AHUJA

JUDGEMENT

(1.) The present Suit is filed in its Commercial Division under Order XXXVII of the Code of Civil Procedure. The plaintiff seeks an order and decree against the defendants to jointly and severally pay to the plaintiff a sum of Rs.15,80,00,000.00 along with IRR @ 20% per annum on Rs.15,80,00,000.00 from 31/3/2018 till 31/7/2020, amounting to Rs.24,19,35,000.00 along with further IRR @ 20% per annum from 1/8/2020 till payment and a realization thereof.

(2.) The plaintiff further seeks an amount of Rs.17,07,256.00 as interest @ 2% per month on the amount of Rs.22,58,50,000.00from 16/3/2020 till 31/7/2020 and further interest of 2% per month on the amount of Rs.22,58,50,000.00 from 1/8/2020 till payment and a realization thereof. As per the particulars of claim. (Exhibit N to the Plaint).

(3.) The plaintiff is a limited liability partnership and is registered with the Security and Exchange Board of India as category-II Alternative Investment Fund under the SEBI (Alternative Investment Funds) Regulations 2012. The Defendant nos.1 and 2 are promoters of Sai Ashray Developers Pvt. Ltd. ('the Company') and Gajanana Land and Developers Pvt. Ltd. ('Primary Obligor"). The defendant no.1 is a director on the board of the Company.