1 nms2964-10 vai IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION NOTICE OF MOTION NO.2964 OF 2010 IN SUIT NO.1905 OF 2010 M/s.SBI Global Factos Ltd. (Formerly known as Global Trade Finance Ltd.) ....Plaintiff V/s. M/s.Bhagavathi Textile Mills ....Defendant Mr.Chirag Balsara with Mr.Rajesh Talekar and Mr.Gaurav Pandharkane i/b M/s.K. Ashar & Co. for the Plaintiff. None for the Defendant. CORAM : S.J. VAZIFDAR, J. DATE : 7TH SEPTEMBER, 2011. P.C. :- 1. The suit is filed to recover a sum of about Rs.20.00 crores together with interest at 18% p.a. The plaintiff’s claim arises in respect of the Domestic Factoring Facility granted by a sanction letter dated 16.5.2008. Various other documents were executed by the defendant to secure the repayment of the dues under the said facility. A demand promissory note in the sum of Rs.15.00 crores was executed by the defendant. A hypothecation of receivable is also executed on 20.5.2008. Further the defendant created an equitable mortgage in respect of the property described in Exhibit H-1 to the plaint. 2 nms2964-10 2. There is no affidavit in reply. The defendant is absent. In fact the plaintiff having faced difficulty in serving the defendant, effected substituted service. 3. It is necessary therefore, to protect the plaintiff’s claim and security. 4. The notice of motion is therefore, made absolute in terms of prayers (a) except the words bracketed in red, (b) and (f) except the words bracketed in red. In respect of the immovable property mentioned in prayer (a), the Court Receiver shall appoint the defendant as his agent, without security or royalty at this stage. The Court Receiver shall file a report. Liberty to the plaintiff to apply for further orders in respect of the said property after the Court Receiver files a report by a separate application. The notice of motion is accordingly disposed of.