PUNJAB NATIONAL BANK LTD Vs. HIND TEXTILE LTD

JUDGEMENT

(1.) This is an application by tabular statement dated 22nd February 1968 for execution of a decree by sale of certain shares. On 18th of January, 1948 the Punjab National Bank Ltd, herein referred to as the plaintiff, instituted a suit in this High Court against the Hind Textile Ltd., Nanda Kishore Jhajharia and Seth Ramdhondas Jhajharia, inter alia, for a decree for Rupees 3,64.913-8-7, for a declaration that the securities mentioned in para, 11 of the plaint are charged with the repayment with the dues of the plaintiff. On the 16th of February, 1949 a decree was passed by this High Court whereby it was decreed that the defendant. Hind Textile Ltd. and Nanda Kishore Jhajharia should pay to the plaintiff a sum of Rs. 3,64,913-8-9 with an interest therein at the rate of 6 per cent per annum from the date of the decree until realisation and it was further ordered and decreed that the securities mentioned in paragraph 11 of the plaint should be charged with the repayment of the amount payable to the plaintiff. No relief was claimed against the defendant Seth Ramdhondas Jhajharia except that the claim for declaration that the securities mentioned in paragraph 11 of the plaint are charged with the repayment of the amount payable to the plaintiff by the defendant in the said decree.

(2.) Thereafter it appears that on the 2nd of December, 1950 an application was made for execution of the said decree by arrest and detention of Shri Jhajharia. The said application was, however, abandoned. On the 28th September, 1951 a second application for execution of the decree by attachment of shares of Shri Jhajharia in Messrs. Hall and Anderson was made and a writ of attachment of such shares was Issued. The said writ, however, could not be executed for want of particulars. On the 29th of April, 1334 the third application for execution of the decree by arrest and detention of Shri Jhajharia was made. No order was made on the application except as to costs. Shri Jhajharia gave an undertaking to pay the decretal amount. This Court gave liberty to the decree-holder to make further application, if necessary. On the 2nd of August, 1956 the fourth application for execution was made by the decree-holder for arrest and detention of Shri Jhajharia. The said application was, however, ultimately abandoned. On the 20th of January. 1961 the fifth application was made by the decree-holder under Order 21, Rule 41 of the Civil P. C. for examination of Shri Jhajharia as to his properties and assets. On 20th of July, 1962 payment of a sum of Rs. 20,000 was made. The circumstances under which this payment was made are matters of considerable Importance in this case. It will further be considered in detail later on. On 27th of August. 1962 examination of Shri Jhajharia as a judgment-debtor took, place. This Court directed Shri Jhajharia to give the decree-holder a statement in writing containing detailed particulars of the share-holdings in different companies and also statement showing the particulars of any decree that might have been passed by any Court of law in favour of Shri Jhajharia against any party with the detailed particulars as to the amounts involved. On the 27th of September, 1962 another application was made by the decree-holder for attachment of the shareholdings of Shri Jhajharia and certain decrees obtained by him.

(3.) On the 14th of March, 1963 an order was made by this Court attaching shares standing in the name of Shri Jhajharia mentioned in the said Tabular Statement and also the said decrees, Shri Jhajharia preferred an appeal from the said order. On the 12th of January, 1965 the decree-holder made an application for sale of the said attached shares. On the 3rd of August, 1965 the said appeal of Shri Jhajharia against the order of this Court dated the 14th March, 1963 was disposed of by the following order;--