Reliance Industries Ltd. vs M/S.Vijay Cable Industries & Ors. on 27 January, 2016

1. Challenge in the appeal is to the order dated May 07, 2014 passed
by the learned Single Judge dismissing IA No.7948/1998 filed by the
appellant (the plaintiff) and allowing IA No.11037/2007 filed by Uttar
Pradesh Financial Corporation (UPFC).
2. At the outset we must record our deep pain and anguish in the
manner in which learned counsel for the parties have prosecuted the
cause of their respective clients in the suit filed by the appellant, in which

FAO (OS) No.267/2014 Page 1 of 7
defendant No.1 is M/s.Vijay Cable Industries (a partnership firm), its
partners Vijay Kumar Bhatia and Tilak Raj Bhatia are defendants No.2
and 3. Priya Bhatia, a guarantor and M/s.Vijay Cables Ltd. are
defendants No.4 and 5. The suit, filed in the year 1998, is under Order
34 of the Code of Civil Procedure and pleads that for goods supplied to
the defendant No.1, a sum of `3,21,57,390/- (Rupees Three Crores
Twenty One Lacs Fifty Seven Thousand Three Hundred and Ninety only)
became due and payable and to secure repayment defendants No.2 to 4
created an equitable mortgage over property No.A-111, New Friends
Colony, New Delhi by depositing the title deeds of the property, which
comprised a perpetual lease-deed dated August 08, 1983 executed by the
Delhi Development Authority in favour of one Kunti Puri, an agreement
to sell dated August 28, 1996 whereunder Kunti Puri agreed to sell the
property to one R.B.Gupta; and an agreement to sell dated January 19,
1988 executed by R.B.Gupta in favour of Vijay Kumar Bhatia (and we
note that there was obvious typographic errors concerning the dates).
Alleging that sale tax liability in sum of `1,58,34,482.84 (Rupees One
Crore Fifty Eight Lacs Thirty Four Thousand Four Hundred Eighty Two
and Paisa Eighty Four only) was payable for the goods supplied and that
interest in sum of `1,41,01,949/- (Rupees One Crore Forty One Lacs One
Thousand Nine Hundred and Forty Nine only) had accumulated, total
amount claimed was `6,20,98,822.11 (Rupees Six Crores Twenty Lacs
Ninety Eight Thousand Eight Hundred Twenty Two and Paisa Eleven

Source: Indian Kanoon

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