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TMI Blog2015 (3) TMI 324X X X X Extracts X X X X X X X X Extracts X X X X ..... dant cannot be allowed to contend that this court lacks territorial jurisdiction to entertain and try the present suit. The receipt of ₹ 3,69,00,000/- has been admitted by the defendant. The defence against the plaintiff’s claim sought to be raised by the defendant is that such money was advanced by the plaintiff to the defendant against pledge of shares of and in the defendant company by a sister concern of the defendant company. No evidence of such pledge has been annexed to the pleading filed by the defendant. The plaintiff has categorically denied any such pledge. The case of defendant’s shares having been pledged with the plaintiff also lacks credibility as in paragraph 3(b) of the affidavit-in-opposition, the defendant states ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... possession of the assets and properties of the defendant, but such prayers have not been pressed. Only the prayer for judgment on admission has been pressed by the plaintiff. The case of the plaintiff/petitioner: (2) In the first week of July, 2013, the defendant approached the plaintiff with a request for short-term loan of ₹ 3,69,00,000/- in the form of Inter-Corporate Deposit (ICD) carrying interest at the rate of 8% per annum. The plaintiff acceded to such request and the defendant agreed repay the said sum together with interest calculated at the rate of 8% per annum by February 15, 2014. (3) Accordingly, the plaintiff paid the said sum of ₹ 3,69,00,000/- to the defendant between 23rd July, 2013 and 27th August, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... defendant company and the share certificates were duly handed over to the plaintiff. The receipt of ₹ 3,69,00,000/- is admitted but the same was secured by pledge of shares. At the request of the plaintiff, the defendant handed over some blank cheques as security to the plaintiff with the understanding that without prior information and/or permission being taken the plaintiff shall not use the said blank cheques under any circumstances. The said cheques were issued as security and not in discharge of any liability. The said amount of ₹ 3,69,00,000/- was paid to the defendant at Ahmedabad and this court does not have jurisdiction to entertain or try the present suit. (9) Without any intimation or information to the defendant ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s security by the defendant, the same would not preclude the plaintiff from filing the instant suit. The entire defence of the defendant is concocted and false. The Court s View: (12) At the beginning of the hearing of the application a query had been raised by me as to whether a pre-suit admission would be ground enough for passing a judgment on admission under Order 12 Rule 6 of the Code of Civil Procedure. However, I have come across the judgment of a Ld. Single Judge of this court in the case of Peerless Abasan Finance Ltd.-vs.-Gagan Polymers (P) Ltd. reported 2002 (4) ICC 194 wherein the Ld. Judge has held that a pre-suit admission can be relied on by the court for passing a judgment and decree under Order 12 Rule 6 of the CPC ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sought to be raised by the defendant is that such money was advanced by the plaintiff to the defendant against pledge of shares of and in the defendant company by a sister concern of the defendant company. No evidence of such pledge has been annexed to the pleading filed by the defendant. The plaintiff has categorically denied any such pledge. The case of defendant s shares having been pledged with the plaintiff also lacks credibility as in paragraph 3(b) of the affidavit-in-opposition, the defendant states that share certificates were delivered to the plaintiff whereas in paragraph 6 at page 12 of the affidavit-in-opposition, the defendant craves leave to produce the copy of the Demat Slip along with relevant document of transfer of shares ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 12 Rule 6 of the Code of Civil Procedure. (18) For the reasons aforesaid, this application succeeds. There shall be a final judgment and decree for a sum of ₹ 3,69,00,000/- along with interest at the rate of 18% per annum from 1st September, 2013 till the date of filing of the suit. There will be a decree for interim interest and interest on judgment at the rate of 12% per annum from the date of filing of the suit till payment of the decreetal amount by the defendant. (19) I would have disposed of the suit but for the fact that there is another prayer in the suit for a decree for ₹ 5 lacs on account of compensation. Let such claim stand to trial. (20) The interim order passed by I.P. Mukherjee, J. on 14th May, 2014 in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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