Court Receiver powers expanded for phased sale, symbolic possession confirmed, and parallel litigation barred over Aamby Valley properties.

The SC confirmed symbolic possession of the properties and enlarged the Court Receiver's powers under Order XL Rule 1 CPC to manage them on a day-to-day basis. It permitted engagement of professionals and agents, and authorised phased sale by first disposing of movables and then the identified immovable properties, recognising that sale of the properties as a single unit was not practicable. The Court also directed reimbursement of expenditure incurred by the Official Liquidator and the Court Receiver, subject to approval of the learned Company Judge in consultation with Justice A.S. Oka, and restrained other courts from entertaining litigation concerning the Aamby Valley City properties.

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Issues: Whether the Court should confirm the symbolic possession already taken over the properties, empower the Court Receiver with the powers necessary for day-to-day management under Order XL Rule 1 of the Code of Civil Procedure, permit sale of the movable and immovable properties in phases, and direct reimbursement of expenditure incurred for implementation of the Court's directions.

Analysis: The order records that the properties could not be sold as a single unit and that practical difficulties required additional directions for implementation of earlier orders. Accepting the status reports, the Court confirmed the symbolic possession already taken, vested the Court Receiver with powers under Order XL Rule 1 of the Code of Civil Procedure, permitted engagement of professionals and appointment of agents, and authorised the sale of movables first and thereafter the identified immovable properties. It also directed that expenditure incurred by the Official Liquidator and the Court Receiver be reimbursed by SEBI with approval of the learned Company Judge in consultation with Justice A.S. Oka, and restrained other courts from entertaining litigation concerning the Aamby Valley City.

Conclusion: The directions sought for administration, protection, and phased sale of the properties were granted, with symbolic possession confirmed and the Court Receiver given wide implementation powers.

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