TaxTMI 
TaxTMI 
2022 (5) TMI 1709
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....Patil, AOR, Mr. Aaditya A. Pande, Adv., Mr. Geo Joseph, Adv. Intervener : Mr. Jayant Mehta, Sr. Adv., Ms. Sanjana Saddy, Adv., Mr. Bhushan Shah, Adv., Ms. Anindita Mitra, AOR. Intervener : Mr. Jayant Mehta, Sr. Adv., Ms. Sanjana Saddy, Adv., Mr. Bhushan Shah, Adv., Mr. Sanyat Lodha, Adv. ORDER IA No. 16646/2021 - APPROPRIATE ORDERS/DIRECTIONS IA No. 115989/2019 - APPROPRIATE ORDERS/DIRECTIONS 1. The applications are dismissed as withdrawn. Writ Petition(s)(Civil) No(s). 995/2019 2. The limited contours of the controversy before us emanating from the present proceedings is the safeguarding of the interests of the investors/claimants. 3. In respect of the aforesaid, learned counsel for the petitioner had c....
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....d more or less they were in agreement on most issues. The other remaining issues have also been ironed out during the Court proceedings. 7. amounts to be distributed to be investors. 8. The agreed terms have been placed before us which are being incorporated in this order as under:- "(i) A high powered committee of a Hon'ble Mr. Justice (Retd.) [], who has consented for the same, is hereby constituted (hereinafter referred to as the "Supreme Court Committee"). The Supreme Court Committee may in its discretion, hold meetings/hearings at Mumbai. (ii) The proceedings for execution of all the decrees/orders/arbitral awards listed in Annexure 1, particular of which are set out in Annexure-2, currently pending in various C....
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....efore the Supreme Court Committee. (vi) The Supreme Court Committee shall have all the powers of a civil court executing a decree or an order or an arbitral award under the Code of Civil Procedure, 1908 for speedy execution of the above decrees/orders/abitral awards. (vii) In execution of the above decrees/orders/arbitral awards, the Supreme Court Committee shall be entitled to sell the properties of the judgment-debtors notwithstanding the attachment thereof by respondent No. 2(ED) under the PMLA and/or by respondent No. 3 (State of Maharashtra) under the MPID Act, to the extent of recovering the amount of the decree/order/arbitral award. (viii) For the purposes of executing decrees/orders/awards to the....
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.... in Clause (ix) above. (xii) The Supreme Court Committee shall be entitled to co-opt the services of such experts (such as Advocates, Chartered Accountants, Valuers etc.) and support staff as it may consider necessary for efficient and speedy execution of task assigned to it. (xiii) Hon'ble Mr. Justice [] shall be entitled to fix such remuneration for himself and for other persons co-opted by him as he deems fit commensurate with the responsibilities assigned to them. (xiv) In the first instance, the Competent Authority appointed by Respondent No. 3(State of Maharashtra) under MPID Act shall bear all the expenses required to be incurred for the functioning of the Supreme Court Committee, including but not lim....
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....on of the decree/orders/arbitral awards obtained by the petitioner against such defaulters." 9. We may note that insofar as the list of decrees, orders, awards and attachment against defaulters are concerned, we are not setting them out as part of the order though submitted as the annexure annexing along with the details of the execution proceedings as Annexure-2. The liability of the defaulters crystallized by the High Court Committee is pending before the Bombay High Court has been set out as Annexure-3. This material can always be placed before the high powered committee of an Hon'ble Judge appointed by this Court. 10. We may note that both the State of Maharashtra and Enforcement Directorate would naturally like to assist the Comm....