HINDUSTAN DEVELOPMENT CORPORATION Vs. MODILUFT LTD

JUDGEMENT

(1.) The present application has been filed by the appellant in the pending appeal. The appellant has filed the Suit being C.S. No. 161A of 1997 against the respondents for the following reliefs : a) Decree against the defendant Nos.1, 2, 3 and 4 for a sum of Rs. 5,83,96,465/-; b) Interim interest and interest on judgment at the rate of 20% per annum on calendar quarterly rest basis; c) Mandatory injunction directing the defendant No.1 to furnish T.D.S certificates for the quarter beginning from end of March, 1996 to end of June, 1996 and/or in lieu thereof, further decree be passed against the defendant Nos.l, 2, 3 and 4 for a sum of Rs. 5,73,424/-; d) Declaration that the shares of the defendant No. 1 standing in the names of the defendant Nos. 2,3 and 4 as per the particulars set out in Schedules "B", "C" and "D" respectively are all hypothecated and/or pledged in favour of the plaintiff for the due repayment of the dues of the defendant No. 1 and further the due declaration that the plaintiff is entitled to sell the said shares by public auction and/or private treaty and realize the sale proceeds thereof in pro tanto satisfaction of its claim; e) Decree for sale of the said shares mentioned above and appropriation of the proceeds thereof by the plaintiff in pro tanto satisfaction of the claim of the plaintiff; f) Receiver; g) Injunction; h) Attachment; i) Costs; j) Further or other reliefs.

(2.) The appellant had deposited as and by way of inter-corporate loan with the respondent No. 1 a sum of Rs. 5 crores payable with interest at the agreed note.

(3.) Shares of the respondent No. 1 were pledged by the respondent Nos. 2, 3 & 4 in favour of the appellant.