Authority: High Court of Judicature at Madras

Order Date: 28-09-2026

Case Overview

  • Petitioners: L. Dharmichand, D. Prakash Devi, D. Sunil Kumar, D. Rishab Singhvi (EP Nos. 89‑92 of 2025).
  • Respondent: ASV Constructions Pvt Ltd, represented by Managing Director Mr. Bharat Kumar K. Kamdar, with registered offices shifting from Ormes Road to Bethel Square, Chennai.
  • Garnishees/Respondents: Axis Bank Ltd., Corporation Bank Ltd., HDFC Bank Ltd., ICICI Bank Ltd. (Kilpauk and Cenotaph Road branches), Indian Overseas Bank Ltd., State Bank of India Ltd.
  • Petitions:
  • EP Nos. 89 & 92 – sought warrant of attachment and sale of specified properties under Order XXI Rules 54, 64 & 66 of CPC, 1908.
  • EP No. 90 – sought warrant of arrest against Mr. Bharat Kumar K. Kamdar (MD) and Mr. Vaibhav Kamdar (Director) under Rule 37 of CPC.
  • EP No. 91 – sought garnishee order prohibiting the listed banks from releasing Rs 101,74,60,680 and directing them to deposit the amount to the petition.
  • Counsel: Petitioners represented by Mr. Nithyaesh Nataraj and Mr. Vaibhav R. Venkatesh; Respondents represented by Senior Counsel Mr. P.V. Balasubramaniam (for ASV Constructions) and Mr. C. Mohan (for King & Partridge).
  • Core dispute: An arbitration award dated 11‑08‑2021 arising from a Joint Development Agreement (JDA) dated 09‑04‑2012 between the Award Holder and ASV Constructions. The award characterized the JDA as a revenue‑sharing agreement, granting the Award Holder 22% of sale consideration plus 12% per annum interest from 09‑08‑2019, and ordered the debtor to furnish complete accounts of all sales since 2014.
  • Award holder claimed entitlement of Rs 64,33,28,728 principal plus accrued interest of Rs 47,88,27,083, totaling Rs 1,12,21,55,821 as of June 2026.
  • Respondent argued the claim was illusory, citing lack of quantifiable money, cancellation of Power of Attorney, and that many flats remained unsold, making enforcement unrealistic.
  • Evidence presented:
  • Tribunal record of sales: Rs 117,66,00,850 executed before Section 9 proceedings; Rs 9,53,76,011 pending; Rs 6,95,12,600 sales by the group as of 09‑08‑2019.
  • Petitioner's affidavit claimed total sale revenue of Rs 292,28,92,903, exceeding tribunal figures.
  • Axis Bank disclosed approximately Rs 1 crore in its accounts; other banks (respondents 3‑8) provided no details.
  • The court noted contradictions in the valuation of sales and the absence of concrete proof of the 22% share amounting to roughly Rs 68 crore.

Final Outcome

  • The Court found no merit in Execution Petitions 89, 90, and 92 and dismissed them.
  • Garnishees (respondents 2‑8 in EP No. 91) are directed to deposit Rs 112,21,55,821 (the amount claimed by the award holder) to the credit of the petition within eight weeks of receipt of the order.

Topics: Court Order, Real Estate Arbitration, Enforcement