TaxTMI 
TaxTMI 
2014 (12) TMI 1435
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....t no. 7 and third party noticees 3, 5 & 12. Mr. Rishikesh Sani i/by M/s. DSK Legal for defendant No. 21. Mr. Subhan Chatterjee i/by M/s. Dave & Girish & Co. for Defendant No.24. P.C. : ORDER By an order dated 2nd September, 2014 passed by this Court, a Committee has been appointed with a view to explore and negotiate mutual settlements between NSEL and the alleged defaulters /third parties and their clients and receive the amount from such settlements either from the defaulting members or from their clients being the third party noticees or from any other persons to whom the funds have been traced as also from any third party who comes forward for settlement of dues, subject to the directions obtained on a report by the Committee from ....
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....eetings which are attended by the parties to the suit as well as third party noticees and also the Office staff of Enforcement Directorate (ED). 3. Learned counsel appearing for the parties have invited my attention to some of the Minutes of Meeting held by the Committee. In the Minutes of Meeting held in the month of December 2014, the Committee has summarized the statements and submissions made by the parties who had attended the said meeting. After recording such submissions, the Committee has intended to take various steps to release the assets which are readily available for realization summarized in paragraph 26 of the Minutes of meeting such as (a) To dispose of perishable commodity lying in the warehouse of Shree Radhey Trading Com....
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.... etc. from the willing buyers. In paragraph 4 of the said order, it is recorded that EOW has also assured to cooperate in disposal of the goods for offering inspection to interested parties. The Committee accepted those statements including the statement made by EOW and the same are taken on record. Learned advocate appearing for some of the third party noticees also undertook to file an affidavit as to how the liability shall be discharged by his various clients. He also agreed to disclose the assets held by his clients as well as the personal assets and/or Directors of the establishments, as the case may be. Learned advocate also agreed to produce the statement of accounts of various accounts maintained by all his clients including that o....
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.... similar relief before the MPID Court which is already heard and the order is awaited. It is submitted that even if his clients have appeared before this Court and before the Committee and have made statements, such statements are not binding on his clients as the Committee appointed by this Court has no jurisdiction. 8. A perusal of the records clearly indicates that third party noticees had appeared before this Court and only after hearing all the parties including third party noticees, this Court had passed the order on 2nd September 2014 for constituting a Committee. The said order passed by this Court is in force and has not been impugned by the third party noticees present in Court today and/or set aside/stayed by the Appeal Court. A....
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....In so far as the provisions of MPID Act are concerned, the proceedings filed by the NSEL against the parties to the said proceedings which are under the provisions of the said Act can be independently filed irrespective of filing of this suit. In my view, the said proceedings before MPID Court are not overlapping with this proceedings. 11. A perusal of the records and particularly Minutes of Meeting of the Committee clearly indicates that even the authorities i.e. EOW have also made submissions before the Committee and have agreed to provide cooperation, if the properties which are intended to be sold and are realized by the Committee. In my view, thus there is no substance in this submission of the learned counsel for the third party noti....