9911796707
TMI Blog2013 (7) TMI 1234X X X X Extracts X X X X X X X X Extracts X X X X ..... d borrowed a sum of Rs. 11 crores (approximately) from M/s. Pradeshya Industrial and Investment Corporation of UP Ltd., Lucknow, hereinafter referred to as "PICUP", for the purpose of its business. The Company had obtained the loan by mortgage of the property at B-54, Sector-57, Noida, U.P. along with the plant and machinery. The title deeds relating to the property were handed over to PICUP. Soon the Company ran into rough weather and was unable to re-pay the amount to PICUP. The Company had also borrowed a sum of Rs. 62,53,375/- from one Darshan Khurana, sole proprietor of Pioneer Multifilms of Delhi. The Company was unable to re-pay the aforesaid amount also due to falling business. In these circumstances, Darshan Khurana filed Company P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... application (C.A. No.11/2011) was allowed with the consent of the parties and PICUP was impleaded as a party to the proceedings. On the same date this Court also passed an order in C.A. No.10/2011 recording the fact that the OTS amount was already paid by Darshan Khurana to PICUP (on 10.01.2011). 6. On 07.03.2011 this Court passed another order in C.A. No.10/2011 directing that on the filing of an affidavit undertaking payment of RC collection charges levied on PICUP by the concerned District Authorities, "M/s. PICUP is directed to release the original title deeds of documents, property and machinery to the petitioner within a period of two weeks thereafter". A company petition was filed by PICUP in C.A. No.749/2011 seeking modification of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll as PICUP, I must refer to an order dated 10.04.2013 passed by this Court in Company Petition No.194/2006. In this order it was observed that the action taken by PICUP to cancel the OTS on the ground that the parties did not make full disclosure of the facts cannot be faulted. Apart from this observation, this Court recognised the difficult situation in which Darshan Khurana was placed inasmuch as he had not only not got back the amount of Rs. 62 and odd lakhs due from the company, but he has also paid PICUP a further sum of Rs. 2,29,85,000/- without getting anything in return till date. Ultimately this Court noted that the Company and Darshan Khurana have certain proposals to make to PICUP and directed them to make them before the Managi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... any Application No.906/2011 is that the title deeds to the property can in no event be handed over to Darshan Khurana as that would prejudice the claims of PICUP drastically. In effect, it is submitted that the logical result of the cancellation of the OTS is that the title deeds should be returned to PICUP. 11. The contention of the learned counsel for the petitioner (Darshan Khurana, Proprietor: Pioneer Multifilms) however, is that the amount of Rs. 2,29,85,000/- was paid by him and there is ample documentary evidence on record to prove the same and once the amount has been paid to PICUP in terms of the OTS, and when subsequently the OTS is cancelled, it is idle on the part of PICUP to seek return of the title documents and also seek to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as not aware of the proposed sale of the property in favour of Darshan Khurana. I am not in the present proceedings concerned with the validity of the action taken by PICUP in cancelling the OTS, which is the subject matter of separate proceedings before the Lucknow Bench of the Allahabad High Court. Even assuming that the cancellation was valid, it gives no right to PICUP to retain the monies which it received from Darshan Khurana on account of the dues of the Company and in full discharge thereof as per the OTS which was then operational. PICUP cannot take a contradictory stand that it would cancel the OTS and also not return the monies to Darshan Khurana. The argument of the learned counsel for PICUP that PICUP does not recognise Darshan ..... X X X X Extracts X X X X X X X X Extracts X X X X
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