2016 (3) TMI 1498

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....respondent, concedes that compliance has not been made of directions contained in order dated 14.09.2015. In fact, Mr Sikri informs me that three directors, who were in control of the respondent i.e. Mr Surender Kumar Hooda, Mr Sunil Gandhi and Mr Michael Collin, as also the alternate director, Mr Vipin Kapoor have resigned from the Board of Directors (BOD). I am informed by Mr Sikri that Mr Surender Kumar Hooda, resigned on 11.09.2014, while Mr Sunil Gandhi, resigned in December, 2014. Mr Sikri also states that Mr Michael Collin and the alternate director Mr Vipin Kapoor, resigned from the BOD, on 29.02.2016. 3. Therefore, practically today, even according to Mr Sikri, there is no BOD in place and the respondent is completely rudderless....

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....resaid facts, I have put two questions to Mr Sikri. First, as to whether the aggregate amount invested, which has been indicated hereinabove, is in dispute. Second, as to whether the petitioners were entitled to assured returns. 6.1 Mr Sikri fairly states that the amount invested i.e. a sum of Rs. 12,59,36,000/- is not in dispute. In so far as, as to whether the assured return were payable to the petitioner, that aspect is also not in dispute. However, Mr Sikri says, that amount is not due for the reasons set out in paragraph 4(h)-(i) of the reply. 6.2 A close perusal of the reply would show that the respondent takes the stand that a sum of Rs. 1,34,56,322/- is payable. That amount is sought to be adjusted towards petitioners' share o....

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....shall pay his proportionate share in this regard....." 7. According to me, prima facie, these clauses do not support the submission made by Mr Sikri. The first clause relates to payment of taxes, charges, levies including the house tax, property tax, municipal tax etc. In my view, none of the adjustments referred to above, that is, either towards escalation of cost of land or, payment towards technology etc., would fall under the said clause i.e. clause 6(c). The expression of taxes/ charges levies including house tax, property tax, municipal tax has to be read ejusdem generis. 7.1 As regards the other clause, which is, clause 6(i), it, broadly adverts to the right of the respondent (i.e. the developer or its nominated agency) to unil....

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....(OL) attached to this court as a provisional Liquidator (PL). It is ordered accordingly. The petitioner, will, serve a copy of the paper book to Mr Rajiv Behl, Advocate, who is present in court, and appears for the OL, within one week from today. 10.1 The OL will take possession of the assets, books of accounts and records etc. of the respondent. The premises owned by the respondent company, including those in which the books of accounts, records and articles etc. of the respondent company are lying, will be sealed by the OL. The OL will, however, prepare an inventory of all assets, books, documents, records and articles etc. seized by him. In case police assistance is required by the OL, the concerned SHO will render such assistance. ....