VIJAY DIAMOND PVT LTD Vs. AMAN INDUSTRIES

JUDGEMENT

(1.) CHAMBER Summons No. 1427 of 1999 and Chamber Summons No. 1428 of 1999 is allowed to be withdrawn as per the request on behalf of the Plaintiff.

(2.) SUIT is for realisation of the amount of Rs. 21,50,000/ from the Defendant based on the dishonouring of the cheque. According to plaint, cheque was issued by the defendant in return of the loan amount advanced by the Plaintiff on Hundi at Ex. "A". On execution of the Hundi, Defendant received this amount. In reply to the said Defendant has taken a contention that the amount that has been advanced by the Defendant, not only on the basis of the Hundi, but also tendering shares of Defendant No.1. According to Defendant, face value of the shares would amount to Rs. 79,56,000/ . This fact cannot be disputed by the Plaintiff for the simple reason that the Plaintiff has produced document Ex."B" to "F", pledge agreements. For the purpose of this case, condition contained in agreement Ex. "F" is very relevant, which reads as under : "If the payment by M/s. Shri Damodar Synthetics Ltd. is dishonoured for any reasons whatever and returned unpaid by then, in that event, you shall have the rights to dispose off the said equity shares of M/s. Shri Damodar Properties (P) Ltd. at such price as they may be able to fetch in open market and appropriate the sale proceeds thereof towards and in repayment of said amount of Rs. 21,50,000.00 (Rupees Twenty one lakhs and fifty thousand only) ....."

(3.) SUIT is transferred to the list of commercial causes. C. C. expedited. Order accordingly.