2017 (8) TMI 6

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.... is necessary to note that we had directed the Official Liquidator of the High Court of Bombay to proceed with the drafting of terms and conditions of sale notice for the Amby Valley property. Mr. Vinod Sharma, Official Liquidator submits that the terms and conditions have been scrutinized by Justice B.N. Agarwal, formerly a Judge of this Court, who has been nominated to supervise the refund process. A copy of the terms and conditions be handed over to the learned counsel for the contemnor. The original terms and conditions of the sale notice which have been filed in the Court be taken on record. Be it stated, the said documents have been filed with the report of the Official Liquidator being O.L.R. No.122 of 2017. The prayer for approval o....

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....ngs. 3. The respondent-contemnor has deposited a sum of Rs. 247 Crores. It is submitted by Mr. Sibal that the balance amount, that is, Rs. 305.21 crores shall be deposited by 12.8.2017. 4. Mr. Pratap Venugopal, learned counsel appearing for SEBI has serious objection to the same. 5. At this Stage, Mr. Sibal earnestly urged that when the property has been attached and the valuation of the same is more than Rs. 34,000 crores, this Court should grant time to deposit the amount and the reasonable time would be 18 months. Whether 18 month is reasonable or lesser time than that has to be debated. The issue, as presently perceived, is the bona fides of the respondent-contemnor and that can be spelt out or translated by action and the action is ....