“How Can My Assets Be Frozen?” Sharp Dhruv Mehta–Abhishek Manu Singhvi Faceoff Over Asset Disclosure

Added: 2026-05-30

[00:00:00]I'm coming to that.

[00:00:00]>> The order?

[00:00:01]>> The order is two-fold.

[00:00:02]>> Yes.

[00:00:03]>> One, on the basis of that application filed by R1 who's nobody, a plot injunction restraining me from alienating any of my assets. Two, and it's not at the instance of ARC. Two, disclosure of assets, my lord. And we pointed out, my lord, and that's what I'm pointing out, that there is a moratorium, my lord, on the IBC, which is a statutory injunction. You can't proceed. Recovery officer in the previous order >> What is the concern with this?

[00:00:29]>> No, everything is Everything's frozen.

[00:00:33]>> Frozen means they are not stopping you from doing anything. It only says >> No legal action. No legal action can be taken.

[00:00:40]>> No, it only says >> What you are saying? Yes.

[00:00:42]>> Two orders have been passed. Do you agree?

[00:00:45]Now, not to create any third party right.

[00:00:47]>> That's one.

[00:00:47]>> That is one thing.

[00:00:48]>> Yes.

[00:00:49]>> The The second order says What is the second order?

[00:00:51]>> Disclosure of assets.

[00:00:52]>> That's right. What is wrong in that?

[00:00:53]It's only >> Two things, my Two things, my lord.

[00:00:55]>> It's only a an order made >> Just give me Just give me a minute.

[00:00:58]>> June till 12th June.

[00:00:59]>> Just a minute. My lord, just come to page 87 for a minute. This is the order previous to the order passed by the recovery officer, which was impugned.

[00:01:06]Have a look at page 87 for a minute.

[00:01:07]>> Now, now any case we are not here to to adjudicate upon the the decision >> No, I'm not saying that. Just have a look at the >> the writ petition. High Court said we are not going to pass any order. We >> Correct. Correct. So, I'm pointing out why, my lord, that that's an error clearly, my lord. Just see page 87 for a minute.

[00:01:21]>> If you don't want to comply, don't comply.

[00:01:23]>> No, my lord, there is no >> We are not saying anything.

[00:01:24]>> My lord, with great respect, my lord, I can't fall foul of an order.

[00:01:27]>> Sir, hearing on >> Well, well, I'm I have no problem with the hearing. My problem is, my lord, two-fold. Just have a look at page 87, if you don't mind, my lord. Just Just kindly see that.

[00:01:36]>> Yes.

[00:01:37]>> My lord, the ARC, the creditor himself has made this statement before the recovery officer. This is just before, my lord, the last order which was impugned. Just have a look at this. 21st April. Learned advocate appearing on behalf of certificate holder, that is it, my lord, the creditor, submits it is a Phoenix, who being the certificate holder has filed a petition under 95 before NCLT against Rajesh Mehta Prashant and Charu. Consequently, moratorium has kicked in. Learned advocate further submits recovery proceeding be PROCEEDED FURTHER IN RESPECT OF OTHER CERTIFICATE HOLDERS.

[00:02:11]It's the submission of the certificate holder himself.

[00:02:14]>> Nobody is stopping the recovery proceeding. Go on.

[00:02:17]>> Against others, not me.

[00:02:19]That's what I'm saying.

[00:02:20]>> The cover we are saying This order is very innocuous but >> Not this one. Now that next one.

[00:02:25]>> No, no.

[00:02:26]See, you we we express something. What service in the repetition?

[00:02:30]>> No, no.

[00:02:31]Just I'll just point out, my lord. The writ petition I have no problem, my lord. I'm only saying that the refusal to grant interim is hurting me. And just come to page 182.

[00:02:42]But there's a freeze, my lord.

[00:02:44]Just see.

[00:02:44]>> How does it hurt you? Tell us.

[00:02:47]>> WITHOUT YOU TELL MY LORD properties have been attached.

[00:02:54]Just have a But just see 182, my lord. And at whose Just see 182.

[00:03:00]>> So my lord, this is a matter to be decided in the repetition.

[00:03:03]>> With great respect, the bank doesn't want this, my lord. IT'S THE THIRD PARTY PARAMVIR WHO'S THE MOVING THIS.

[00:03:10]NO, I WILL ARGUE I WILL ARGUE, MY LORD.

[00:03:12]Just my lord without my lord the my lord the High Court in that my lord had directed the issue of maintainability to be decided with the recovery officer.

[00:03:20]>> It is for you to take a call. If you don't want to If you If you create a third party right, you are taking your own risk of this.

[00:03:26]>> No, I don't want to do that. That's why I'm saying.

[00:03:28]>> Say what you are saying. Say now now again again see other interim order also it is for you to comply after giving the assets and other things before you.

[00:03:36]Ultimately it will be decided in the repetition one way or another.

[00:03:38]>> My lord, can I just show two things?

[00:03:40]Can I just point it?

[00:03:42]>> This matter every stage we come here and there we are we are trying to say to tweaking it to the how the High Court will function.

[00:03:51]>> My lord, I respect you. I understand.

[00:03:52]are accusing from from Dr. Singhvi I'm just pointing out something you to your Lordships. I matter between the creditor and the data.

[00:04:05]How does a third party come in and on that application recovery officer is taking proceedings?

[00:04:11]If you say that very application for recovery was maintainable, what service that petition? No, I have faith in the High Court. No, I'm only seeking but I'm only protection. I don't mind. But I will go back to the High Court. I have no problem. But protect me to this extent. Let the High Court decide writ petition. I'm not saying no for a minute. I will cooperate and I will proceed. I'm only saying my Lord keep this order in abeyance till my Lord 12th of June.

[00:04:34]>> What order you are asking you are doing?

[00:04:35]>> But just see the direction page 186.

[00:04:38]It's 186 my Lord the direction at 186 my Lord.

[00:04:42]Just see my Lord.

[00:04:43]The court says recovery officer says there is no stay against me for proceeding with the matter. Therefore, I grant an injunction. My Lord, if your Lordships sees page 187.

[00:04:58]Just see my Lord I didn't tell him injunction restriction creation of third party rights my Lord.

[00:05:05]>> We are asked as you only facilitate we like to facilitate the High Court to to adjudicate upon the on the main main writ petition which we hope and trust it would be done on the 12th on the 12th 6th >> My Lord, >> [clears throat] >> just see my Lord at least my Lord they should not press for my Lord the >> No, no, don't bother. It is for you to complain or to complain. Leave it at that.

[00:05:28]Yes.

[00:05:28]>> But actually I know but my Lord in the teeth of my Lord moratorium how can you come to this? No, I don't want my Lord I don't want to fall foul of the of the order my Lord.

[00:05:40]My Lord, actually >> All this not told to your Lordships. Law has Law has been amended by statute. No moratorium. So have no locus here.

[00:05:49]What I'm saying is 2nd June the time is expiring. That's why I came to your lordship.

[00:05:53]The time I have the order now time time blood is expiring on 3rd June. That's my problem.

[00:05:58]To implement the recovery officer's order time is expiring on 3rd June.

[00:06:03]That's why my lord I'm saying protect me till 12th of June. That's all I'm saying my lord.

[00:06:08]>> What is the order this only if you are so so fair and you are so confident of time you should say I am complying that's all.

[00:06:15]You don't you don't you don't want to do anything. You got a money recovery procedure with the DRT. You are not concerned.

[00:06:20]>> This is the same order where my this is the same issue where my lords refused to stay the administrator for the same he is now refusing disclosure and files a writ despite the alternate remedy under section 30. He files a >> Can I make an innocuous prayer my lord?

[00:06:35]At least my lord time may be given for me to file my asset of disclosure my lord which you are recovery of >> He wants to prolong.

[00:06:42]Well 15 petitions two years delay. He wants to delay again. Proceedings have been taken since June. He wants to delay again.

[00:06:48]>> Time >> We will give you but let me be before 12th.

[00:06:51]>> Yes very well very well. That's right.

[00:06:53]My lord is right.

[00:06:54]>> We also know it is not difficult for us.

[00:06:56]>> It's fine. Two years delay my lords. 15 petitions fine. 15.

[00:07:00]>> Everybody is saying to smart please smart we don't we don't appreciate it.

[00:07:03]>> Your lordship is delaying the matter my lord.

[00:07:05]>> You don't take this away.

[00:07:06]It's better for you.

[00:07:09]>> I don't understand what they have business they have to argue the week.

[00:07:12]They have been terminated as a trustee my lord.

[00:07:14]>> So indirectly wants to wants to stay with the order.

[00:07:17]>> Yes yes that's I I'm glad your lordship saw that because this is one of the most >> It's not like that my lord. I'm only saying that lordship