TMI Blog2014 (4) TMI 1273X X X X Extracts X X X X X X X X Extracts X X X X ..... me amounts were paid, but in view of subsequent defaults the Plaintiff addressed a notice dated 28th August 2013 at Ex Z to the Plaint, declaring Defendant No. 1 as a defaulter. The Plaint and the documents produced therewith show that criminal proceedings have been initiated against Defendant 1 and some of its directors. The EOW and ED have both initiated action in the course of which some arrests have also been made. Exhibits BB and CC are press reports which mention that the ED has attached properties of Defendant 1 and investigation has revealed that large amounts were siphoned off to invest in the real estate project of Defendant No 20. The Plaintiff has made out a strong case for being entitled at this stage to limited adi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d for time to file reply. Defendant Nos. 14 and 15 have also appeared through counsel and stated that Defendant Nos. 14 and 15 are only nominee directors on the board of Defendant No. 1. 3. I have heard the Learned Senior Advocate for the Plaintiff on the application of the ad interim relief which is presently restricted to prayers (e), (f) , (g) and (h) of the Notice of Motion and also a relief to direct the Defendant No. 20 to deposit in this Court to the credit of this suit a sum of ₹ 29.20 crores in the circumstances stated in the Plaint and the documents annexed thereto. 4. The Suit is for recovery of ₹ 680.23 crores from Defendant Nos. 1 to 16 and a sum of ₹ 29.20 crores from Defendant No. 20. The Plaintiff' ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o Plaintiff leaving a balance of ₹ 29.20 crores. which is payable to the Plaintiff. 6. The Plaintiff seeks ad interim relief at this stage in terms of the prayers mentioned for as protecting its claim. 7. I have heard the Counsel who have appeared today for the respective parties. I have gone through the Plaint and the documents and material produced therewith. Prima facie, I find that Defendant No. 1 has defaulted in performing its obligations in respect of its trading on the Plaintiff Exchange. Detailed material has been produced with the Plaint, inter alia: Ledger accounts and Clearing Bank Statement of Defendant No. 1, wherein the transactions are reflected. 8. The 1st Defendant has clearly admitted its liability to the P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the NSEL scam which is being investigated by the authorities. 12. In my view, prima facie, the Plaintiff has made out a strong case for being entitled at this stage to limited adinterim relief, interalia, in view of the averments made in the Plaint including the statements in paragraph 9,10, 18 to 21 thereof, and material placed on the record. 13. It is necessary to grant such protective relief to the Plaintiff. Balance of convenience is in favour of grant of relief, and unless such relief is granted, the Plaintiff's rights are likely to be gravely prejudiced. 14. Counsel for Defendant 1 to 5, 9 11 has contended that there is an arbitration agreement between the Plaintiff and Defendant No 1 and, therefore, the maintainabili ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vable properties and assets including those described and contained in Exhibit AA to the Plaint as known to the Plaintiffs. f. that pending the hearing and final disposal of the Suit, the Defendant No. 4 be directed and/ or injuncted from disposing of, alienating, encumbering, parting with possession of and / or otherwise creating third party rights in respect of its movable/immovable properties/assets including those described and contained in Exhibit DD to the Plaint, as known to the Plaintiffs. g. Pending hearing and final disposal of the suit, this Hon ble Court be pleased to order and direct the Defendant Nos. 1 to 16 to disclose, on affidavit and within such time as this Hon ble Court may deem fit and proper, all their ..... X X X X Extracts X X X X X X X X Extracts X X X X
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