- (1.) Under a memorandum of understanding dated 4th October, 2012, the plaintiff advanced a sum of Rs.2 crores to the defendant no.1 in order to enable the said defendant to acquire and develop the property. It was represented that the said sum would be secured by a mortgage of any property belonging to the defendant no.2 being a company controlled and managed by the defendant nos. 3 and 4. The defendant nos.2, 3 and 4 have agreed to mortgage the land of about 14 cottahs at Mouza ­ Nibra, P.S. Domjur, District - Howrah.
(2.) On or about 11th October, 2012, the plaintiff lent and advanced a sum of Rs.2 crores. Simultaneously, a simple mortgage dated 12th October, 2012, was executed by and between the defendant no.2, the defendant no.1 and the plaintiff as mortgagor, developer and mortgagee. A Mortgage was created over and in respect of the said property in order to secure the said sum of Rs.2 crores paid by the plaintiff. The defendant no.1 purchased only 14.5 cottahs of land out of the total 29 cottahs on 18th October, 2012. On a representation made by the defendant no.1 and the defendant no.3 that in order to expedite the construction in the said property, the defendant no.1 would be in requirement of fund and in the event the said mortgaged property of the defendant no.2 is released, the same could be utilised to arrange a loan by securitisation of the rents. The plaintiff agreed to release such mortgaged property. The defendant no.3 was ready and willing to mortgage the portion of the property to be acquired out of the fund to be arranged by way of loan by securitisation of the rents. On that basis a deed of release was executed on 21st November, 2012 by which the said mortgaged property of the defendant no.2 was released and discharged by the plaintiff. On the same day another deed of mortgage dated 21st November, 2012 was executed by the defendant no.1 mortgaging a portion of the property purchased by depositing title deeds with a view to secure payment of Rs.2 crores. The defendant nos.1 to 4 in breach of their undertaking, however, had failed to develop the said property within a period of six months from the date of purchase.
(3.) Moreover, it transpires that the said defendants have purchased 14.5 cottahs of land out of 29 cottahs and there was little progress made with regard to the development of the property purchased. In the meantime, the plaintiff was informed by the defendant no.1 that by reason of a restrain order passed in a proceeding under Section 8 of the West Bengal Land Reforms Act, 1955, the defendants are restrained from developing the said property. The defendant no.1 was, however, allowed to develop a portion of the said property purchased without creating any encumbrance. The plaintiff complains that the defendant no.1 has neither purchased the balance portion of the property nor has commenced development even in respect of the portion of the property purchased. The plaintiff contends that enquiries reveal that the defendant nos. 3 and 4 using the veil of the corporate entities of the defendant nos.1 and 2 and in collusion with the defendant no.5 have siphoned out monies given by the plaintiff for the purpose of acquiring and developing the properties.;