9911796707
TMI Blog2013 (11) TMI 1816X X X X Extracts X X X X X X X X Extracts X X X X ..... exed with Company Application No.1331/2013 in Company Petition No.39/2009. 2. Company Application No.1331/2013 was disposed of on 06.08.2013 with liberty to the applicant to file reply and also to apply for condonation of delay in case there was any delay. Pursuant to this order the applicant filed CA No. 1590/2013 seeking condonation of delay which was allowed. 3. All the original documents annexed in Company Application No. 1331/2013 are listed in para-4 of the application. Since that application was already disposed of by this Court by orders dated 06.08.2013 and 11.09.2013, the original documents are no longer required by this Court. 4. In these circumstances, the original documents are directed to be returned to Mr. Amit Mittal who is the GPA of the applicant. This may be done within two weeks from today. The application stands disposed of. CO. APPL. No.1500/2013 1. This is an application filed on behalf of the OL. The following prayers are made: - i) Directions may be issued to Land Acquisition Officer, Urban Estate, Faridabad (Haryana) to deposit the entire amount of Compensation determined vide award No.24, 25 27 with this Hon ble Court; ii) The directions may be issued to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der dated 11.02.2013. Pursuant to this disclosure, the provisional liquidator wrote letters on 14.05.2013 and 24.07.2013 to the Land Acquisition Officer, Urban Estate, Faridabad, Haryana (hereinafter referred to as the LAO ) requesting him to furnish the complete details of the land acquired by him and also requested for payment of the compensation. It would appear that LAO had filed a certificate to the effect that an amount of Rs.23,50,46,995/- is lying with him as compensation for land of the company which was acquired. 4. At this juncture it is relevant to refer to the events leading up to the acquisition of the land and the issue of the certificate by the LAO. The company purchased land measuring 7 acres, 1 kanal and 19 marlas situated in village Bhatola, Tehsil and District Faridabad, Haryana from one (Late) Smt. Bati Devi under sale deed bearing Vaiska No.1586 dated 27.04.2006 for a total consideration of Rs. 6,30,20,625/-. Part consideration was paid by the company by six different cheques but due to insufficiency of funds in the account of the company, only two cheques amounting to Rs. 1,30,04,125/- were honoured and the rest of the cheques for the aggregate amount of Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... itor having a charge over a part of the land acquired by the LAO. Therefore, on 26.09.2013 and 30.10.2013 when this application was taken up, it was opposed by SICOM. It was pointed out on its behalf that several orders of attachment have been passed by DRT, Delhi attaching the compensation and that SICOM being a secured creditor, Section 29 of the RDDB Act, 1993 was applicable. It was further submitted on the basis of several judgments of Supreme Court that SICOM being a secured creditor and having stood outside the liquidation proceedings, was entitled to enforce its charge over the land and consequently also get the compensation monies from the LAO in discharge of the amounts due to it. It was accordingly prayed on behalf of SICOM that the compensation monies should not be directed to be given to the applicant (the Official Liquidator), but should be directed to be paid to SICOM in partial discharge of the monies due to it by the company. The learned counsel for SICOM handed over to this Court copies of some of the orders of the Debt Recovery Tribunal, Delhi (DRT) showing that there was an attachment by the DRT on the amounts lying with the LAO. The amount of the debt, as certif ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... dated 15.11.2010 and subsequently also confirmed by the Hon ble Supreme Court of India vide order dated 04.01.2011. ii) Thus the outstanding amount payable to SICOM in terms of the proposed settlement [being calculated at 10% simple interest instead of 19.50% interest with quarterly rest as awarded by DRT] will accordingly stand reduced from Rs.72.66 Crores to Rs.37.45 Crores as per the calculation sheet. iii) SICOM Ltd is agreeable to receive the aforesaid amount of Rs.37.45 Crores in full and final settlement of all their claims from the Company subject to the following:- a) That the amount of Rs.18.0 Crores be released in favour of SICOM in the following manner and not later than 31st December, 2013; [i] Through LAC Rs.17,41,10,000/- [ii] Through DD Rs. 8,90,000/- [iii] Through withdrawal of amount deposited with DRAT vide DD No. 005447 243247 both of Rs.25.00 Lacs each. Rs. 50,00,000/- b) Balance amount of Rs.19.45 Crores will be paid to SICOM by the Company within a period of 15 months i.e. not later than 31st March, 2015 [Rs.6.83 Crores principal amount and Rs.12.62 Crores interest upto 31.03.2015 being calculated at 10% simple interest instead of 19.5% interest with quarterl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the exclusive owner of the land. c) The company in liquidation shall have the exclusive right to the application for enhancement of compensation before the appropriate authority. d) Sh. Dharam Singh shall have no further claim in the said land in terms of the affidavit filed before the Hon ble Court. e) Sh. Dharam Singh shall move appropriate application before the Court of JMIC Faridabad to get the stay vacated for releasing the land compensation amount in favour of the official liquidator which has been attached vide order dated 28.5.2008. f) SICOM (Secured Creditor) and the ex-management of the Company in liquidation shall execute such documents/forms as may be necessary to implement the terms and conditions stated in Term Sheet . 12. It was accordingly prayed by the Official Liquidator that the report may be taken on record and appropriate orders may be passed in Company Application No.1500/2013. 13. On behalf of the erstwhile management, learned senior counsel submitted that the settlement arrived at between the parties would be beneficial to the company as also for the creditors and other stakeholders in as much as the company would be saving about Rs.35 crores by paying Rs. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd will issue no dues certificate in favour of the company. The original title deeds will be deposited with the office of the O.L. 15. The learned senior counsel for Dharam Singh, the representative and the legal heir of late Smt. Bati Devi, stated that his client has no objection for the release of the compensation amount to the company in liquidation or to SICOM subject to the payment of the amount of Rs.5,85,16,500/- to him out of the compensation amount presently lying with the LAO. 16. Mr.Rajiv Bahl, leaned counsel for the O.L. drew my attention to the report No.873/2013 filed by the O.L. as well as the terms of the settlement reached between the ex-management and SICOM. He highlighted that not only the liability of the company to SICOM would be reduced by about Rs.35 crores, which would be available for distribution to the creditors, workmen etc., but in case the settlement is approved, the compensation amount would come into the hands of the O.L. and would start earning interest immediately, augmenting the resources of the company and thereby bettering the chances of the creditors, workmen etc. He also emphasises that once the right to apply for enhancement compensation ennu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ditor. SICOM has also agreed to withdraw all the 18 complaints filed against the company under Section 138 of the NI Act under clause 7. The insolvency notice issued by it against the company will also be withdrawn. The petition filed by SICOM before the Punjab and Haryana High Court will also to be withdrawn. Moreover, the dispute pending between the company and the legal heir of Smt. Bati Devi would also come to an end, since the legal heir would be paid the amount of Rs.5,85,16,500/- in full and final settlement towards the balance of the sale consideration for the land, interest etc. The legal heir has also undertaken to simultaneously withdraw all the pending complaints/litigation, FIRs, Section 138 complaints and attachment orders against the amount lying with the LAO. 19. In view of the above advantages, both monetory and with regard to the pending litigations/complaints etc., prima facie there appears to be nothing objectionable to the proposals made by the parties which have also been examined by the office of the O.L. The arrangement appears to be in the interest of the company in liquidation. I accordingly, issue the following directions:- (a) The LAO, Urban Estate, Fari ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
