High Court of Delhi

IREO Private Limited Ors vs. Vibhor Home Developers Pvt. Ltd. Ors

MANU/DE/2686/2022

29.07.2022

Civil

Court has jurisdiction to extend the time that was initially fixed by it for doing an act

Present application moved on behalf of the Petitioners under Section 151 of Code of Civil Procedure, 1908 (CPC) seeking prayer for enlarging time for deposit of amount of Rs.43.50 crores as directed by this Court vide order.

By way of the present application, the Petitioners have submitted that they require some time to arrange the liquidated funds. It is the case of the Petitioners that, Petitioners are real estate companies enjoying impeccable reputation in the real estate market since 2004 and they have sound financial condition. However, on account of unforeseen situations, viz. COVID - 19 pandemic and other related factors, which have been beyond the control of the Petitioners, an immediate amount of sum of Rs.43.50 crores in liquidated form is not readily available. Thus, it is submitted before this Court that, the Petitioners need some time to arrange the liquidated amount.

Present Court has the authority to extend time for an act for which certain time period had been granted. The court in exercise of its jurisdiction can grant time to do a thing. However, the court has an inherent power within its ambit and jurisdiction to extend the time that was initially fixed by it for doing an act.

In view of the facts and circumstances of the present case and the fact that the order has been passed as an interim measure pending the arbitration proceedings for preservation of the property in question, it is considered appropriate by this Court to extend the time period for grant of deposit of amounts as directed by this Court. While coming to such conclusion, this Court is also guided by the fact that, the Petitioners have shown their genuineness and willingness to comply with the directions passed by this Court for depositing the amount of Rs.43.50 crores, by seeking permission to deposit by way of security, original title deeds of immovable property belonging to one of their companies, having value of more than Rs.50 crores.

Present Court extends the time period earlier granted to the Petitioners and hereby grants a further period of 45 days to the petitioners to deposit the amount of Rs.43,50 crores. Application disposed off.

Tags : Deposit Time Extension

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