Delhi HC restrains builder from creating third party interest in shares

Delhi HC restrains builder from creating third party interest in shares
06/11/2018 , by , in News/Views

The Delhi High Court has restrained the promoter of realtor Rudra Buildwell Homes Private Limited from creating third party interest in shares held by him in the group.

The court also directed the group and its promoter Mukesh Khurana to disclose, in an affidavit, details of its assets before February 22, 2019.

Justice Rajiv Shakdher passed the interim order on a petition seeking enforcement of a conciliated agreement of November 28 last year, which was executed between petitioner Sunil Kumar Aggarwal and the realty firm and Khurana relating to payment of over Rs 9 crore.

“The judgement debtors are directed to file an affidavit disclosing their assets…,” the court said in its order.”

It also said, “Judgement debtor no. 2 (Khurana) is restrained from creating third party rights in the 11 percent shares held in judgement debtor no. 1 (Rudra Buildwell Homes).”

In the agreement, it was stated that Aggarwal had 1925 equity shares, which was equal to 11 percent equity shares, in the firm and Khurana wanted to purchase those shares.

According to Aggarwal’s plea, the firm’s promoter had issued six cheques worth Rs 9.67 crore to him but they were dishonoured due to insufficient funds and proceedings under the Negotiable Instruments Act are pending before a trial court here.

It said that in the agreement, the firm had guaranteed payment of over Rs 9 crore to the petitioner but when no payment was done, an execution petition was filed in the high court.

In August, a trial court had dismissed a revision petition filed by a former Indian cricketer challenging his summoning as an accused by a magisterial court for allegedly cheating investors in a building project of the same group in NCR’s Indirapuram.

Though the Delhi Police has not chargesheeted him due to “lack of sufficient evidence”, the magisterial court had summoned the cricketer, who was the brand ambassador of the project, after going through the probe report.

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