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TMI Blog2019 (9) TMI 958X X X X Extracts X X X X X X X X Extracts X X X X ..... ssigned the debts payable to it by the borrower Company to the petitioner Kotak Mahindra Bank Limited (hereinafter called as KMBL). IFCI assigned its nonperforming assets with regard to the same loan facilities, initially to Dhir and Dhir Asset Reconstruction and Securitisation Company Ltd., now known as Alchemist Assets Reconstruction Company Ltd., (hereinafter referred to as 'Alchemist'). It appears IDBI also assigned the debts payable to it to Alchemist. 3. KMBL filed proceedings for recovery of its dues i.e. Rs. 4,72,06,961/before the Debts Recovery Tribunal, Delhi. Alchemist initiated proceedings under Section 13 of the Securitisation and Reconstruction of financial Assets and Enforcement of Security Interest Act, 2002 (for short 'th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as well as by the borrower Company by way of SLP No.1672930 of 2012 in this Court. The SLP filed by the borrower Company was disposed of vide order dated 07.05.2012. This court partly modified the directions of the High Court quoted hereinabove, and passed the following order: "1. Respondent No.2 i.e. M/s Alchemist Assets Reconstruction Co. Ltd and the petitionerCompany shall get the land, shown in Blocks 'Z' and 'Y' of the revised site plan (as discussed in the Court), to be placed on record by the petitioner, evaluated. Respondent No.2 shall communicate the value of the land to the petitioner within four weeks from today. 2. An option shall be given to the petitioner to accept the said valuation within four weeks of the date of comm ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3.5 crores were to be deposited in the High court subject to further order for its disbursement. 6. It is important to note that Alchemist filed Review Petition Nos. 1288 & 1289 of 2012 for review of the orders which were dismissed on 24.07.2012. Thereafter, it appears that some application was filed in the SLP filed by the borrower Company. Both the SLPs filed by the borrower Company and the one filed by Alchemist were listed on 02.07.2014. The IAs filed in SLP by the borrower Company were disposed of having become infructuous. The SLP filed by Alchemist was disposed of on 02.07.2014 in the following terms: " I.A.Nos.1415 in SLP (C) No. 1672916730/ 2012 In view of the latest development in the matter, these Interlocutory Applicatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ale, KMBL sent various emails to Alchemist requesting for details of the sale and further requested that a sum of Rs. 4.5 crores be paid to it in terms of the order of the High Court and as directed by this Court in its order dated 07.05.2012. This amount was not paid and hence these Contempt Petitions. 9. At this stage we may note that on 08.02.2019 the Alchemist was directed to deposit a sum of Rs. 4.5 crores in this Court. It was further ordered as follows: "xxx xxx xxx Once the aforesaid deposit is made the contentions advanced by the alleged contemnors that no amount is due to the petitioner - Kotak Mahindra Bank Limited and the scope and purport of the settlement agreement will be considered by the Court. xxx xxx xxx" 10. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 3 crores and KMBL got Rs. 2 crores. This order of 07.05.2012 has not been varied, modified or vacated by any subsequent order. The alleged contemnors can derive no benefit from the order of this Court dated 02.07.2014 permitting them to approach the High Court. Unless the earlier order is modified, the alleged contemnors were bound to obey the orders of this Court as well as the High Court. 12. We may also note that though liberty was given to Alchemist on 02.07.2014 to approach the High Court, such application was filed only in February, 2017. There is no explanation as to why such application was not filed for three years. It is obvious that this application was filed only after the sale certificate was issued and KMBL sent various ..... X X X X Extracts X X X X X X X X Extracts X X X X
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