IL & FS Financial Services Limited vs Serveall Constructions Private Limited

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2026 Supreme(Bom) 138

IN THE HIGH COURT OF JUDICATURE AT BOMBAY
GAURI GODSE
IL & FS Financial Services Limited – Appellant
Versus
Serveall Constructions Private Limited – Respondent

Advocates Appeared:
For the Plaintiff : Mr. Rohan Savant, Mr. Aman Saraf a/w. Mr. Sachin Chandarana and Ms. Aishwarya Mehta i/b. Manilal Kher Ambalal and Co.

JUDGMENT :

GAURI GODSE, J.

1. This summary suit is filed to recover a sum of Rs. 203,66,31,506/- arising out of and in respect of the term loan facilities, availed by defendant no.1 and guaranteed by defendant nos. 2 to 4. Pursuant to a query made by the court as recorded in order dated 17^th September 2025, in the summons for judgment, an additional affidavit is filed by the plaintiff to place on record the order dated 20^th August 2019, passed by the National Company Law Tribunal (“NCLT”), Mumbai Bench under Section 7 read with Section 14 of the Insolvency and Bankruptcy Code 2016 (‘IB Code’) against defendant no.2. The plaintiff has also placed on record copy of the case status of petition filed against defendant nos. 3 and 4 before the NCLT, which refers to the order against defendant no.3. A separate order under Section 95 under the IB Code against defendant no.4 is also placed on record.

2. Learned counsel for the plaintiff submitted that despite the said orders, the summons for judgment can proceed qua defendant no.1, who is the principal borrower. Hence, the plaintiff has filed the additional affidavit stating that the plaintiff seeks to proceed only against defendant no. 1 at t