TMI Blog2017 (10) TMI 148X X X X Extracts X X X X X X X X Extracts X X X X ..... nt-contemnor. Therefore, we direct without any hesitation that the auction shall be held as per the direction given by this Court and the Official Liquidator is permitted to carry out the auction as per procedure and during the auction the Registrar General of the High Court of Bombay, who is designated as Supreme Court appointee, shall remain personally present to over see the physical auction at the auction venue at Mumbai. After the auction is held, liberty is granted to the counsel for the parties to mention. - I.A. Nos.83-85/2015,104-106/2015, 131/2015, 158-160/2016 - - - Dated:- 11-9-2017 - 180-182/2016, 190-191/2016, 194-195/2016, 205-207/2016, 208/2016, 209-210/2016, 211/2016,212-214/2016, 218-220/2016, 227/2016,231/2016, 232/2016, 239/2016, 240/2016, 241/2016, 242/2016, 243/2016 244-246/2016, 247/2017, 251-252, 253-255, 256, 257-259, 260-262/2017, 268-270/2017, 273-274/2017, 280-282/2017, 284-286/2017, 47133 47681/2017, CONMT.PET.(C) Nos.412 413/2012, C.A. Nos.9813 9833/2011 And C.P.(C) No.260/2013 in C.A. No.8643/2012 Mr. Ranjan Gogoi And Mr. A.K. Sikri JJ. For the Petitioner : Mr. Arvind P., Datar, Sr., Adv., Mr. Pratap Venugopal, Adv., Ms., Surek ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Except hyperbolic arguments and rhetoric statements, the amount in entirety has not been paid. Mr. Kapil Sibal, learned senior counsel appearing for the respondent-contemnor would submit with all the vehemence as well as humility at his command, that it is the first case where a contemnor has paid the substantial amount which may go up to ₹ 16,000 crores, and though approximately ₹ 8651 crores is due, that should not be held against him. The submission on a first blush may look attractive, but the proceeding that has been recorded by this Court from time to time will compel one to repel the submission and extinguish the impression gathered on the first blush. Having said this, we intend to sit on a time machine, but not for long. Suffice it to refer to some orders which we have passed in the recent past. On 27th April, 2017, this Court, taking note of order dated 17th April, 2017, had passed the following order:- At this juncture, Mr. Kapil Sibal, learned senior counsel submitted that the petitioner may be granted liberty to send ₹ 1500,00,00,000/- (Rupees one thousand five hundred crores only) in the accounts of SEBI Sahara Refund Account through RTGS o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aras can raise money out of their assets and run, promote their businesses in the interest of justice, equity and fair play. After noting the prayers, the Court proceeded to pass the following order:- Be it noted, on the previous occasion, i.e. 27th April, 2017, the contemnor had furnished two post-dated cheques, one dated 15th June, 2017, for ₹ 1500,00,00,000/- (Rupees fifteen hundred crores only) and the second one dated 15th July, 2017, for a sum of ₹ 552,21,00,000/- (Rupees five hundred fifty-two crores and twenty-one lakhs only). An assurance was given by Mr. Kapil Sibal, learned senior counsel appearing for the petitioner, as well as by the contemnor, who was present in the Court, that the cheques shall be honoured. It was directed that if there will be a failure, the contemnor may be sent to custody. It is submitted by Mr. Sibal relying on the application filed by the contemnor that till today they have deposited ₹ 774 crores in SEBI Sahara Refund Account and today he has handed over eighteen demand drafts amounting to ₹ 16,11,95,000/- (Rupees sixteen crores eleven lakhs and ninety-five thousand) in favour of SEBI Sahara Refund Account. The tot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ress with regard to the report of the official liquidator, the Court observed as under :- It is necessary to note that we had directed the Official Liquidator of the High Court of Bombay to proceed with the drafting of terms and conditions of sale notice for the Amby Valley property. Mr. Vinod Sharma, Official Liquidator submits that the terms and conditions have been scrutinized by Justice B.N. Agarwal, formerly a Judge of this Court, who has been nominated to supervise the refund process. A copy of the terms and conditions be handed over to the learned counsel for the contemnor. The original terms and conditions of the sale notice which have been filed in the Court be taken on record. Be it stated, the said documents have been filed 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 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anted 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 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 from the SEBI Sahara Account. Mr. Pratap Venugopal shall see that the moment the official liquidator produce a letter, the amount shall be released to the official liquidator. At this juncture, it is essential ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Total (Rs.FIFTEEN HUNDRED CRORES ONLY) Rs.1500.00 Crores Mr. Sibal would urge that tremendous efforts have been made by the respondent-contemnor to comply with the order of this Court and if the prayer made by him is not accepted, the principle of reasonableness would be defeated. That apart, he would submit that the Official Liquidator has only been able to get two KYC forms from the prospective bidders. Mr. Arvind P. Datar, learned senior counsel along with Mr. Pratap Venugopal, learned counsel appearing for the SEBI would contend that the auction has to proceed and this kind of drama of procrastination must stop. On being asked, Mr. Shekhar Naphade, learned Amicus Curiae appointed in the case echoing the same argument advanced by Mr. Datar urged that the conception enough is enough should be adopted by this Court and there is no reason why long rope should be given to the respondent-contemnor to play truancy and seek indulgence. At this juncture, we may state that the Official Liquidator has given a list of important dates with regard to the proceeding of the auction. The said cha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 read as follows:- Appointment of a 'Designated Supreme Court Appointee' to oversee the physical auction on the spot at the Auction Venue. Permit the Official Liquidator to conduct the Auction at Aamby Valley City, Lonavala Pune or at Hall/Auditorium in Mumbai against payment of rent. Pass a Vesting order allowing the relaxation(s)/vesting as mentioned in paragraph 10 of OLR No.122 of 2017. Direct the Owner(s) of the Properties/Aamby Valley Limited/subsidiaries and associate companies of Aamby Valley Limited/individual nominees/employees of Aamby Valley Limited/any other person in possession of the Properties (as may be applicable) to handover vacant, unencumbered and peaceful possession of the Properties to the Purchaser(s) and other formalities of transfer of title etc. as mentioned in paragraph 11 of OL ..... X X X X Extracts X X X X X X X X Extracts X X X X
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