SHAMIRTH INFRA PVT. LTD. Vs. MAYURESH

JUDGEMENT

(1.) The Plaintiffs have taken out these Interim Applications for diverse interim reliefs in a suit instituted, inter alia, for declarations that the Loan Agreements executed by the Plaintiffs are illegal and void as the Plaintiffs were made to agree to illegal, extortionate, onerous and usurious terms by deceitful and malafide acts and omissions on the part of the Defendants, the sale of the pledged shares is illegal, void and non-est in the eye of law and the Plaintiffs are entitled to redeem the pledged shares.

(2.) The background facts necessary for determination of these applications can be summarized as under :

(3.) The Plaintiffs initially filed Interim Application (L) No.400 of 2024 seeking interim reliefs asserting, inter alia, that the project in question is likely to generate the net revenue of over Rs.315.00 Crores. The Plaintiffs have made substantial progress in the project. The Plaintiffs have incurred huge costs of over Rs.32.00 Crores for the said development. By taking undue advantage of the situation, the Defendants were trying to oust the Plaintiffs from the said project on the strength of miss-appropriation of the pledged shares. The Defendants have illegally withheld their consent for transfer of monies to the vendors etc., from the escrow accounts set up under the Escrow Agreement. The Plaintiffs, therefore, prayed for interim relief in the nature of an order to cancel the purported sale of the pledged shares, restore status quo prior to 5/10/2023, permit Plaintiff Nos.2 to 5 to exercise their right of redemption and direct Defendant Nos.1 to 3 to return the pledged shares and prohibitory and mandatory consequential reliefs.