ORDERS DTD 3.11.2011
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Anil Arora
Dec 11, 2011, 10:50:18 AM12/11/11
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IN THE HIGH COURT OF DELHI AT NEW DELHI
4.
CO.PET. 333/2010
SH. SAMEER SHARMA and ORS. ..... Petitioners
Through Mr. Sarat Chandra with Mr. Sachin
Chandra, Advocates and
Mr. B.K. Saini, Advocate for
Petitioner Nos. 2, 3, 4 and 5.
versus
M/S TRIVENI INFRASTRUCTURE
DEVELOPMENT CO LTD. ..... Respondent
Through Mr. Sandeep Sethi, Senior Advocate
with Mr. Sanjay S. Chhabra,
Advocate for respondent
company.
Mr. S.B. Gautam, Official Liquidator.
Mr. A.N. Haksar, Senior Advocate
with Mr. Udayan Jain, Advocate as
Amicus Curiae.
Mr. Rajiv Bahl, Advocate, Nominee Director appointed by Court.
Mr. Sanjeev Sabharwal, Standing counsel for Income Tax Department.
Mr. Rajat Aneja, Advocate for Investors.
Mr. Sushant Kumar, Advocate for
Mr. Saran Suri, Advocate for Oriental Bank of Commerce.
With
5.
CO.PET. 39/2009
DINESH MITTAL and ORS. ..... Petitioners
Through Mr. Soumitra G. Chaudhuri, Advocate
for petitioner No.6.
Ms. Geeta Goel with Mr. Chetan
Swarup, Advocates
versus
M/S TRIVENI INFRASTRUCTURE
DEVELOPMENT CO. LTD. ..... Respondent
Through Mr. Sandeep Sethi, Senior Advocate
with Mr. Sanjay S. Chhabra,
Advocate for respondent
company.
Mr. S.B. Gautam, Official Liquidator.
Mr. A.N. Haksar, Senior Advocate
with Mr. Udayan Jain, Advocate as
Amicus Curiae.
Mr. Rajiv Bahl, Advocate, Nominee Director appointed by Court.
Mr. Sanjeev Sabharwal, Standing counsel for Income Tax Department.
Mr. Rajat Aneja, Advocate for Investors.
Mr. Sushant Kumar, Advocate for
Mr. Saran Suri, Advocate for Oriental Bank of Commerce.
AND
6.
CO.PET. 8/2011
S.P. AGARWAL and ORS. ..... Petitioners
Through None.
versus
M/S TRIVENI INFRASTRUCTURE
DEVELOPMENT COMPANY ..... Respondent
Through Mr. Sandeep Sethi, Senior Advocate
with Mr. Sanjay S. Chhabra,
Advocate for respondent
company.
Mr. S.B. Gautam, Official Liquidator.
Mr. A.N. Haksar, Senior Advocate
with Mr. Udayan Jain, Advocate as
Amicus Curiae.
Mr. Rajiv Bahl, Advocate, Nominee Director appointed by Court.
Mr. Sanjeev Sabharwal, Standing counsel for Income Tax Department.
Mr. Rajat Aneja, Advocate for Investors.
Mr. Sushant Kumar, Advocate for
Mr. Saran Suri, Advocate for Oriental Bank of Commerce.
CORAM:
HON'BLE MR. JUSTICE MANMOHAN
O R D E R
03.11.2011
CO. APPL. 2014/2011 IN CO. PET. 333/2010
1. In order to promote the object of the Monitoring Committee and to
facilitate creation of corpus fund for the respondent-company to be
utilised by the Monitoring Committee, the Executive Committee has offered
the following immovable properties in the name of the respondent-company
having marketable title with a caveat that on completion of sale and realisation of the total sale consideration, the original owner from whom
the respondent-company has purchased the property is paid the balance
sale consideration outstanding under the sale deed:-
a) Undeveloped land situated at Rewari admeasuring approx. 54 acres. The
respondent-company has applied for licence with the concerned authority
for commencing a real estate development project on the said land,
however, the approval is awaited. The Executive Committee has received an
offer of Rs. 55 lacs per acre from a prospective purchaser who has also
deposited Demand Draft of Rs. 25 lacs with the respondent-company to show
his serious interest. It is pertinent to mention that the Valuer, M/s.
ITCOT Consultancy and Services Ltd. (for short ?ITCOT?) has also valued
the property at Rs.55 lacs per acre only. As per the records of the
respondent-company the approximate existing liability towards balance
sale consideration of the original owner/ farmer is Rs. 10.57 crore;
b) Undeveloped land situated at Dharuhera admeasuring approx. 17 acres.
ITCOT has valued the aforesaid land at Rs.145 lacs per acre. The
respondent-company has applied for licence with the concerned authority
for commencing a real estate development project on the said land,
however, the approval is awaited. The Executive Committee as on date has
not received any concrete offer from any prospective purchaser. As per
the records of the respondent-company the approximate existing liability
towards balance sale consideration of the original owner/ farmer is Rs.
5.41 crore;
c) Undeveloped plot of land admeasuring approx.8400 sq. yds. situated at
Muaza Baipur, adjoining Rangoli, Agra. ITCOT has valued the aforesaid
land at Rs. 6,500/- per sq. meter. The Executive Committee as on date
has not received any concrete offer from any prospective purchaser; and
d) Undeveloped plot of land admeasuring 1510 sq. mtrs. situated at
Greater Noida. ITCOT has valued the aforesaid laid at Rs. 13,500/- per
sq. mtr. The Executive Committee as on date has not received any
concrete offer from any prospective purchaser.
2. The total approximate and estimated market value of the above
mentioned properties is Rs. 65.50 crore. The existing and total
outstanding liability of the original owners/ farmers towards the balance
sale consideration is approximately Rs. 15.98 crore.
3. The valuation of the above mentioned four immovable properties
described at Serial Nos. 1(a) to (d) was carried out by M/s. ITCOT
under directions of this Court and their reports have been placed before
this Court.
4. The Monitoring Committee shall scrutinise/compare the offers received
for sale of the said properties from the Executive Committee which is
already in discussion with some of the prospective customers for the said
property and/ or those received from any other source with the valuation
report submitted by ITCOT. The Monitoring Committee will then fix the ?Reserve Price? for sale of the said properties on the basis of the
highest offer. The Monitoring Committee will issue notice for
?Proclamation Of Sale? of the abovementioned immovable properties in one
English and one Hindi daily newspapers widely circulated as well as
through any other medium they deem appropriate. The Monitoring Committee
will invite sealed offers from the prospective purchasers to be submitted
with the Assistant Registrar (Company) of this Court and to be opened
before this Court on a fixed date. This Court, if it deems fit, shall
confirm the sale in favour of the highest bidder.
5. On confirmation of sale of the respective properties in favour of the
prospective customers and on receipt of the monies by the Monitoring
Committee in the designated account, the charge of the original owner
shall be honoured by releasing/ paying the original owners/farmers their
balance outstanding sale consideration as per the original sale deed, as
indicated in paras 1(a) and (b), in favour of the respondent-company. The
sale deed in favour of the prospective customers will be executed by the
respondent-company subsequent to making payment of such balance sale
consideration to the original owner/farmer. The respondent-company after
approval of the Monitoring Committee will simultaneously make appropriate
applications before the concerned Courts where civil and criminal cases
filed by farmers/original owners are pending for recording the
settlements in terms of payments of outstanding dues and their disposal
in accordance with law.
6. The Executive Committee in order to liquidate the existing liability
of the respondent-company towards Oriental Bank of Commerce (?OBC?) and
for creating additional corpus fund for the respondent company to be
utilised through Monitoring Committee is offering to, sell the immovable
properties mentioned below, enter into Development Agreement and offering
to encash of the solvent security lying with the bank once the same is
released.
(i) Undeveloped plot of land admeasuring 2502.47 sq. mtrs. situated at
Greater Noida. ITCOT has valued the aforesaid laid at Rs. 28,000/- per
sq. mtr. The Executive Committee as on date has not received any concrete
offer from any prospective purchaser;
(ii) Partially Developed plot of land admeasuring 32,530 sq. mtrs.
Situated at Agra Gymkhana Colony, NH-2, Agra. ITCOT has valued the
aforesaid land at Rs. 3,500/- per sq. meter. The Executive Committee as
on date has not received any concrete offer from any prospective
purchaser;
(iii) By entering into an agreement/understanding for sale of development
rights on part of the property/project land situated at Sector-78,
Faridabad. The Executive Committee out of the total area of 4.5 lacs sq.
ft. has received an offer for purchase of development rights of
approximately 2 lacs sq. ft. @ Rs. 560 per sq. ft. towards the cost of
land and Rs. 250 per sq. ft. payable towards external development
charges, internal development charges and other levies for the
proportionate land underneath for which the development rights can be
given. In the event the said understanding is permitted and materialised for the total area of 4.5 lacs sq. ft. it would bring an approximate sum
of Rs. 36.45 crore with the Monitoring Committee.
7. The procedure prescribed in para (4) for sale of properties mentioned
in paras 1(a) to (d) shall also apply for sale of properties mentioned
above.
8. The properties mentioned above have been furnished as securities with
OBC. OBC has first charge over the receipts from sale of the aforesaid
properties and from sale of the development rights. The respondent-
company as on date is not in a position to make One Time Settlement
(?OTS?) offer to OBC due to paucity of funds. The value of the securities
furnished by the respondent-company as per their records far exceeds the
outstanding dues of OBC. The delay in adjudication of the claim of OBC is
prejudicial and detrimental to the interest of the company inasmuch as
their main project namely ?Triveni Galaxy? situated at sector 78-
Faridabad presently under construction is under shadow. To prevent any
coercive action against the properties furnished as security, the
respondent-company is offering to sell and enter into such agreements to
expedite repayment of loan of OBC and for facilitating the creation of
better corpus for Monitoring Committee.
9. The sale of the properties mentioned at Serial Nos. 6(i) to (iii)
shall also be done as per the procedure indicated in paragraph 4
hereinabove.
10. The respondent-company after approval of the Monitoring
Committee/Board of Directors shall submit a proposal for OTS to OBC and
the properties mentioned at Serial Nos. 6 (i) and (ii) be put to sale and
the agreement at Serial No. 6(iii) be executed by the respondent-company
in consultation with the officials of OBC to expedite the process of
repayment to OBC. The OTS offer be made subject to adjustment of the
fixed deposits of approximate Rupees Three crore lying with OBC. As per
the Executive Committee after sale of the properties mentioned at Serial
Nos. 6(i) and (ii) and on entering into the agreement mentioned at Serial
No.6 (iii), the respondent-company would raise an approximate amount of
Rs. 54.65 crore. After adjustment of the fixed deposits lying with the
OBC and on repayment of the loan amount on OTS basis, the respondent-
company is likely to be left with a surplus fund of Rs.26.65 crore, which
shall be utilized by Monitoring Committee.
11. The respondent-company owns and possesses approximately 14 acres of
land situated at Faridabad, Rewari which has been acquired by the Land
Development Authority under the Land Acquisition Act. The land mentioned
here does not form part of the land of the on-going project, nor does it
form part of the land offered for sale hereinabove. As per the
respondent-company, it is not part of the land on which license has been
applied for development of Township in Sector 78- Faridabad. The
compensation in lieu of the said land has already been awarded. The
company shall approach the concerned Land Development Authority without
any delay with the assistance of I.O of Economic Offence Wing to receive
and collect the compensation amount from the authority in the name of
Triveni Monitoring Committee in terms of the order dated 13th May, 2011.
12. The respondent-company after approval of the Monitoring Committee and
Board of Directors will prepare an application to be moved before the
Settlement Commission, Income Tax once the money comes in from aforesaid
sales. The respondent-company after approval of the monitoring Committee
and Board of Directors will file an appropriate application before this
Court for release of the money required to be deposited along with the
application to be filed before the Settlement Commission, Income Tax. The
Court will order release or pass such other directions as it deem just
and proper under the circumstances.
13. In view of the order dated 27th July, 2011 passed by this Court the
interest of the Income Tax Department shall continue to be protected even
if the immovable properties are sold. The consideration from such
agreements described above shall be received and retained in this Court
with the attachment of the said Department continuing to operate in terms
of Section 281-B of the Income Tax Act, 1961.
14. The proclamation of sale shall be issued after approval of learned
Amicus Curiae and Board of Directors and the Monitoring Committee within
one week.
15. It is pertinent to mention that the aforesaid order has been passed
with consent of promoter directors, petitioning-creditors as well as
learned Amicus Curiae and Nominee Director appointed by this Court.
16. With the aforesaid observations, the present application stands
disposed of.
CO. APPL. 2136/2011 IN CO. PET. 333/2010
Registry is directed not to list the present application again as
the same has already been disposed of vide order dated 24th October,
2011.
CO. APPL. 2014/2011 IN CO. PET. 333/2010
List on 14th November, 2011, at 2.15 p.m., the date already fixed.
CO. PET. 39/2009
CO. PET. 8/2011
Mr. A.N. Haksar, learned Amicus Curiae has drawn attention of this
Court to Clause 15 of the consent order dated 13th May, 2011 passed this
Court, which reads as under:-
?15. That all the action initiated by Economic Offence Wing in exercise
of power under section 102 Cr. PC. shall stand substituted by the
undertaking on behalf of the existing directors of the company to the effect ?not to sell or create third party right in the properties in
their name, immediate family members or in the name of the company or its
subsidiaries acquired subsequent to 21st Feb, 2006 (i.e. the date of
incorporation and commencement of business of the Company) till the date
of constitution of the Committee?. The Investigating Officer be directed
to issue communication to the said effect to the concerned authorities.?
Mr. Haksar states that the undertakings as contemplated by the
aforesaid clause in the consent order have not been filed till date.
Learned Amicus Curiae also points out that a sum of Rs. 2.53 crore
received as a consideration from M/s. Sanchar Nest Sahakari Awas Samiti
Ltd. has actually been credited to the accounts of the subsidiaries of
respondent-company.
However, Mr. Sandeep Sethi, learned senior counsel for former
directors states that even the aforesaid sum of ` 2.53 crore has been
utilised to repay respondent-company?s depositors/investors.
The former directors of respondent-company are directed to place on
record an affidavit explicitly stating that the entire consideration
received from M/s. Sanchar Nest Sahakari Awas Samiti Ltd. has been
utilised to repay the depositors/investors of respondent-company.
Mr. Sethi further states that affidavit of undertaking in
compliance of the order dated 13th May, 2011 has already been placed on
record. He undertakes to flag the same in court file and also furnish a
copy of the same to Mr. A.N. Haksar, Mr. Udayan Jain as well as to Mr.
Rajiv Bahl.
List on 14th November, 2011, at 2.15 p.m., the date already fixed.
Registry is directed to forthwith communicate a copy of this order
to Mr. Justice (Retd.) Anil Dev Singh and Mr. Justice (Retd.) P.K. Bahri,
Members of the Monitoring Committee.
MANMOHAN,J
NOVEMBER 03, 2011/rn
Co. Pets. 333/2010, 39/2009 and 8/2011 Page
14 of 14
4.
CO.PET. 333/2010
SH. SAMEER SHARMA and ORS. ..... Petitioners
Through Mr. Sarat Chandra with Mr. Sachin
Chandra, Advocates and
Mr. B.K. Saini, Advocate for
Petitioner Nos. 2, 3, 4 and 5.
versus
M/S TRIVENI INFRASTRUCTURE
DEVELOPMENT CO LTD. ..... Respondent
Through Mr. Sandeep Sethi, Senior Advocate
with Mr. Sanjay S. Chhabra,
Advocate for respondent
company.
Mr. S.B. Gautam, Official Liquidator.
Mr. A.N. Haksar, Senior Advocate
with Mr. Udayan Jain, Advocate as
Amicus Curiae.
Mr. Rajiv Bahl, Advocate, Nominee Director appointed by Court.
Mr. Sanjeev Sabharwal, Standing counsel for Income Tax Department.
Mr. Rajat Aneja, Advocate for Investors.
Mr. Sushant Kumar, Advocate for
Mr. Saran Suri, Advocate for Oriental Bank of Commerce.
With
5.
CO.PET. 39/2009
DINESH MITTAL and ORS. ..... Petitioners
Through Mr. Soumitra G. Chaudhuri, Advocate
for petitioner No.6.
Ms. Geeta Goel with Mr. Chetan
Swarup, Advocates
versus
M/S TRIVENI INFRASTRUCTURE
DEVELOPMENT CO. LTD. ..... Respondent
Through Mr. Sandeep Sethi, Senior Advocate
with Mr. Sanjay S. Chhabra,
Advocate for respondent
company.
Mr. S.B. Gautam, Official Liquidator.
Mr. A.N. Haksar, Senior Advocate
with Mr. Udayan Jain, Advocate as
Amicus Curiae.
Mr. Rajiv Bahl, Advocate, Nominee Director appointed by Court.
Mr. Sanjeev Sabharwal, Standing counsel for Income Tax Department.
Mr. Rajat Aneja, Advocate for Investors.
Mr. Sushant Kumar, Advocate for
Mr. Saran Suri, Advocate for Oriental Bank of Commerce.
AND
6.
CO.PET. 8/2011
S.P. AGARWAL and ORS. ..... Petitioners
Through None.
versus
M/S TRIVENI INFRASTRUCTURE
DEVELOPMENT COMPANY ..... Respondent
Through Mr. Sandeep Sethi, Senior Advocate
with Mr. Sanjay S. Chhabra,
Advocate for respondent
company.
Mr. S.B. Gautam, Official Liquidator.
Mr. A.N. Haksar, Senior Advocate
with Mr. Udayan Jain, Advocate as
Amicus Curiae.
Mr. Rajiv Bahl, Advocate, Nominee Director appointed by Court.
Mr. Sanjeev Sabharwal, Standing counsel for Income Tax Department.
Mr. Rajat Aneja, Advocate for Investors.
Mr. Sushant Kumar, Advocate for
Mr. Saran Suri, Advocate for Oriental Bank of Commerce.
CORAM:
HON'BLE MR. JUSTICE MANMOHAN
O R D E R
03.11.2011
CO. APPL. 2014/2011 IN CO. PET. 333/2010
1. In order to promote the object of the Monitoring Committee and to
facilitate creation of corpus fund for the respondent-company to be
utilised by the Monitoring Committee, the Executive Committee has offered
the following immovable properties in the name of the respondent-company
having marketable title with a caveat that on completion of sale and realisation of the total sale consideration, the original owner from whom
the respondent-company has purchased the property is paid the balance
sale consideration outstanding under the sale deed:-
a) Undeveloped land situated at Rewari admeasuring approx. 54 acres. The
respondent-company has applied for licence with the concerned authority
for commencing a real estate development project on the said land,
however, the approval is awaited. The Executive Committee has received an
offer of Rs. 55 lacs per acre from a prospective purchaser who has also
deposited Demand Draft of Rs. 25 lacs with the respondent-company to show
his serious interest. It is pertinent to mention that the Valuer, M/s.
ITCOT Consultancy and Services Ltd. (for short ?ITCOT?) has also valued
the property at Rs.55 lacs per acre only. As per the records of the
respondent-company the approximate existing liability towards balance
sale consideration of the original owner/ farmer is Rs. 10.57 crore;
b) Undeveloped land situated at Dharuhera admeasuring approx. 17 acres.
ITCOT has valued the aforesaid land at Rs.145 lacs per acre. The
respondent-company has applied for licence with the concerned authority
for commencing a real estate development project on the said land,
however, the approval is awaited. The Executive Committee as on date has
not received any concrete offer from any prospective purchaser. As per
the records of the respondent-company the approximate existing liability
towards balance sale consideration of the original owner/ farmer is Rs.
5.41 crore;
c) Undeveloped plot of land admeasuring approx.8400 sq. yds. situated at
Muaza Baipur, adjoining Rangoli, Agra. ITCOT has valued the aforesaid
land at Rs. 6,500/- per sq. meter. The Executive Committee as on date
has not received any concrete offer from any prospective purchaser; and
d) Undeveloped plot of land admeasuring 1510 sq. mtrs. situated at
Greater Noida. ITCOT has valued the aforesaid laid at Rs. 13,500/- per
sq. mtr. The Executive Committee as on date has not received any
concrete offer from any prospective purchaser.
2. The total approximate and estimated market value of the above
mentioned properties is Rs. 65.50 crore. The existing and total
outstanding liability of the original owners/ farmers towards the balance
sale consideration is approximately Rs. 15.98 crore.
3. The valuation of the above mentioned four immovable properties
described at Serial Nos. 1(a) to (d) was carried out by M/s. ITCOT
under directions of this Court and their reports have been placed before
this Court.
4. The Monitoring Committee shall scrutinise/compare the offers received
for sale of the said properties from the Executive Committee which is
already in discussion with some of the prospective customers for the said
property and/ or those received from any other source with the valuation
report submitted by ITCOT. The Monitoring Committee will then fix the ?Reserve Price? for sale of the said properties on the basis of the
highest offer. The Monitoring Committee will issue notice for
?Proclamation Of Sale? of the abovementioned immovable properties in one
English and one Hindi daily newspapers widely circulated as well as
through any other medium they deem appropriate. The Monitoring Committee
will invite sealed offers from the prospective purchasers to be submitted
with the Assistant Registrar (Company) of this Court and to be opened
before this Court on a fixed date. This Court, if it deems fit, shall
confirm the sale in favour of the highest bidder.
5. On confirmation of sale of the respective properties in favour of the
prospective customers and on receipt of the monies by the Monitoring
Committee in the designated account, the charge of the original owner
shall be honoured by releasing/ paying the original owners/farmers their
balance outstanding sale consideration as per the original sale deed, as
indicated in paras 1(a) and (b), in favour of the respondent-company. The
sale deed in favour of the prospective customers will be executed by the
respondent-company subsequent to making payment of such balance sale
consideration to the original owner/farmer. The respondent-company after
approval of the Monitoring Committee will simultaneously make appropriate
applications before the concerned Courts where civil and criminal cases
filed by farmers/original owners are pending for recording the
settlements in terms of payments of outstanding dues and their disposal
in accordance with law.
6. The Executive Committee in order to liquidate the existing liability
of the respondent-company towards Oriental Bank of Commerce (?OBC?) and
for creating additional corpus fund for the respondent company to be
utilised through Monitoring Committee is offering to, sell the immovable
properties mentioned below, enter into Development Agreement and offering
to encash of the solvent security lying with the bank once the same is
released.
(i) Undeveloped plot of land admeasuring 2502.47 sq. mtrs. situated at
Greater Noida. ITCOT has valued the aforesaid laid at Rs. 28,000/- per
sq. mtr. The Executive Committee as on date has not received any concrete
offer from any prospective purchaser;
(ii) Partially Developed plot of land admeasuring 32,530 sq. mtrs.
Situated at Agra Gymkhana Colony, NH-2, Agra. ITCOT has valued the
aforesaid land at Rs. 3,500/- per sq. meter. The Executive Committee as
on date has not received any concrete offer from any prospective
purchaser;
(iii) By entering into an agreement/understanding for sale of development
rights on part of the property/project land situated at Sector-78,
Faridabad. The Executive Committee out of the total area of 4.5 lacs sq.
ft. has received an offer for purchase of development rights of
approximately 2 lacs sq. ft. @ Rs. 560 per sq. ft. towards the cost of
land and Rs. 250 per sq. ft. payable towards external development
charges, internal development charges and other levies for the
proportionate land underneath for which the development rights can be
given. In the event the said understanding is permitted and materialised for the total area of 4.5 lacs sq. ft. it would bring an approximate sum
of Rs. 36.45 crore with the Monitoring Committee.
7. The procedure prescribed in para (4) for sale of properties mentioned
in paras 1(a) to (d) shall also apply for sale of properties mentioned
above.
8. The properties mentioned above have been furnished as securities with
OBC. OBC has first charge over the receipts from sale of the aforesaid
properties and from sale of the development rights. The respondent-
company as on date is not in a position to make One Time Settlement
(?OTS?) offer to OBC due to paucity of funds. The value of the securities
furnished by the respondent-company as per their records far exceeds the
outstanding dues of OBC. The delay in adjudication of the claim of OBC is
prejudicial and detrimental to the interest of the company inasmuch as
their main project namely ?Triveni Galaxy? situated at sector 78-
Faridabad presently under construction is under shadow. To prevent any
coercive action against the properties furnished as security, the
respondent-company is offering to sell and enter into such agreements to
expedite repayment of loan of OBC and for facilitating the creation of
better corpus for Monitoring Committee.
9. The sale of the properties mentioned at Serial Nos. 6(i) to (iii)
shall also be done as per the procedure indicated in paragraph 4
hereinabove.
10. The respondent-company after approval of the Monitoring
Committee/Board of Directors shall submit a proposal for OTS to OBC and
the properties mentioned at Serial Nos. 6 (i) and (ii) be put to sale and
the agreement at Serial No. 6(iii) be executed by the respondent-company
in consultation with the officials of OBC to expedite the process of
repayment to OBC. The OTS offer be made subject to adjustment of the
fixed deposits of approximate Rupees Three crore lying with OBC. As per
the Executive Committee after sale of the properties mentioned at Serial
Nos. 6(i) and (ii) and on entering into the agreement mentioned at Serial
No.6 (iii), the respondent-company would raise an approximate amount of
Rs. 54.65 crore. After adjustment of the fixed deposits lying with the
OBC and on repayment of the loan amount on OTS basis, the respondent-
company is likely to be left with a surplus fund of Rs.26.65 crore, which
shall be utilized by Monitoring Committee.
11. The respondent-company owns and possesses approximately 14 acres of
land situated at Faridabad, Rewari which has been acquired by the Land
Development Authority under the Land Acquisition Act. The land mentioned
here does not form part of the land of the on-going project, nor does it
form part of the land offered for sale hereinabove. As per the
respondent-company, it is not part of the land on which license has been
applied for development of Township in Sector 78- Faridabad. The
compensation in lieu of the said land has already been awarded. The
company shall approach the concerned Land Development Authority without
any delay with the assistance of I.O of Economic Offence Wing to receive
and collect the compensation amount from the authority in the name of
Triveni Monitoring Committee in terms of the order dated 13th May, 2011.
12. The respondent-company after approval of the Monitoring Committee and
Board of Directors will prepare an application to be moved before the
Settlement Commission, Income Tax once the money comes in from aforesaid
sales. The respondent-company after approval of the monitoring Committee
and Board of Directors will file an appropriate application before this
Court for release of the money required to be deposited along with the
application to be filed before the Settlement Commission, Income Tax. The
Court will order release or pass such other directions as it deem just
and proper under the circumstances.
13. In view of the order dated 27th July, 2011 passed by this Court the
interest of the Income Tax Department shall continue to be protected even
if the immovable properties are sold. The consideration from such
agreements described above shall be received and retained in this Court
with the attachment of the said Department continuing to operate in terms
of Section 281-B of the Income Tax Act, 1961.
14. The proclamation of sale shall be issued after approval of learned
Amicus Curiae and Board of Directors and the Monitoring Committee within
one week.
15. It is pertinent to mention that the aforesaid order has been passed
with consent of promoter directors, petitioning-creditors as well as
learned Amicus Curiae and Nominee Director appointed by this Court.
16. With the aforesaid observations, the present application stands
disposed of.
CO. APPL. 2136/2011 IN CO. PET. 333/2010
Registry is directed not to list the present application again as
the same has already been disposed of vide order dated 24th October,
2011.
CO. APPL. 2014/2011 IN CO. PET. 333/2010
List on 14th November, 2011, at 2.15 p.m., the date already fixed.
CO. PET. 39/2009
CO. PET. 8/2011
Mr. A.N. Haksar, learned Amicus Curiae has drawn attention of this
Court to Clause 15 of the consent order dated 13th May, 2011 passed this
Court, which reads as under:-
?15. That all the action initiated by Economic Offence Wing in exercise
of power under section 102 Cr. PC. shall stand substituted by the
undertaking on behalf of the existing directors of the company to the effect ?not to sell or create third party right in the properties in
their name, immediate family members or in the name of the company or its
subsidiaries acquired subsequent to 21st Feb, 2006 (i.e. the date of
incorporation and commencement of business of the Company) till the date
of constitution of the Committee?. The Investigating Officer be directed
to issue communication to the said effect to the concerned authorities.?
Mr. Haksar states that the undertakings as contemplated by the
aforesaid clause in the consent order have not been filed till date.
Learned Amicus Curiae also points out that a sum of Rs. 2.53 crore
received as a consideration from M/s. Sanchar Nest Sahakari Awas Samiti
Ltd. has actually been credited to the accounts of the subsidiaries of
respondent-company.
However, Mr. Sandeep Sethi, learned senior counsel for former
directors states that even the aforesaid sum of ` 2.53 crore has been
utilised to repay respondent-company?s depositors/investors.
The former directors of respondent-company are directed to place on
record an affidavit explicitly stating that the entire consideration
received from M/s. Sanchar Nest Sahakari Awas Samiti Ltd. has been
utilised to repay the depositors/investors of respondent-company.
Mr. Sethi further states that affidavit of undertaking in
compliance of the order dated 13th May, 2011 has already been placed on
record. He undertakes to flag the same in court file and also furnish a
copy of the same to Mr. A.N. Haksar, Mr. Udayan Jain as well as to Mr.
Rajiv Bahl.
List on 14th November, 2011, at 2.15 p.m., the date already fixed.
Registry is directed to forthwith communicate a copy of this order
to Mr. Justice (Retd.) Anil Dev Singh and Mr. Justice (Retd.) P.K. Bahri,
Members of the Monitoring Committee.
MANMOHAN,J
NOVEMBER 03, 2011/rn
Co. Pets. 333/2010, 39/2009 and 8/2011 Page
14 of 14
Rishipal Singh
Dec 17, 2017, 1:38:40 AM12/17/17
to triveni...@googlegroups.com
Any latest update anyone?
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God helps those who help themselves - wake up and stop falling pray to agents of builders - fight for your rights.
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