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TMI Blog2014 (12) TMI 1435X X X X Extracts X X X X X X X X Extracts X X X X ..... t as and when the Committee realizes funds and assets and finds the matter to be ripen for distribution of amounts amongst non defaulting members and parties entitled to the same, the Committee shall prepare a report to this Court. The parties would be at liberty to apply to this Court on such report for distribution of the amounts held by the Committee towards their dues. There is no substance in the submission made by the learned counsel for the third party noticees that no such direction can be issued by this Court or by the Committee. A perusal of the records also indicates that the Committee has heard the parties from time to time before issuing any directions or taking steps in furtherance thereto. The report submitted by the Committee is thus accepted and taken on record and would form part of the proceedings to the suit. The Committee is directed to proceed further to take steps as already directed by the order dated 9th September 2014 including the steps to dispose of various commodities mentioned in paragraph 26 of the report. All further steps of the Committee will be subject to the directions issued in the order dated 9th September 2014. Conclusion - There is no substan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e towards their dues. 2. A perusal of the records indicates that the said order dated 2nd September 2014 passed by this Court was after hearing not only the parties to the suit but also the third party noticees. It is not in dispute that the said order passed by this Court on 2nd September 2014 thereby appointing a Committee with various directions has not been impugned by the third party noticees present in Court today and is neither set aside nor stayed. Pursuant to the said order passed by this Court, the Committee has held number of meetings which are attended by the parties to the suit as well as third party noticees and also the Office staff of Enforcement Directorate (ED). 3. Learned counsel appearing for the parties have invited my attention to some of the Minutes of Meeting held by the Committee. In the Minutes of Meeting held in the month of December 2014, the Committee has summarized the statements and submissions made by the parties who had attended the said meeting. After recording such submissions, the Committee has intended to take various steps to release the assets which are readily available for realization summarized in paragraph 26 of the Minutes of meeting su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement made by the learned advocate appearing for third party noticees, the Committee directed the Police Inspector who was present along with Special Public Prosecutor to write a letter to Vijaya Bank, Bangalore Branch requesting them to transfer the amount of Rs. 25,00,000/- to NSEL Axis Bank Escrow Account. Learned advocate appearing for third party noticees also undertook to produce the ledger account of NSEL maintained by them in their books of account on the next date of hearing i.e. 19th December 2014. 6. Mr. Kamdar, learned senior counsel appearing for the plaintiffs invited my attention to the order passed by this Court and also various orders and recording of Minutes of Meetings held by the Committee. It is submitted that the third party noticees who had appeared before this Court and also appeared before the Committee have agreed to sell perishable commodity. After recording such submission, the Committee has intended to take steps to realize assets which are agreed to be sold by the parties and thus this Court shall accept the said report submitted by the Committee and appropriate order be passed thereon. 7. Mr. Bharti, learned counsel appearing for some of these third ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... submitted themselves to the jurisdiction of this Court which in my view has been rightly done. In so far as the provisions of MPID Act are concerned, the proceedings filed by the NSEL against the parties to the said proceedings which are under the provisions of the said Act can be independently filed irrespective of filing of this suit. In my view, the said proceedings before MPID Court are not overlapping with this proceedings. 11. A perusal of the records and particularly Minutes of Meeting of the Committee clearly indicates that even the authorities i.e. EOW have also made submissions before the Committee and have agreed to provide cooperation, if the properties which are intended to be sold and are realized by the Committee. In my view, thus there is no substance in this submission of the learned counsel for the third party noticees. In my view, there is no substance in the submission of the learned counsel that EOW may raise objection for sale of assets. 12. A perusal of the order passed by this Court dated 9th September 2014 and in particular paragraph 10 of the Minutes of Meeting dated 27th August 2014, makes it clear that this Court has already provided safeguards to all ..... X X X X Extracts X X X X X X X X Extracts X X X X
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