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DELHI HIGH COURT
AMIT BANSAL
Transasia Private Capital Limited – Appellant
Versus
Parmanand Agarwal – Respondent
JUDGMENT
Amit Bansal, J. The present suit is a summary suit instituted under Order XXXVII Rule 1 of Code of Civil Procedure, 1908 (CPC) for recovery of USD 3,906,479.33/-, along with interest, in favour of the plaintiffs and against the defendants no. 1 and 2 jointly and severally, on account of being the personal guarantors of the defendant no. 3.
BRIEF FACTS
2. In the suit, it has been pleaded that:
(i) The plaintiff no. 1, TransAsia Private Capital Limited, is an asset management company, incorporated under the laws of Hong Kong, acting in its capacity as manager for and on behalf of Asian Trade Finance Fund, a sub-fund of TA Asian Multi-Finance Fund. The plaintiff no. 2, TA Private Capital Security Agent Ltd./TA Private Capital Ltd., is a company incorporated in the British Virgin Islands. The plaintiff no. 2 is the parent company of the plaintiff no. 1.
(ii) The defendant no. 1, Mr. Parmanand Agarwal and the defendant no. 2, Mr. Rajeev Goel are personal guarantors pursuant to the Facility Agreement dated 4th July, 2017 entered between the defendant no. 3, Apple Overseas Pte. Ltd., a company incorporated in Singapore, and the plaintiff no. 1. As per the said Facility Agreemen
Jurisdiction remains valid for summary suits even when agreements are executed in foreign jurisdictions if defendants admit liability and have local connections serving as a basis for cause of action....
Courts can respect foreign bankruptcy judgments, but they must also adhere to local laws on fraud and property transfer standards.
The judgment emphasizes the need for expert opinion on foreign law, respect for foreign judgments, and the maintainability of commercial suits under the Commercial Courts Act.
Execution of foreign judgments requires compliance with domestic legal provisions, including obtaining necessary permissions, which were not secured in this case.
The court emphasized the right of shareholders to seek remedies in civil courts when concurrent NCLT proceedings exist, affirming jurisdiction based on personal obedience criteria for territorial sui....
The corporate veil of a company can be pierced when it is used by the controlling persons to perpetrate fraud and avoid liability.
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