Housing Development Financial Corporation Ltd. (hdfc Limited) v. State Bank Of India And Others
2020-02-05
P.S.DINESH KUMAR
body2020
DigiLaw.ai
JUDGMENT 1. Heard Shri Dhyan Chinnappa, learned Senior advocate for petitioner and Shri S.S.Naganand, learned Senior Advocate for respondents No.1 to 12. 2. Petitioner has challenged order dated 27th January 2020, passed by the Debts Recovery Tribunal-II, Bengaluru (the DRT for short), in AOR No.4/2019 (Annexure-A), whereby the DRT has directed the petitioner to transfer 50,75,000 shares of United Spirits Limited to the D-Mat account of the Recovery Officer. 3. Shri Dhyan submitted that 15,85,154 shares sold to a company called M/s Diageo are subject matter in SLP No.13589/2014 before the Supreme Court of India. In the event the sale is set aside and petitioner suffers any loss, it would be put to great hardship. Therefore, the order passed by the DRT to hand over shares is unsustainable in law. 4. Shri Naganand raised a preliminary objection that impugned order is appealable before DRAT. He further submitted that petitioner has recovered entire debt recoverable from respondents No.14 and 15. As on date, no money is recoverable from the said respondents. Petitioner is holding 50,75,000 shares of United Spirits Limited. In any event, should it suffer any loss, it has been protected by order passed by the DRT by way of an indemnity which respondents No.1 to 12 will furnish as directed by the DRT. 5. After due deliberations, Shri Dhyan Chinnappa submitted that if an undertaking is given to this Court, petitioner shall be satisfied. His submission is placed on record. 6. Though preliminary objection is raised urging that impugned order is appealable, in view of submission on behalf of petitioner that it would be satisfied with an undertaking to this Court, this petition is heard and disposed of by consent. 7. In the circumstances, the following: ORDER (i) This petition is disposed of by recording the submission of learned Senior Advocate for the petitioner; (ii) Petitioner shall transfer 50,75,000 shares to the Recovery Officer as directed by the DRT on or before 07.02.2020; (iii) Respondents No.1 to 12 shall furnish the undertaking as directed by the DRT to this Court in the form of an affidavit. No costs.