2017 (5) TMI 23

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....o.260/2013 In C.A. No.8643/2012 WITH R.P. (Crl.) No. 458/2014 in WP (Crl) No.57/2014 For The Petitioner : Mr. Shekhar Napahade, Sr. Adv. (A.C.), Mr. Arvind P. Datar, Sr. Adv., Mr. Pratap Venugopal, Adv., Ms. Surekha Raman, Adv., Mr. Anuj Kumar Sarma, Adv., Ms. Niharika, Adv., Ms. Kanika Kalaiyarasan, Adv., Mr. Aman Shukla, Adv., for M/s. K. J. John & Co. For The Respondent : Mr. Kapil Sibal, Sr. Adv., Mr. Salman Khurshid, Sr. Adv., Mr. Narendra Hooda, Sr. Adv., Mr. Gautam Awasthi, AOR, Mr. Ayush Choudhary, Adv., Mr. Rahul Tripathi, Adv., Mr. Zafar Khurshid, Adv., Mr. Sarthak Nayak, Adv., Mr. Tushar Gupta, Adv., Mr. Aviral Dhindsa, Adv., Mr. Simranjeet Singh, Adv., Mr. Gautam Talukdar, Adv., Mr. Ram Sajan Yadav, Adv., Mr. Vijay Kumar, ....

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.... Liquidator and Mr. Amish Sharma, the Valuer are present. Mr. Sharma has filed the report of the Official Liquidator (OLR No.97 of 2017) along with the executive summary in respect of the CP 412/2012 Aamby Valley City property. For the sake of convenience, we reproduce the same :- "Executive Summary Valuation of Immovable Asset (Land & Building) Valuation if within Aamby Valley City Land is considered at Ready Recknor Rate Fair Market Value in INR (after taking discounting factor for land within Aamby Valley City) Realizable Value in INR (at 90 % of Fair Market Value) Distress Value in INR at 80% of Fair Market Value Valuation of Building & Constructed Area 21,93,66,34,884 21,93,66,34,884 19,74,29,71,396 17,....

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....pecially after Demonetisation, availability of buyer at this price are very rare. So it require discounting hence We are considering 15% discounting factor from Govt ready recknor rate to arrive at the fair market value of this land."   It is submitted by Mr. Vinod Sharma that this Court may fix a reserve fair price and instruct to proceed with the formalities of auction by preparing the draft terms and conditions and other formalities. At this juncture, Mr. Kapil Sibal, learned senior counsel appearing for the contemnor, Subrata Roy Sahara, who is also present in pursuance of our earlier order, has filed an affidavit of undertaking. The relevant part of the said affidavit of undertaking, duly signed by Mr. Subrata Roy Shara, ....

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....aid. As the affidavit would show, the first cheque is for Rs. 1500,00,00,000/- dated 15.6.2017 and the second cheque is dated 15.7.2017 for a sum of Rs. 552,21,00,000/-. The affidavit shows assurance to see to it that the cheques shall be honoured in all circumstances on presentation on the due date. On being asked, the contemnor submitted that it is his obligation to see that the cheques are encashed failing which he may be sent to custody. At this juncture, Mr. Kapil Sibal, learned senior counsel submitted that the petitioner may be granted liberty to send Rs. 1500,00,00,000/- (Rupees one thousand five hundred crores only) in the accounts of SEBI Sahara Refund Account through RTGS on or before 15.6.2017. Mr. Arvind Datar, learned se....