CENTRAL BANK OF INDIA Vs. SARANG ENTERPRISES

JUDGEMENT

(1.) ALL these suits have been filed by Central Bank of India against Ashok Sales Corporation and others. Advocates for the Plaintiff and Defendants in all the suits are common. The claim in all these suits is for about Rs.18 crores which is disputed by the Defendants. There was ad-interim order dated 6th October, 97 in terms of prayer (b) and bank was called upon to furnish necessary particulars to the Defendants in respect of the shares which the Defendants have pledged with the Plaintiff bank. The counsel for the plaintiff states that these particulars have been furnished to the Defendants. He, however, prayed that considering the huge amount which is to be recovered from the Defendants, Receiver should be appointed in respect of the seven flats or shops which were in possession of the Defendants so that from the amount of royalty and security the Plaintiff can recover some of its dues.

(2.) PRAYER for Receiver was opposed by Defendant's advocate on the ground that the shares pledged with the Plaintiff are sufficient to cover this entire suit claim or to cover substantial part of the suit claim. This is disputed by the Plaintiff's advocate and according to him the price or value of those shares is not more than 12 lacs. He, however, gave offer to the Defendants to bring their customers or purchaser for those shares and the bank would be ready to sell those shares at the price quoted or offered by the prospective purchasers.

(3.) IN Suit No.2726 of 1997, Receiver will stand appointed in respect of hypothecated goods and book debts described in Ex.A3 and B4. Motion returnable after six weeks. The counsel for Defendants waives service.