TaxTMI 
TaxTMI 
2024 (7) TMI 1465
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....0076398). Official Liquidator - present in person. For the Respondent Mr. Rajat Bhalla, Adv. for Applicant in CA 491/2019. (M: 9811661193) Ms. Ruchi Sindhwani, Sr. Standing Counsel, Ms. Megha Bharara, Ms. S Meenakshi, Advs. (M: 9811533510) And Mr. Prasanta Varma, SPP, CBI with Mr. Rakesh Kumar Palo, Mr. Rajesh Palo & Mr. Pankaj Kumar, Advs. (M: 9818076828) Ms. Ruchi Sindhwani, Sr. Standing Counsel, Ms. Megha Bharara, Ms. S Meenakshi, Advs. Mr. Sachin Chopra, Adv. for Committee. And Mr. Alok Sharma, Senior Advocate with Mr. Narendra M. Sharma, Mr. Ankur Sood & Ms. Shubhangi Tiwari, Advocates for Applicants JUDGMENT Prathiba M. Singh, J. 1. This hearing has been done through hybrid mode. CO.PET. 280/1997 CO.APPL. 70/2008, 71/2008, 411/2008, 612/2012, 1020/2012, 2249/2014, 2250/2014, 242/2021, 97/2022,830/2023,OLR 11/2024. 2. Co.Pet. 280/1997 has been filed by the Petitioner- PNB Capital, Services Ltd. seeking winding up of the CRB Corporation Ltd. In the present petition, the Provisional Liquidator was appointed vide order dated 22nd August, 1997. The above applications have been filed both by the OL and by the Applicants therein seeking release of lands and claimin....
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....023, the Court considered the partial payment towards the total agreed sum, development efforts by Mr. Sharma, and the substantial market value of the lands involved. This was limited to three lands - R.S.E.B Land, Tala Land and Gulab Bagh Land. The Court then directed the calculation of Mr. Bhansali's share based on his contribution, and tentatively determined that Rs. 22.75 crores were payable to the OL. The relevant portion of the said order reads as follows: "7. As recorded vide letter dated 17th October 1997, Mr. Bhansali had remitted a sum of Rs. 3.32 crores to Mr. J. P Sharma out of the agreed sum of Rs. 8.90 crores. 8. In view of this remittance of Rs. 3.32 crores, it is the case of the OL that M/s MSK Marketing Pvt. Ltd., which is the applicant in Co. Appl. 1020/2012, purchased the entire R.S.E.B. land for a sum of Rs. 33 lakhs. Thus, the claim of the OL is that in view of the land having been purchased out of the amount of Rs. 3.32 crores, paid by Mr. Bhansali through the company in liquidation, the R.S.E.B. land should vest fully with the company and no rights can be claimed by either MSK or Mr. Sharma. 10. On the other hand, the stand of ld. S....
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.... placed on record, has arrived at an amount of Rs. 22.75 crores as the amount to be payable to the OL. As per ld. Counsel for M/s. MSK, certain payments made to the tune of Rs. 47 lakhs ought to be given credit for and the remaining may be directed to be deposited. On the other hand, OL's counsel prays that the OL may be permitted to do an independent valuation of these lands so as to arrive at the correct amount payable, even if this approach is to be adopted. 15. Considering the nature of the matter, the OL has had sufficient opportunity to value these lands as these applications date back to 2008 and 2012. No valuation has however been placed on record. However, since the market value of these properties is substantial, the Court gives a last opportunity to the OL to value these lands and place before the Court a comprehensive valuation report, failing which the Court would proceed with the valuation report as submitted by the ex-management. 16. In this matter, vide order dated 27th July, 2005 in CP No.191/1997, a sum of Rs. 12,38,680/- was directed to be deposited in FDR by M/s Navjeevan Builders Pvt. Ltd. The said amount was deposited with the worthy Registra....
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....ct @FMV=Rs.38.31 Cr. X 0.373=Rs. 14.28963 Cr. @DSV Rs. 30.65 Cr. 5. Gulab Project Bagh@FMV=Rs. 32.365 Cr. X 0.373=Rs. 12.072145 Cr. @DSV= Rs. 25.893 Cr. Total @FMV=Rs.304.42 Cr. X 0.373=Rs. 113.54 Cr. @DSV= Rs. 243.53 Cr. Total payable to OL Rs. 32.423025 Cr. (Share excluding properties at Sr. No.1-Nawab Kallan & Sr. No. 3- Beed Papad) 10. The OL is present in person. Ms. Sindhwani has made her submissions. According to the OL, the share of CRB Group in Tala Land, R.S.E.B. Land and Gulab Bagh Land should be a sum of Rs. 32.42 crores. This excludes the Nawab Kalan and Beed Papad projects, which, as per the OL, have been encroached upon by the Waqf Board and acquired by the Forest Department, respectively. 11. Mr. Alok Sharma, ld. Sr. Counsel has made further submissions on the ground that the OL's valuation is still inflated. He submits that the OL's ITCOT valuation is still based on the presumption that the R.S.E.B property is commercial in nature, whereas the same has been approved for residential purposes. 12. The law is well-settled by the Supreme Court in Navlakha & Sons v. Sri Ramanya Das & Others, (1969) 3 SCC 537, that the Compan....
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.... OL by the Applicant-Companies within a period of four months in four equal instalments in the following manner:- i) Rs. 6,25,00,000/- by 15th May, 2024. ii) Rs. 6,25,00,000/- by 15th June, 2024. iii) Rs. 6,25,00,000/- by 15th July, 2024. iv) Rs. 6,25,00,000/- by 15th August, 2024. 17. Let the amount of Rs. 25 crores be credited to CRB Corporation and CRB Capital Markets in the ratio of their contributions and be maintained by the OL. Upon the payment of the entire sum of Rs. 25 crores, the lands of the following projects being RSEB Land, Gulab Bagh Land and Tala Land shall stand released in favour of the respective Applicant-Companies. 18. The said Companies are free to deal with the said lands at the three locations, after depositing the sum as directed above with the OL. 19. Credit for a sum of Rs.47 lakhs is also being claimed by the Applicants as recorded in the previous order dated 17th October, 2023. The relevant extract is set out below: "14. The Court has, after considering the matter, based on the valuation reports placed on record, has arrived at an amount of Rs.22. 75 crores as the amount to be payable to the O....
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.... RBI & Anr.' bearing no. SLP 39324-39327/2012, in which the following order was passed on 19th April, 2016: "The operative part of the High Court is as follows: "46. Therefore, we set aside the impugned judgment as also the scheme and remit the matter to the company court for consideration of the winding-up petition (C.P.No. 191/1997) in accordance with law. We make it clear that there is no bar on CRB Capital propounding another scheme during the pendency of the said winding-up petition or even thereafter, in case winding-up is ordered. However, only such a scheme may be propounded, which does not contravene any of the statutory provisions contained in the Companies Act, the RBI Act, the SEBI Act or the Income Tax Act or any other statutory provision and which is in public interest and not opposed to public policy". Since the matter has been remitted to the learned Company Judge and there is no bar to the petitioner propounding a scheme in accordance with law, we do not find any ground to interfere with the impugned order. It is open to the Company Judge to go into all contentions raised by the parties independently. However, directions in the interim order of th....
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....n six weeks." In terms of the above order, the Ex-Management was to file an updated affidavit. 29. An affidavit has now been filed by the Ex-Management setting out the latest position of the assets and liabilities. The assets and liabilities of the company have been attached with the application Co. App. 384/2024, as per which the projected fund flow statement has also been given. Details of fixed assets, shares and securities, the list of unsecured creditors, bond holders, etc., have all been provided in the form of a full set of documents. Copies of the said documents have been served upon the OL. The OL may verify the same and file a response/report by the next date of hearing. Co. Appl. 1709/2016 30. The prayer in the application i.e., Co. Appl. 1709/2016 is for directing the Disbursement Committee to recommence disbursements to the depositors and bond holders, in terms of order of the ld. Division Bench dated 15th December, 2010 and order dated 19th April, 2016 passed by the Supreme Court. 31. Vide order dated 15th December, 2010 passed by the ld. Division Bench in RBI v. CRB Capital Markets Ltd. [Co. App. 8/2006], the ld. Division Bench noted that there were a lar....
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....ve Bank of India to the Chairman of the Committee within two weeks from receipt of this order. (v) The Committee shall complete its proceedings within six months from the date of publication of the first public notice in terms of the present order. (vi) Reports shall be filed before the learned Company Judge. (vii) The committee shall ensure that a public notice of the details of the identification of the claimants and the amounts quantified by M/s Anil Sharma & Co. is effected in newspapers in the English language and in vernacular all editions of the Indian Express: Economic Times; Navbharat Times, New Delhi: Sandesh (Gujarat); Rajasthan Patrika, the Hindu and the Telegraph (viii) The claimants shall be informed by individual notices against recorded delivery. (ix) The public notices of the constitution of the present Committee and the directions for disbursement of the amounts made by us today as well as the place and schedule of the commencement of the proceedings of the said Disbursement Committee shall also be issued in all newspapers mentioned above. (x). All public notices shall also be posted on the website of this cour....
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....er. (xx) The Official Liquidator shall ensure that the proceedings of the Committee are facilitated and all steps for opening of the demat account/bank account and transfer of the amounts are taken forthwith. (xxi) The Committee shall submit a report every two months which shall be placed by the Official Liquidator before this court. (xxii) The Disbursement Committee shall be permitted allowances in the following manner :- (a) Chairperson 60,000/- per month; (b) Members (i) Ms. Mamta Mehra, Advocate, Ch. No. 384 & 96, Lawyers' Chamber Block-II, Delhi High Court, Mobile No. 9810001790); (ii) Mr. P.K. Sharma, Retd. Joint Registrar, 240, Lawyers Chamber, Delhi High Court, Mobile No. 9810772846); and (iii) Representative of M/s A. Sharma & Co.. Chartered Accountant Members to be paid 40,000/-each per month (c) Mr. C.R. Bhansali. Chairperson shall be entitled to claim either actual expenses of travelling or a lump sum of 20,000/- per month, whichever is higher. (d) Sh. Riasuddin, Dy Official Liquidator shall be entitled to conveyance charges of 15,000/- per month, (e) Staff member from....
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.... Total Claims 42793 90,78,60,753 11329 24,42,54,558 54122 1,15,21,15,311 B Claims Paid 25549 53,66,15,000 5784 12,64,38,820 31333 66,30,53,820 B1 Balance amount payable in claims paid 1,97,49,000 25,12,000 2,22,61,000 C Claimed Rejected 14646 28,06,13,550 4262 7,56,91,884 18908 35,63,05,434 D Claim pending/in process 2598 7,08,83,203 1283 3,96,11,854 3881 11,04,95,057 36. As can be seen from the above chart, the total claims received were 54,122, and 31,333 of those claims are stated to have already been paid by the company. Additionally, 21,070 claims have been rejected, and the reasons for rejection, inter alia, are as follows: C Claims rejected Total Claims (i) As per tracking report Delivered but no reply received 11312 (ii) Envelope returned with following comments Not known 762 Not found 90 Income address 661 Left without address 3905 Deceased 421 Refused 24 ....
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.... to the Committee's report, there is approximately Rs .9 crores in the Committee's account. Accordingly, let the disbursement in respect of 1719 claims be continued. 42. In the meantime, it is also noticed that the Committee, which was originally constituted in 2010, would require to be re-constituted owing to the demise of one of the members and other exigencies. Accordingly, the Disbursement Committee is now re-constituted in the following manner: i. Hon'ble Mr. Justice S.P. Garg (Retd.) (M: 9910384627) Chairman ii. Shri V. K. Maheshwari, Retd. ADJ (M: 9910384671) Vice-Chairman iii. Mr. Anil Sharma from M/s. A. Sharma & Co., Member Chartered Accountants iv. Nominee from the O.L. Member v. Authorised Representative from the RBI Member 43. The fee of the Chairman is fixed at Rs. 1 lakh per month, excluding out of pocket expenses. The fee of the Vice-Chairman and the Chartered Accountant who are Members of the Committee is revised to Rs. 70,000/- per month, excluding out of pocket expenses. All expenses, including out of pocket expenses, would be provided from the amounts lying with the Committee, as shown above. The Committee shall....
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.... the said Disbursement Committee shall also be issued in all newspapers mentioned above. All public notices shall also be posted on the website of this Court as well as on the website of the Official Liquidator. (v) Steps towards issuance of public notices shall be completed within a period of four weeks from the date of release of this order. (vi) Draft notices shall be prepared by the Dy. Official Liquidator concerned which shall be approved by the Committee before publication. (vii) The claimants shall be informed by individual notices against recorded delivery. (viii) The Committee shall continue to operate its separate account in the name of CRB Capital Markets Ltd. (Disbursement Account) which shall now be managed under the signatures of Chairman and the Ld. ADJ (Member) of the Committee. (ix) The Chairman of the Committee is also authorised to engage and employ 1-2 staff members, which may be necessary for discharging the duties assigned hereby. (x) The Chairman of the Committee is also empowered to set down the procedure of the Committee to ensure that disbursement of the amounts in respect of the 1,719 claimants is effe....