1. The Notice of Motion is taken out by the Plaintiff for appointment of Court Receiver and injunction restraining any assignment, transfer or grant of development rights by Defendant No.1 in respect of the suit property.

2. Defendant No.1, who is a Co-operative Society of flat owners, is the owner of the property bearing C.T.S. No.444/A at Kandivali (West), Mumbai 400 067 together with six old buildings having 15 wings containing in aggregate 284 residential flats, 12 shops and one commercial unit. Defendant No.1 also owns two adjoining plots together with Defendant No.2, being plots bearing CTS Nos.444/B and 444/C admeasuring respectively 2859.50 sq.mts. 1060.80 sq.mts. Defendant No.1 decided to redevelop the suit property and formulated a comprehensive scheme for utilization and sale of the Floor Space Index and Transferable Development Rights for redevelopment of the suit property. Defendant No.1 invited tenders from builders and developers for undertaking the redevelopment work. The total area for development was 2,76,958-58 sq.mt. after taking into account TDR and recreational area. An area of 1,44,000 sq.ft. out of this area was proposed to be used for rehousing exis