IDBI TRUSTEESHIP SERVICES LTD. Vs. HUBTOWN LTD.

JUDGEMENT

(1.) The Plaintiff IDBI Trusteeship Services Limited has filed the above Summary Suit for recovery of a sum of Rs. 532,11,29,364.05 (Rupees Five hundred and thirty two crores eleven lacs twenty nine thousand three hundred sixty four and five paise only) with interest at the rate of 14.75% till the date of actual payment or realisation as prayed for in prayer clause (a) of the suit. In the above Summary Suit, the Plaintiff has taken out the above Summons for Judgment praying that judgment be entered for the Plaintiff in the above Suit against the Defendant for the sum set out herein above along with interest.

(2.) The facts in the matter are briefly set out hereunder:

(3.) The Plaintiff is a Company incorporated under the Companies Act, 1956 and is a Debenture Trustee of the debentures issued to Vinca Developers Pvt. Ltd. ("Vinca") by Amazia Developers Pvt. Ltd. ("Amazia") and Rubix Trading Pvt. Ltd. ("Rubix"). Amazia and Rubix are wholly owned subsidiaries of Vinca. The Defendant and its individual promoters collectively own 90 per cent shareholding in Vinca.