NEEPA REAL ESTATES PVT. LTD. vs STATE OF MAHARASHTRA THRU CHIEF SECRETARY, MINISTRY OF HOME AFFAIRS AND ORS

Judgment text excerpt

2025:BHC-AS:11120 wp 1395-23-2.doc IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION WRIT PETITION NO. 1395 OF 2023 Neepa Real Estates Pvt. Ltd. ... Petitioner. Versus State of Maharashtra and Ors. ... Respondents. ————— Mr. Prasad Dani, Senior Advocate a/w. Shreema Doshi and Mr.Ashwin Sawlani i/by Lexicon Law Partners for the Petitioner. Smt. M.S. Bane, AGP for the Respondent-State. ————— Coram : Sharmila U. Deshmukh, J. Reserved on : December 03, 2025 Pronounced on : December 23, 2025. JUDGMENT: 1. Rule. Rule made returnable forthwith by consent and taken up for final disposal. 2. The Petition impugns the order dated 22 nd December, 2021 passed by Respondent No.2-Revisional Authority in Revision Case No.134 of 2018 arising out of order of Collector of Stamps levying deficit stamp duty of Rs 40,00,000/- alongwith penalty of Rs 32,00,000/-. 3. The facts required to be exposited as pleaded are that the Petitioner and its group company Sheth Creators Pvt Ltd are in the business of real estate and development and were in need of funds in sa_mandawgad 1 of 20 wp 1395-23-2.doc the year 2017. For availing financial assistance, the Petitioner and Sheth Creaters Pvt Ltd approached Indiabulls Housing Finance Limited (Indiabulls). Four separate loan agreements were executed on 22 nd December, 2017 for Rs.200 Crores, 28th February, 2018 for Rs.145 Crores, 26th June, 2018 for Rs.160 Crores and 12 th September, 2018 for Rs.120 Crores aggregating to Rs 625,00,00,000/-. 4. The loan agreements mandated creation of mortgage to secure the fulfillment of the obligations including payment of the dues under the loan agreement. A draft of single mortgage deed was lodged for adjudication of stamp duty under Section 31 of the Maharashtra Stamp Act, 1958 (for short, “Stamp