https://www.taxtmi.com/caselaws?id=366666 The judgment addresses the failure to auction properties in Aamby Valley City due to a lack of response to the notice inviting tenders. Negotiations with specific companies are mentioned, indicating a potential settlement. Specific details are provided regarding the negotiated settlement, with an agreed amount of &8377; 982.80 crores. The companies involved are required to deposit &8377; 200 crores by specific dates, with a warning of contempt and jail for non-compliance. Permission is granted for revenue-generating activities, subject to conditions such as account maintenance and royalty fixation. The companies are instructed to furnish the account within two weeks to the Receiver. The judgment also highlights the sale of Plaza Hotel in New York, requiring the respondent to explain the sale basis and utilization of proceeds. The Receiver and Official Liquidator are discharged upon furnishing the necessary accounts. SEBI is permitted to replenish expenses and is directed to pay expenses incurred by the Receiver and Liquidator, with a requirement to furnish accounts to the contemnor. The matter is scheduled for listing on a specific date for further proceedings. en-us Thu, 12 Jul 2018 00:00:00 +0530 Sat, 08 Sep 2018 08:08:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366666 The judgment addresses the failure to auction properties in Aamby Valley City due to a lack of response to the notice inviting tenders. Negotiations with specific companies are mentioned, indicating a potential settlement. Specific details are provided regarding the negotiated settlement, with an agreed amount of &8377; 982.80 crores. The companies involved are required to deposit &8377; 200 crores by specific dates, with a warning of contempt and jail for non-compliance. Permission is granted for revenue-generating activities, subject to conditions such as account maintenance and royalty fixation. The companies are instructed to furnish the account within two weeks to the Receiver. The judgment also highlights the sale of Plaza Hotel in New York, requiring the respondent to explain the sale basis and utilization of proceeds. The Receiver and Official Liquidator are discharged upon furnishing the necessary accounts. SEBI is permitted to replenish expenses and is directed to pay expenses incurred by the Receiver and Liquidator, with a requirement to furnish accounts to the contemnor. The matter is scheduled for listing on a specific date for further proceedings. Case-Laws Companies Law Thu, 12 Jul 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366666