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TMI Blog2017 (10) TMI 148X X X X Extracts X X X X X X X X Extracts X X X X ..... et Singh, Adv., Mr. Rahul Tripathi, Adv., Mr. Gautam Talukdar, Adv., Mr. Ram Sajan Yadav, Adv., Mr. Vijay Kumar, Adv., Ms. Neha Gupta, Adv., Mr. Sarthak Nayak, Adv., Mr. Aviral Dhirendra, 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 Bhattachary, Sr. Adv., Mr. Pawan Upadhyay, Adv., Mr. Akash Tyagi, Adv., Ms. Sharmila Upadhyay, AOR, Mr. C.K. Sasi, AOR, Mr. G. Sivabalamurugan, AOR, Ms. Vandana Sehgal, AOR, Mr. Tushar Mehta, ASG, Mr. Rana Mukherjee, Sr. Adv., Mr. D.L. Chidananda, Adv., Ms. Sadhana Sandhu, Adv., Mr. M.K. Maroria, Adv., Mr. B.K. Prasad, AOR, Mr. A.K. Srivastava, Adv., Mrs. Anil Katiyar, AOR, Mr. Ankur S. Kulkarni, AOR, Mr. Anupam Lal Das, AOR, Mr. Prashant Choudhary, AOR, Mr. Sanjeev Agarwal, AOR, Mr. Mohit D. Ram, AOR, Mr. Vishwa Pal Singh, AOR, Mrs. Shally Bhasin, AOR, Mr. Sunil Fernandes, AOR, Ms. Astha Sharma, Adv., Ms. Nupur Kumar, Adv., Mr. Vikas Singh, Sr. Adv., Mr. Yunus Malik, Adv., Mr. Anis Maheshwari, Adv. And Mr. Zain Khan, Adv. ORDER Contempt Petition (C) No.412/2012 The present ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been filed by the contemnor, we direct that the reserved price for the purpose of auction be fixed at Rs. 37,392 Crores. The Official Liquidator shall proceed in accordance with the Rules of procedure and prepare a draft terms and conditions and sale notice and the same shall be filed for our approval on 19.6.2017. The terms and conditions for the auction shall be finalised by Mr. Vinod Sharma, the Official Liquidator in consultation with Mr. Justice B.N. Agarwal, 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. We may hasten to add that on the basis of this order, the Court assembled in summer vacation and as the matter was required to be verified only for the limited purpose, the two-Judge Bench combination met. On 19th June, 2017, the Court dealt with I.A. No.47681 of 2017, which was filed s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ty for Rs. 109.75 crores. The said amount is 62% of the circle rate and, thereby, less than 38% of the circle rate. Permission is sought to sell the property at that rate. As advised at present, we are not inclined to grant the said permission. We think that the said property shall be put to public auction by S.E.B.I with the assistance of approved agency. In the bid, S.E.B.I. can mention 90% of the circle rate, as some time this Court had permitted at that rate. The auction shall be conducted by the competent authority of S.E.B.I. through the approved agency on or before 5th July, 2017. Needless to say, e-auction can be done in respect of this property. As the contemnor has deposited Rs. 790.18 crores, we are inclined to extend the time by ten working days so that the undertaking can be complied with. The balance amount i.e. Rs. 709.82 crores shall be deposited with the SEBI Sahara Refund Account by 4th July, 2017. The prayer No.(ii) in the interlocutory application relates to grant of permission for sale of Grosvenor House Hotel, i.e. by transfer of shares of the company to the buyer i.e. GH Equity U.K. Limited. Mr. Arvind P. Datar, learned senior counsel appearing for the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to be auctioned as some portions are encumbered. Needless to say, the auction shall take place in respect of the unencumbered part of the Haridwar property and the same shall be adjusted not towards the cheque amount but towards the balance amount. We may hasten to add that though we have approved the terms and conditions and the draft proclamation, we have not directed for auction today as the date of the cheque is 15.7.2017 and if the cheque is honoured, we shall direct for deposit of bigger amount so that the sum due, which is approximately nine thousand crores as on today, shall be expressly realized, for realization is of the money is the principal purpose of the present proceedings." On 25th July, 2017, the Court referred to the order dated 5th July, 2017, and, thereafter noted that the respondent-contemnor had deposited a sum of Rs. 247 crores and a submission was advanced that the balance amount i.e. Rs. 305.21 crores shall be deposited by 12th August, 2017. Mr. Pratap Venugoal, learned counsel appearing for SEBI had raised serious objection to the same. Thereafter, the Court observed thus:- "At this Stage, Mr. Sibal earnestly urged that when the property has been atta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y; and (iii) pass such further orders as may be deemed just, necessary and appropriate, in the facts and circumstances of the case." The Court opined that it was not inclined to entertain the prayers made in the interlocutory application. However, it was observed that if the contemnor enter into any negotiations and deposits the amount before this Court, appropriate order shall be passed on the next date of hearing. Be it noted, the said interlocutory application was taken up upon being mentioned before this Court. At this juncture, it is apposite to state that the matter was adjourned to 11th September, 2017, as per the order passed on the earlier occasion, that is, 25th July, 2017, and the respondent-contemnor was required to deposit Rs. 1500 crores which would include the balance amount of Rs. 305.21 crores. On that day itself, the Court had directed the Official Liquidator to take first two steps for sale of Ambey Valley project. Today, when the matter was taken up, Mr. Kapil Sibal, learned senior counsel appearing for the respondent-contemnor filed a chart as to how the respondent-contemnor intends to comply with the order dated 25th July, 2017. We think it seemly to repr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 017 9. Successful Bidder to make payment of 25% of the Purchase Price to the designated bank account November 17 - December 16, 2017 10. Successful Bidder to make balance payment of 25% of the Purchase Price to the designated bank account December 17 - January 16, 2018 11. Apex Court to confirm the sale/lease in favour of Purchaser and deliver possession to the Purchaser. The EMDs of other two highest Intending bidders to be refunded with interest As directed by this Hon'ble Court. 12. Deed of Conveyance /lease to be executed in favour of the Purchaser(s) 6 months from date of confirmation of sale 13. In event of failure of successful bidder to pay the entire consideration, to resell the property to the other highest intending bidder in chronological order and complete the sale as per above process. 90 days from date of failure of successful bidder to make the payments. " After hearing the counsel for the parties, we told in the open Court that we will be passing the order in the course of day. At that point of time, Mr. Datar has submitted that there are certain prayers made by the Official Liquidator relating to the auction. The said prayers re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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