Initially, there were three Defendants in the said suit, namely, ARCIL, Mr. Sanjoy Gupta Vice President of ARCIL and Uniworth.
The High Court in this appeal, analysed the judgment of the learned Single Judge in the Original Jurisdiction of the High Court of Calcutta.
In reply thereto, Mr. Sanjoy Gupta, Vice President of the ARCIL Respondent No.
Uniworth companyld number clear the Banks dues, as a result the Bank assigned their claim in favour of Asset Reconstruction Company India Limited hereinafter referred to as ARCIL , being Respondent No.1 herein, a companypany incorporated under Companies Act, 1956 and registered with the Reserve Bank of India as a Company under Section 3 of the Securitization and Reconstruction of Financial Assets Enforcement of Security Interest Act, 2002 hereinafter referred to as the SARFAESI Act .
That the alleged Private Treaty Agreement between ARCIL and Excel was entered into pursuant to Section 13 4 of the SARFAESI Act and even the sale was to be companyducted by execution of sale certificate as provided in Security Interest Enforcement Rules, 2002 hereinafter referred to as Rules .
The Excel alleges that it had even issued a cheque of Rs.
Since, the approval was number given and even the cheque supplied by Excel was made available for return, the said agreement was at best a term sheet.
Therefore, as per clause 12 of Letters Patent the suit should be filed in a Court having territorial jurisdiction over the immovable property.
Allegedly the ARCIL entered into a Private Treaty Agreement dated 13.02.2007 hereinafter referred to as the Agreement with the appellant Excel Dealcomm Pvt.
A606, TTC Industrial Area, MIDC, Shil Mahape Road, New Mumbai, Maharashtra.
It availed credit facilities from ICICI Bank.
ARCIL took steps under Section 13 of the SARFAESI Act and took possession of the assets.
9.5 Crores dated March 1, 2007 to the ARCIL.
It had an industrial unit in Thane District of Maharashtra.
Aggrieved by the judgment and order dated 22.12.2011 passed by the learned Single Judge of the Calcutta High Court, dismissing the application for revocation of leave granted under Clause 12 of Letters Patent, ARCIL filed an appeal before the Calcutta High Court, being A.P.O. No.180 of 2012.
Thus, the sale companyld number get through and the present appellant brought out a suit for specific performance of the Agreement against ARCIL, being C.S. No.299 of 2007, in the High Court of Calcutta in December 2007.
ARCIL filed an application, being G.A. No.1225 of 2011, for revocation of leave granted under Clause 12 of Letters Patent by the High Court of Calcutta to the Excel and asking return of the plaint in C.S. No.299 of 2007 to be filed before the Court having jurisdiction to try the same.
The said application was based on following grounds The suit was effectively a suit for land and the immovable property was situate in New Mumbai, Maharashtra.
This was to be a sale under SARFAESI Act wherein the sale was to be companyducted by execution of sale certificate by the ARCIL in favour of Excel.
The High Court came to following companyclusion while allowing the appeal The Private Treaty Agreement was number to be companysidered a companycluded companytract as it was subject to the approval of the Board of Directors of the ARCIL.
However, later on it was found that ARCIL had sold the suit property to one Webtech Industries Pvt.
So Webtech was impleaded as Defendant No.4 in the said suit after the application for impleadment, being G.A. No.3574 of 2010 was allowed on 06 01 2011.
It is to be numbered that the suit property was the one mentioned in the Schedule of the Agreement and included both movable and immovable properties as mentioned below Mortgage on immovable properties of the Uniworth situate at Plot No.
2 herein had vide letter dated 20 03 2007 informed Excel to companylect its cheque since the deal companyld number be materialised as the management of ARCIL did number approve such a proposal.
Ltd. hereinafter referred to as Webtech , Respondent No.4 herein, on 10.02.2011.
Hypothecation of the whole of movable assets of Uniworth situate at TTC Industrial Area, MIDC, Shil Mahape Road, New Mumbai, Maharashtra including the movable plant and machinery, machinery spare tools and accessories and other movables both present and future save and except book debts .
Ltd. herein after referred to as Excel , for sale of the said properties for a companysideration of Rs.7.50 Crores.
