9911796707
TMI Blog2017 (12) TMI 1319X X X X Extracts X X X X X X X X Extracts X X X X ..... Dasha, Ghaziabad, U.P. which in fact was owned by four different companies namely, (a) Triveni Infrastructure Development Company (610.14 sq.m), (b) RMS Club & Resorts Ltd. (16,485.16 sq.m), (c) Chahat Garments Pvt. Ltd. (8,983.63 sq.m) and (d) Rewari Developer Pvt. Ltd. (1,376 sq.m). The land was directed to be sold on 'As Is Where Is And Whatever There Is Basis' and was being sold with the consent of all the companies. It is alleged the said land was purchased prior to the winding up of proceedings and Sanchar Nest had paid only an amount of Rs. 15 lakh to the company (in provisional liquidation) on 27.01.2010. This Court directed the sale of the land be carried out by way of open auction under the supervision of the Court prior to passing of an order appointing the Official Liquidator as a Provisional Liquidator of the company. M/s Sanchar Nest participated in the auction and placed its bids. Vide order dated 27.07.2011 the applicant was successful in its bid for purchasing the land at Rs. 23.10 crores and out of which it had paid an amount of Rs. 8.32 crores, the bid amount, including Rs. 2.31 crores as the initial amount. However, the applicant company did not further carry o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uthorized representative of the Triveni etc as follows:- "In compliance of Hon'ble High Court order dated 15.02.2011 and as per direction of worthy official liquidator vide authority letter dated 25.02.2011, I. M.S. Kataria, Official of the official liquidator visited at village Meharauli, Pargana Tehsil, Dasna district Ghaziabad (U.P.) for providing the inspection to the valuer namely ITCOT who were appointed by the Hon'ble court to evaluate the lands of the company. On reaching at the site, we met Sh Brijesh Pahuja And Sh. Shailender, Authorised Representatives of M/s Triveni Infrastructure Development Company Limited who identified the lands of the company. After that the inspection was provided to the official valuer of ITCOT with their entire satisfaction. The undersigned has also took the photographs of the land. After inspection of the minutes was recorded at the site in presence of following person their names are given above." b) These minutes clarified total 19 title deeds of Ghaziabad land, were put for bid after valuation was done by ITCOT. On 26.02.2011 the verification of the land was done and it was observed the said land belong to Triveni (company under l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Court still continued with the arrangement agreed between the parties as it was assured that the value of the assets of the respondent company would take care of all liabilities including the genuine Income Tax liability and in the event of winding up of the respondent company, the assets of the respondent company would not fetch the market price and the petitioners who are investors/flat buyers would have little chance of recovering any money." g) While conducting this auction, the Court created a Triveni Monitoring Committee to see least loss is caused to the investors. Since farmers/investors were left high and dry the Official Liquidator was appointed as a Provisional Liquidator of the company to facilitate the filing of a viable revival scheme. The SFIO was also directed to conduct an investigation into the matter and to examine as to whether any assets or fund of the respondent company have been transferred or siphoned off to any other group of companies, individuals or entities and to examine as to if former promoters and directors of the respondent company have floated any other company or entity or used any individual to siphon off any funds of the company in liquida ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... be to sell the properties of this company which have been identified and are situated at Ghaziabad, Dharuheda, Rewari and Faridabad. The funds obtained from the sale of the above referred properties will form 'corpus fund' of the company which will be utilized by the Committee to pay off its creditors, both secured and unsecured. The Committee is also permitted to invite claims from its creditors and for this purpose, advertisements be effected in 'Indian Express' (English edition) and 'Jansatta' (Hindi edition). This Court has been informed that there are more than Rs. 8 crores lying with the TMC. Since the TMC is discharged, the funds lying with the TMC be transferred into the account of the Official Liquidator." 7. In Company Appeal No.32/2014, filed by Awas Samiti, the Division Bench passed an order dated 11.07.2014 which notes:- "18. In this view of the matter, it would be most unfair to the appellant to direct that the payment of Rs. 8.32 crores and odd be treated as an amount paid under the Memorandum of Understanding given the fact that all parties as well as the Courts have accepted and treated the amount as a payment made by the appellant towards its bid amount for par ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Official Liquidator the applicant had made a payment of Rs. 7,07,34,707/- to the investors of the company through the Registrar Vigilance of this Court and Rs. 1.25 Crore has been deposited with the Registrar General of this Court. The similar facts are also recorded in the orders dated 25.05.2010 and 30.09.2010 and 27.07.2011. 12. Hence, in view of various orders, some of which were noted above, an amount of Rs. 8 crores approx was directed to be released by the Triveni Monitoring Committee to the Official Liquidator and it became corpus fund. Admittedly the Official Liquidator/ court had inspected the title deeds of the lands and only then the land was auctioned. The applicant since had made the payment as per Court's directions and thus cannot be put to any loss. An order dated 08.02.2016 of this Court notes as under:- "3. It appears that the applicant- samiti entertained doubts qua the ability of the OL to give clear title with respect to the subject land. Issue concerning this aspect, came to be recorded in this court's order dated 28.11.2011. The applicant-samiti in the course of proceedings held on 28.11.2011 made it clear that it was not interested in going through with ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ying as on 30.09.2017 in the corpus fund of company in liquidation. Thus taking into consideration the overall circumstances; the plight of other creditors who are also waiting their turn to get payments and though not placing the applicant in queue with them, I direct the official liquidator to initially release an amount of Rs. 2.5 Crores to the applicant within four weeks from today. As the order dated 17/10/2012 notes the company has various properties at Ghaziabad, Dharudhera, Rewari and Faridabad, the learned Official Liquidator should file a report confirming status of such properties of TIDCO and its subsidiaries and to disclose what steps it had taken till date to dispose those of and/or as to how it proposes to deal with the same viz., sale and/ or realise proceeds thereof to clear of claims of the company in liquidation at the earliest. 14. Since there is no clarity till date as to what happened to the money received by three companies viz., (a) RMS Club & Resorts Ltd.; (b) Chahhat Garments Pvt. Ltd. and (c) Rewari Developer (P) Ltd. - which allegedly were the paper companies of Mr.Madhur Mittal and Mr.Sumit Mittal and since its erstwhile management has conveniently all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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