TMI Blog2017 (5) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... al, formerly a Judge of this Court. The official liquidator will be at liberty to avail the expertise of an expert for drafting the terms and conditions. The official liquidator shall remain personally present with his team, on the next date of hearing. List the matter at 10.30 a.m. on 19.6.2017. Be it clarified that the matter is directed to e listed on that day to scrutinise the action/steps taken in pursuance of the order passed today. Guilty of contempt - Held that:- In pursuance of our earlier order, Mr. Prakash Swami, the CP 412/2012 power of attorney holder for M.G. Capital Holdings is present. The sum of ₹ 10,00,00,000/- (Rupees ten crore only) has not yet been deposited. In view of the aforesaid, he is in violation of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Narendra Hooda, Sr. Adv., Mr. Gautam Awasthi, AOR, Mr. Ayush Choudhary, Adv., Mr. Rahul Tripathi, Adv., Mr. Zafar Khurshid, Adv., Mr. Sarthak Nayak, Adv., Mr. Tushar Gupta, Adv., Mr. Aviral Dhindsa, Adv., Mr. Simranjeet Singh, Adv., Mr. Gautam Talukdar, Adv., Mr. Ram Sajan Yadav, Adv., Mr. Vijay Kumar, Adv., Ms. Neha Gupta, Adv., Ms. Geetanjali Kapur, Adv., Mr. Prashant Kumar, AOR, Mr. Ramesh Babu M. R., AOR, Ms. Swati Setia, Adv., Mrs. Anil Katiyar, AOR, Mr. Rakesh Kr. Sharma, AOR, Mr. Amit Anand Tiwari, AOR, Mr. Yash Pal Dhingra, AOR, Mr. P.N. Puri, AOR, Mr. Biswajeet Bhattacharya, Sr. Adv., Mr. Pawan Upadhyay, Adv., Mr. Sarvjit Pratap Singh, Adv., Mr. Akash Tyagi, Adv., Ms. Sharmila Upadhyay, AOR, Mr. Saiby Jose Kidangoor, Adv., Mr. C.K. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y Land is considered at Ready Recknor Rate Fair Market Value in INR (after taking discounting factor for land within Aamby Valley City) Realizable Value in INR (at 90 % of Fair Market Value) Distress Value in INR at 80% of Fair Market Value Valuation of Building Constructed Area 21,93,66,34,884 21,93,66,34,884 19,74,29,71,396 17,54,93,07,907 Valuation of Land within Aamby Valley City 4,04,61,17,25,215 3,43,91,99,66,433 3,09,52,79,69,789 2,75,13,59,73,146 Valuation of Land held by Aamby Valley Ltd outside of A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 4,34,60,96,09,909 3,73,91,78,51,127 3,36,52,60,66,014 2,99,13,42,80,902 OR SAY 43,461 Crores 37,392 Crores 33,653 Crores 29,913 Crores Remark:- For Land Within Aamby Valley City:- Average Govt ready recknor rate is 53612.50 Rs Per Sq Meter. But in the present market scenario for real estate market specially after Demonetisation, availability of buyer at this price are very rare. So it require discounting hence We are considering 15% discounting factor from Govt ready recknor rate to arrive at the fair market value of this land. It is submitted by Mr. Vinod Sharm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r the distant future. We are CP 412/2012 concerned with the present and not with the distant future as that is not the duty of the Court in a contempt proceeding. At this juncture, it is submitted by Mr. Shekhar Naphade, learned Amicus Curiae and Mr. Arvind Datar, learned senior counsel appearing for the SEBI being assisted by Mr. Pratap Vanugopal, learned counsel that the contemnor, as on today, owes approximately ₹ 11,169 Crores towards the principal and that is required to be paid. As the affidavit would show, the first cheque is for ₹ 1500,00,00,000/- dated 15.6.2017 and the second cheque is dated 15.7.2017 for a sum of ₹ 552,21,00,000/-. The affidavit shows assurance to see to it that the cheques shall be honoure ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uidator shall remain personally present with his team, on the next date of hearing. List the matter at 10.30 a.m. on 19.6.2017. Be it clarified that the matter is directed to e listed on that day to scrutinise the action/steps taken in pursuance of the order passed today. The interim order shall remain in force till then. I.A. 247/2017 In pursuance of our earlier order, Mr. Prakash Swami, the CP 412/2012 power of attorney holder for M.G. Capital Holdings is present. The sum of ₹ 10,00,00,000/- (Rupees ten crore only) has not yet been deposited. In view of the aforesaid, he is in violation of the order passed by this Court. Having heard his explanation which is not satisfactory, we hold him guilty of contempt of this Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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