IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION IN ITS COMMERCIAL DIVISION COMMERCIAL APPEAL FROM ORDER NO. 19 OF 2025 IN NOTICE OF MOTION NO. 1869 OF 2025 (OLD HIGH COURT I.A. (L) NO. 21398 OF 2021)

WITH NOTICE OF MOTION NO. 1870 OF 2025 (OLD HIGH COURT I.A. (L) NO. 13622 OF 2021)

IN COMMERCIAL SUIT NO. 1056 OF 2024 (OLD HIGH COURT COMMERCIAL SUIT (L) NO. 21256 OF

2021)

WITH INTERIM APPLICATION NO. 10136 OF 2025 (FOR STAY)

IN COMMERCIAL APPEAL FROM ORDER NO. 19 OF 2025 Ashok Investors Trust Limited ….Appellant (Ori. Defendant No.4)

: Versus :

1. Crosslink Food & Farms Pvt. Ltd.

2. Lloyds Realty Developers Ltd.

3. Superways Enterprises Pvt. Ltd.

4. Shubhkaran & Sons

5. DBS Bank Ltd. ….Respondents ____________________________________________________________________ Mr. Zal Andhyarujina, Senior Advocate with Ms. Akanksha Agarwal, Mr. Murtaza Kachwalla, Mr. Satvik Tejasvi and Mr. Rohan Vasa i/b.

Argus Partners, for the Appellant.

Mr. Dinesh Purandare, Senior Advocate with Mr. Gaurav Srivastav, Ms. Manorama Mohanty and Ms. Malika Mondal i/by. S.K. Srivastav &

Co., for Respondent Nos.1 and 2.

Mr. Neerav Merchant i/by. Thakordas & Madgavkar, for Respondent Nos.3 and 4.

Mr. Atharva Dandekar with Mr. Om Waghmode i/b. Mr. Hitendra Parab, for Respondent No.5.

____________________________________________________________________

CORAM : ALOK ARADHE, CJ. &

SANDEEP V. MARNE, J.

Reserved On : 13 August 2025.

Pronounced On : 26 August 2025.

JUDGMENT :- (Per Sandeep V. Marne, J.)

1) The Appeal is filed under the provisions of Section 13 (1-A) of the Commercial Courts Act, 2015 by Appellant-Defendant no. 4 challenging the order dated 17 April 2025 passed by the learned Judge of the City Civil Court allowing Notice of Motion No.1869/2025 filed by the Plaintiff and restraining the Appellant from selling, transferring, alienating and/or disposing off shares pledged with Defendant No.1 by the Plaintiffs with further direction for rendering of accounts in respect of dividend/bonus shares received in respect of the pledged shares. The impugned order further directs Defendant Nos.1 and 4 to file statement of disclosure of shares sold out of pledged shares with an undertaking that it would abide by any order passed in the suit in respect of the sold pledged shares.

2) The dispute amongst parties relate to pledge of shares by Plaintiffs in favor of the first Defendant Bank. Plaintiffs pledged the shares towards security for loan advanced by the first Defendant- Bank, to Defendant Nos. 2 and 3. The first Defendant Bank had assigned the pledge in favour of Defendant No.4 (Appellant herein) who claims right to sell the pledge shares. Plaintiff-Pledgees contend that the pledge has come to an end and are accordingly seeking return of the pledged shares. The Trial Court has granted temporary injunction in Plaintiff’s favour restraining Defendant No. 4 from alienating the pledged shares. Aggrieved by the restraint put on alienation of shares, Defendant No. 4 is in appeal against the order dated 17 April 2025.

3) A brief narration of factual matrix would be necessary. Lakshmi Vilas Bank (original Defendant No.1) issued a sanction letter in favour of Defendant No.2 for ad-hoc credit limit of Rs.10 crores on 13 May 2008. Plaintiff No.1 owned 60,00,000 shares of a company named Shree Global Tradefin Ltd. (SGTL) and Plaintiff No.2 owned 15,00,000 shares of SGTL. Plaintiff No.1 wrote to Lakshmi Vilas Bank on 1 August 2008 agreeing to pledge 2,25,000 shares of SGTL for securing credit facilities sanctioned to Defendant No.2. Between 1 August 2008 to 29 March 2012, nine Pledge Forms were executed by Plaintiff Nos.1 and 2 in favour of Lakshmi Vilas Bank for 60,00,000 shares pledged in respect of the credit facilities sanctioned to Defendant No.2 and 15,00,000 shares in respect of credit facilities sanctioned in respect of Defendant No.3. It appears that the pledge forms indicated closure dates of 31 March 2011, 31 March 2012 and 31 March 2013. On 11 February 2010, a Pl