EVEREST MEDIA P LTD Vs. NUMECH EMBALLAGE LTD

JUDGEMENT

(1.) CALLED for hearing of ad interim relief. Heard learned Counsel for the parties.

(2.) THIS motion is taken out by the plaintiff for appointment of a Receiver of the mortgage immovable property described in Exhibit (A) to the plaint and hypothecated movable property described in Exhibit B, C, D and E in the plaint and order of injunction restraining the defendant from alienating or encumbering or otherwise disposing off the properties mentioned in Exhibit A to E in the plaint.

(3.) THE defendant had borrowed money from Andhra Bank which had filed before the Debt Recovery Tribunal the Application No. 3117 of 2000 for recovery of a sum of Rs. 2,68,29,000/ -. It appears that one Mr. Nikhil Merchant, who was the director of the defendant, had guaranteed the said loan and was therefore joined as defendant No. 2 in the application before Debt Recovery tribunal. The defendant had created the first charge by way of equitable mortgage on the immovable property described in Exhibit (A) in the plaint and had also hypothecated the movable properties mentioned in Exhibit B to E in the plaint in favour of the Andhra Bank. Compromise was arrived at between the Andhra Bank, the defendant herein and Mr. Nikhil Merchant under which mr. Merchant paid to the Andhra Bank a sum of Rs. 1,45,43,513/- in full and final settlement of its claim. Consent terms were accordingly filed before the debt Recovery Tribunal on 12th October, 2000.