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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION
IN ITS COMMERCIAL DIVISION

INTERIM APPLICATION NO.3 OF 2020

IN
COMMERCIAL EXECUTION APPLICATION (L) NO.1693 OF 2018
IN
COMMERCIAL SUIT NO.713 OF 2017

DB View Infracon Private Limited ….Applicant

V/s.

Dynamix Securities & Holdings Pvt. Ltd. & Ors. ….Judgment Debtors
----
Mr. Chirag Mody a/w. Mr. Munaf Virjee, Mr. Rushabh Parekh and Mr. Akash
Agarwal i/b. ABH Law LLP for applicant.
Mr. D.N. Kher, Court Receiver present.
----
CORAM : K.R.SHRIRAM, J.
(IN CHAMBER)
DATED : 16th JUNE 2020

P.C. :

1 This execution application is filed by applicant inter-alia praying

for execution of decree dated 19th September 2017 in terms of the Consent

Terms dated 19th September 2017 passed by this Court. Thereafter,

applicant filed Chamber Summons (L) No.972 of 2018 praying for

appointment of Court Receiver for attachment and sale of the properties of

judgment debtors listed in Exhibit “B” to the affidavit in support of the

Chamber Summons.

2 On 13th July 2018 this Court was pleased to grant ad-interim

reliefs in terms of prayer clause - (b) and (e) to the Chamber Summons and

subsequently, the Chamber Summons was made absolute in terms of

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prayer clause - (a), (b) and (d) by an order dated 28th August 2018.

3 Mr. Mody states that all the shares held by the Goenka family

aggregating to 72.05% of the entire shareholding in Sahyadri Agro and

Dairy Private Limited (“Sahyadri”) are attached be sold in order to satisfy

the Consent Decree. Mr. Mody states that Rabo India Securities Private

Limited (“Rabo”) was appointed as an exclusive strategic and financial

advisor for the sale of the entire shareholding of Sahyadri to potential

investors. The mandate of Rabo was extended from time to time and

presently Rabo has been able to identify Schreiber Foods Inc (“Schreiber”)

which is a well-known Multinational Corporation engaged in the business of

manufacturing dairy products. Mr. Mody states that Rabo has received a

Non-Binding Letter of Intent dated 2 nd December 2019 from Schreiber

offering a total consideration of USD 15,000,000 for 100% stake in

Sahyadri which also includes 72.05% of judgment debtors. Mr. Mody states

that the process of due diligence has been commenced by Schreiber and

was almost over and his apprehension is if the deal is not concluded

expeditiously, Schreiber may not want to go ahead with the deal. Mr. Mody

also states that Rabo is now doing his business in the name of

Coöperatieve Rabobank U.A., Mumbai Branch and therefore, the mandate

of Rabo India Securities Private Limited be moved to Coöperatieve

Rabobank U.A., Mumbai Branch. Mr. Mody also states that respondents

have not been appearing since 2018.

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4 I have seen various orders including the most recent of

9th June 2020. Since 2018 respondents have not been appearing. Mr. Mody

states that copy of this application has also been served way back in

January 2020.

5 In the circumstances, Mr. Mody prays that prayer clauses – (a),

(c), (d) and (e) be granted. Mr. Mody states that in prayer clause – (a), the

date “30th April 2020” be read as “30th September 2020”.

6 Having heard Mr. Mody and having considered the application

and the praceipe dated 11th June 2020 by ABH Law LLP, I am inclined to

extend the time limit for Rabo, now read as Coöperatieve Rabobank U.A.,

Mumbai Branch, upto 30th September 2020 and permit the sale of 100%

shares of Sahyadri to Schreiber for a consideration of USD 15,000,000.

The Share Transfer Deeds and/or DEMAT slips/Share Purchase Agreement

and/or any other documents in respect of 72.05% shares held by Goenka

family, as described in paragraph 17 of the application, in Sahyadri to be

signed by Court Receiver representing this 72.05% shareholding and the

sale proceeds representing 72.05% out of USD 15,000,000 should be paid

over to the Court Receiver in US Dollars or if in Indian Rupees, at the dollar

rate applicable on the date of the sale being concluded.

7 The Court Receiver to invest the amount in fixed deposit for a

minimum period of three months with a nationalised bank giving the best

rate of returns and renew it from time to time unless otherwise ordered.

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Once this exercise is completed, applicant is at liberty to apply for prayer

clause – (e).

8 All to act on authenticated copy of this order.

Digitally signed
by Gauri A. (K.R. SHRIRAM, J.)
Gauri A. Gaekwad
Gaekwad Date:
2020.06.17
12:34:15 +0530

Gauri Gaekwad