DINESH SHAH Vs. RAVI SHARMA

JUDGEMENT

(1.) This Chamber Summons is taken out by the applicant/Intervener Bank for raising the attachment levied by the plaintiff over the mortgaged property which is gala No.301-C,in Viren Light Industrial Premises Cooperative Society Ltd on plot No.408 Mogul Lane, Mahim, Mumbai-400 016. The Intervener claims to be the secured creditor of the defendant under a mortgage decree by deposit of title deeds the with them. The Intervener has produced the title deeds deposited with the Intervener enumerated in a Memorandum of Understanding. These are in contained in:

(2.) It can be seen that the agreement is on a stamp paper as required at the time of its execution. The transfer of the share certificate in the name of the defendant is made on 19th August, 1979. The defendant as the owner has created a mortgage in favour of the Intervener Bank by deposit of such title deeds.

(3.) The plaintiff obtained an Arbitration Award of 28th May, 2001 which the plaintiff sought to execute by warrant of attachment attaching the movable and immovable properties of the defendant on 26th March, 2002. The plaintiff and his sister concern in which the plaintiff s wife is the proprietress got issued in all 6 warrants of attachment for movable properties and 6 warrants of attachment for immovable properties of the defendant. Thereafter, the warrants of sale came to be issued on 23rd January, 2003 and public notices thereupon came to be issued on 15th February 2003 and 17th February 2003 in two newspapers.