TMI Blog2017 (8) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... Nizam Pasha, Adv. Mr. Simaranjeet Singh, Adv. Court, would tantamount to giving indulgence. Indulgence has the propensity to give rise to procrastination which is the murderer of justice. Therefore, we are disposed to think that the first two steps for sale of Ambey Vally Project shall be undertaken within this time and for the same we approve the draft sale notice submitted by the Official Liquidator and direct him that he shall take first two steps by updating the dates. The official liquidator shall publish the sale notice as given by him and the notice shall be published on 14.8.2017. The steps which are required to be taken for the publication of the sale notice are allowed. The amount that is required for publication shall be given ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with the report of the Official Liquidator being O.L.R. No.122 of 2017. The prayer for approval of the terms and conditions of sale notice shall be considered on the next date of hearing. In view of the aforesaid, we are absolutely disinclined to entertain the prayer for extension of time for encashing the cheque amount for ₹ 552.21 crores dated 15.7.2017. SEBI is directed to produce the cheque in the concerned bank in the relevant account. If the cheque is dishonoured, appropriate consequences shall be faced by the contemnor. At this stage, we think it appropriate to accept the terms and conditions and the draft proclamation for the auction of Ambey Vally. Further steps for acution shall be taken if the cheque is not honoured. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... perceived, is the bona fides of the respondent-contemnor and that can be spelt out or translated by action and the action is deposit of the dues in SEBI-Sahara account. 6. Having heard learned counsel for the parties at length, it is directed that the respondent-contemnor shall deposit ₹ 1500 crores (Rupees fifteen hundred crores only) which would include the balance amount of today by 7.9.2017. After due consideration, we have granted time till 7.9.2017, though Mr. Sibal, with all humility at his command, prayed for fixing the date some time in October, 2017. Though we appreciate the humble submission but we are not in a position to accede to the same. The grant of time, without any steps taken by the Mr. Tushar Gupta, Adv. Mr. Ni ..... X X X X Extracts X X X X X X X X Extracts X X X X
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