JUDGMENT :

1. The present writ petition is filed under Articles 226 and 227 of the Constitution of India, claiming following reliefs:

“It is therefore, most respectfully prayed that in the light of arguments advanced and grounds raised the record of the case may kindly be called for and this petition may kindly be allowed with costs throughout and by an appropriate writ, order or direction, this court may be pleased to:

i) Quash the impugned order(Annexure-8) dated 23-07-2019 passed by Respondent No. 2; and/or

ii) Quash the notice dated 21.06.2018 (Annexure-3), 11.10.2018 (Annexure-5) issued by the Respondent No. 2 & notice dated 25.01.2019 (Annexure-6) issued by the Sub-Registrar No. 2 of and/or

iii) Declare that the Respondent have no jurisdiction to raise a demand u/s 54 of the Rajasthan Stamps Act, 1998 when the WCCA is already being properly registered as per the applicable stamp laws of NCT of Delhi, i.e. the place of its execution; and/or

iv) Declare the demand raised by the Respondents contrary to the spirit of Rajasthan Stamp Act, 1998 and the Constitution of India, 1950; and/or

v) Pass any such other writ(s), order(s), directions(s) as are deemed fit and proper in the interest of justice.”

2. The brief facts of the case are that the petitioner company -Varaha Infra Limited is a public limited Company incorporated under the provisions of the Companies Act, 1956 and has its registered office at Jodhpur, Rajasthan. That the Petitioner Company is inter alia engaged in construction of roads, bridges etc.

3. The Petitioner-company, in order to meet its business requirements and expansion, availed Working Capital Facility for an aggregate amount of Rs. 738.34 Crore from consortium of banks, on specific terms and conditions agreed between the Petitioner Company and the Consortium of Banks.

4. Thereafter, to avail the Working Capital Facility, the Petitioner Company executed three Working Capital Consortium Agreement (hereinafter referred to as ‘WCCA’) dated 06-12-2013, 20-03-2014 and 18-04-2015 with the consortium of a total number of Nine banks, wherein the WCCA dated 06-12-2013 being the principle agreement, and would be the governing piece of docket for all the future outcomes and transactions, as decided through mutual consensus between the executing parties. That SBI being the biggest lender of the other banks was resultantly declared to be the lead lender.

5. Thereafter in pursuant to the grant of sanction letters by each bank and the execution of the WCCA, the stamp duty as applicable under the Stamp and Registration Laws of the place of execution of the agreement, i.e., the NCT of Delhi, India was paid for the registration of the said WCCA, on every document which was required to be registered before the Registration and Stamp Department, Delhi.

6. That Article 2 of the WCCA enumerating the Security agreed to be hypothecated by the Petitioner Company in favor of the consortium of banks to avail the Working Capital Facility in its favor mentions the following:

“i) The borrower's entire current assets (present and future), including but not limited to, stocks of raw materials, stores and spares, stock in progress, finished and semi finished articles/material etc. lying in the factories of the Borrower elsewhere and including goods in transit, present and future receivables, books debts, documentary bills, export bills, cheques, drafts, advances receivables in cash and kind.

ii) Equitable mortgage over the immovable properties as provided by the borrower and acceptable to the lender.

iii) Personal Guarantees of the Director of the borrower.”

7. And, the three aforementioned primary securities for the facility availed by the Petitioner Company, though forming part of the WCCA, separate deeds for the hypothecation of current assets and related securities as mentioned in point no. 1 and the deeds for personal guarantees of the Directors of the Petitioner Company as mentioned in point no. 3 were executed between the parties to the agreem