SHRACHI SECURITIES LTD. Vs. RAZIA KHATOON & ORS.

JUDGEMENT

(1.) The only ground pressed is that by reason of the previous execution proceedings and the adjudication therein, the present suit is barred by law.

(2.) It is the case of the plaintiff that the plaintiff obtained an award in an arbitral reference against a company and the second defendant herein. The second defendant was the guarantor. The plaintiff put the award into execution and obtained some money from the sale of a Hazratgunj, Lucknow property of the second defendant. The plaintiff chased a Camac Street property for the further execution of the award.

(3.) The third defendant herein, a company which includes the second defendant as a shareholder to the extent of 15.61% therein and other associates of the second defendant, resisted the plaintiff's attempt in such execution proceedings by claiming that it was the third defendant which was entitled to the flat at premises No.26, Camac Street. An initial order was passed in the execution proceedings permitting the conveyance to be executed in favour of the third defendant by the building's owner or promoter but restraining the third defendant from disposing of the property or causing the conveyance to be effected in the name of any nominee. The execution proceedings ultimately failed. The questions that the plaintiff raised in the execution proceedings may now be assumed to have been answered against the plaintiff though it was not necessarily so.