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Judgment
The petitioner prays for appointment of a Receiver in respect of a premises which forms the subject matter of a Joint Venture Agreement dated 21st
August, 2013 which was agreed to be developed by the petitioner. The other party in the Agreement is the owner of the premises. Several clauses of
the said Agreement have been placed which show that the owners being the respondents herein were under an obligation to deliver vacant possession
of the premises in question eight months after the execution of the Agreement and the petitioner on its part was due to carry out certain obligations
which the petitioner fulfilled. Such obligations included putting in Rs.2 crores as security deposit and further amounts to be put in an escrow account to
be maintained until the area was made over by the respondents to the petitioner. The Agreement also provides that in the event the premises are not
made over to the petitioner, the respondents would be liable for compensation for the money put in by the petitioner and also about Rs.75 lakhs by way
of compensation. Clause 12.7 of the Agreement also contains a negative covenant on the respondents not to let out, mortgage or charge the premises
without the consent of the petitioner from the date of execution of the Agreement till completion of the development work.
There is an admitted default of the terms of the Agreement by the respondents as contended by learned counsel appearing for the petitioner. Vacant
possession of the premises has not been made over to the petitioner till date and the respondents are also in the process of creating third party
interests to the detriment of the petitioner. The Agreement continues to subsist between the parties and the petitioner is liable to be compensated for
the failure of the respondents to honour their part of the bargain. The application contains a specific pleading that the petitioner has come to learn that
the respondents are in negotiations with third parties and are seeking to encumber and alienate the said premises including creating third party interests
in respect of various portions of the said property.
Counsel submits that the application is being moved ex parte so that the respondents do not get notice of the same and create further encumbrances
for depriving the petitioner of its legitimate dues.
Upon hearing learned counsel, this Court is of the view that the material on record corroborates the facts submitted on behalf of the petitioner.
Admittedly, there is no record to show that the petitioner has been made over vacant possession of the premises which forms the subject matter of the
Agreement entered into between the parties in 2013. It is also not in doubt that the petitioner has put in substantial amount of money in respect of
developing the said property but the total inaction on the part of the respondents has frustrated the same. The clauses in the Agreement show that the
petitioner is entitled to be compensated for such failure on the part of the respondents.
On being satisfied, prima facie, that the petitioner has been able to make out a case for interim reliefs, there shall be an order appointing a Receiver to
take symbolic possession of the entire property being the premises mentioned in paragraph 23 of the application and prepare an inventory of the
occupants of the said property as provided in page 68 of the application. Page 68 provides a list of the 139 tenants who are presently in occupation of
the premises. The Receiver is directed to make an inventory of the present occupants of the said property and file a report within three weeks from
date.
The respondents are also restrained from alienating or encumbering the property which forms the subject matter of the Agreement.
The advocate-on-record of the petitioner is directed to serve a copy of this order as well as the application on the respondents within 24 hours from
date. Since this order has been made ex parte upon the Court being satisfied that there is sufficient urgency for orders to be passed, this order shall
remain in force for a period of three weeks from date. The respondents shall be at liberty to apply for vacating or modifying this order.
Mr. Ovik Sengupta is appointed as Receiver to carry out the directions as stated above at a remuneration of Rs. 30,000/- at the first instance which is
to be borne by the petitioner.
List this matter after three weeks.