Delhi High Court - Orders
Re-M/S Jvg Finance Ltd vs Unknown on 5 October, 2023
Author: Prathiba M. Singh
Bench: Prathiba M. Singh
$~C16 to C18
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CO.PET. 265/1998
RE-M/S JVG FINANCE LTD. ..... Petitioner
Through: Mrs. Anjani Aiyagari and Mr. Ram
Lal Roy, Advs. (M: 9811133627)
Mr. Dushyant Kishan Kaul, Adv. (M:
9582084975)
versus
.... ..... Respondent
Through: Mr. Ramesh Babu, Ms. Manisha
Singh, Ms. Jagriti Bharti, Advs. for
RBI. (M:9873922734)
Mr. Kunal Sharma & Mr. Shubhendu
Bhattacharyya, Advs. (M:
8054044818)
Mr. Raja Chatterjee, Mr. Piyush
Sachdev & Ms. Anupama, Advs. for
Applicant. (M:8800919326)
Mr. Rajshekhar Rao, Sr. Advocate
with Mr. Krishna Dev J., Mr. Aaditya
Mishra & Mr. Dushyant, Advs. for
Applicant.
Ms. Malvika Trivedi, Sr. Adv. with
Tanmay Yadav and Ms. Sujal Gupta,
Advs. for the Purchasers/ Applicants.
(M: 9971526082)
Mr P D Gupta, Sr. Adv. with Mr. Atul
Gupta adv. (M: 9810862405)
Mr. Rahul Shukla and Ms Sayantani
Basak, Advs. for Applicant. (M:
8240300654)
Mr. Rishabh Jain for applicant in CA
1007/2019, for respondent in
CA1132/2019. (M:9999004468)
Mr. Ashish Dholakiya, Sr. Adv with
Mr. Dheeraj Gupta, Ms. Ruchika
CO.PET. 265/1998 & connected matters Page 1 of 8
This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above.
The Order is downloaded from the DHC Server on 09/10/2023 at 21:18:08
Joshi, Mr. Arpit, Advs. (M:
7210670704) with AR Ms. Aneeta
Sharma.
Mr. Anand M Mishra, Adv.
(M:9871699591)
C17 WITH
+ CO.PET. 266/1998 & CO.APPLs.1214/2019, 1317/2019, 672/2023
RESERVE BANK OF INDIA
..... Petitioner
Through: Mr. Ramesh Babu, Ms. Manisha
Singh, Ms. Jagriti Bharti, Advs. for
RBI.
versus
M/S J.V.G. LEASING LTD. ..... Respondent
Through: Mr. Kunal Sharma and Mr. Subhendu
Bhattacharya, Advs. for OL.
Mr P D Gupta, Sr. Adv. with Mr. Atul
Gupta adv.
C18 AND
+ CO.PET. 267/1998
RE-M/S J.V.G. SECURITIES LTD.
..... Petitioner
Through:
versus
....
..... Respondent
Through: Mr. Kunal Sharma and Mr. Subhendu
Bhattacharya, Advs. for OL.
Mr. Ramesh Babu, Ms. Manisha
Singh, Ms. Jagriti Bharti, Advs. for
RBI.
CORAM:
JUSTICE PRATHIBA M. SINGH
ORDER
% 05.10.2023 CO.PET. 265/1998 & connected matters Page 2 of 8 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/10/2023 at 21:18:08
1. This hearing has been done through hybrid mode. CO.APPLs. 165/2023, 279-80/2023, 307/2023, 309/2023, 311/2023, 313/2023, 315/2023, 317/2023, 319/2023, 321/2023, 323/2023, 325/2023, 327/2023, 329/2023, 331/2023, 333/2023, 335/2023, 337/2023, 339/2023, 341/2023, 384/2023, 386/2023, 388/2023, 390/2023, 392/2023, 414/2023, 416/2023, 418/2023, 420/2023, 422/2023, 424/2023, 426/2023, 428/2023, 430/2023, 432/2023, 434/2023, 436/2023, 438/2023, 440/2023, 442/2023, 444/2023, 446/2023, 448/2023, 450/2023, 452/2023, 454/2023, 456/2023, 458/2023, 460/2023, 489/2023, 492/2023, 507/2023 (for exemption) in CO.PET.-265/1998 CO.APPL. 1317/2019(for exemption) in CO.PET. 266/1998
2. Allowed, subject to all just exceptions. Applications are disposed of. CO APPs. 306/2023, 308/2023, 310/2023, 312/2023, 314/2023, 316/2023, 318/2023, 320/2023, 322/2023, 324/2023, 326/2023, 328/2023, 330/2023, 332/2023, 334/2023, 336/2023, 338/2023, 340/2023, 413/2023, 415/2023, 417/2023, 419/2023, 421/2023, 423/2023, 425/2023, 427/2023, 429/2023, 431/2023, 433/2023, 435/2023, 437/2023, 439/2023, 441/2023, 443/2023, 445/2023, 447/2023, 449/2023, 451/2023, 453/2023, 1007/2019, 1132/2019, 278/2020 in CO.PET.-265/1998
3. Issue notice upon steps being taken. List on 30th January, 2024. CO.APPL. 572/2023 in CO.PET.-265/1998
4. Both the Official Liquidator (OL) and the ex-management shall file their reply as a last opportunity within four weeks failing which the right to file the reply shall stand automatically closed. The OL's stand as on date is that the Applicant's share in the land is not being claimed by the OL as being part of the company's land.
5. List on 30th January, 2024.
CO.PET.-265/1998 CO.PET. 266/1998 CO.PET. 267/1998
6. Vide order dated 12th September, 2023 various directions were issued:
CO.PET. 265/1998 & connected matters Page 3 of 8This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/10/2023 at 21:18:08 i. The land of 5.6 acres in Ranga Reddy District,, Hyderabad, Telangana, it is clarified by Mr. Rajshekar Rao & Ms. Trivedi ld. Sr. Counsels as also other counsels assisting them that insofar as the 5.6 acres land is concerned, none of the applicants who are appearing before the Court have any claims for the said land. This has been clarified by presenting a map to the Court wherein in survey no. 189, there are no plots in the said survey. The portion of Survey no. 189, which has plots carved therein, none of the applicants before the Court claim any rights.
ii. Insofar as the fresh OLR which was filed i.e., OLR 87/2023 is concerned, directions were issued in the following terms:
"18. In view thereof, the following directions are issued:
(i) Insofar as Flat Nos.279A & 280A GTB Enclave, Delhi are concerned, let the OL take steps to publish a sale notice within two weeks in respect of these two flats and proceed further in this regard for sale of these flats. An application may be moved by the OL for approval of the sale notice.
(ii) Insofar as the Flat No.B-202, Panchmukhi Apartment, Off Yari Road, Versova, Andheri (W), Mumbai is concerned, let the OL take steps to publish a sale notice within two weeks in respect of this flat and proceed further in this regard for sale of this flat. An application may be moved by the OL for approval of the sale notice.
(iii) Insofar as the Flat No.105, Panchmukhi Apartment, Off Yari Road, Versova, Andheri (W), Mumbai is concerned, let the OL take steps to publish a sale notice within two weeks in respect of this flat and proceed further in this CO.PET. 265/1998 & connected matters Page 4 of 8 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/10/2023 at 21:18:09 regard for sale of this flat. An application may be moved by the OL for approval of the sale notice.
(iv)Insofar as the Factory premises situated at Plot No.51, MIDC, Marol, Andheri (E), Mumbai (4555 Sq. Yards) is concerned, let the valuation report be obtained within next one month and be placed before the Court.
(v) Insofar as the adjudication/quantification of the claims of the depositors by the CA firm is concerned, if the said CA firm is willing to complete the process of assessment/adjudication of these claims, a maximum period of eight weeks is given for doing the same. If the said CA firm is not willing to take up this assignment, the OL shall appoint an alternate chartered accountant for the same. If the OL wishes to engage some staff for the said purpose, she is free to do so on contractual basis for a period of two months for assessment and quantification of the claims. "
7. As per the above directions, in respect of the property at (i), (ii) &
(iii), the OL has to move an application for approval of the sale notice which has clearly not been done. Mr. Sharma, ld. Counsel for the OL apologises for the delay and submits that the same would be filed by 11th October, 2023.
8. Insofar as the above direction in (iv) is concerned, the valuation report is yet to be obtained from the Valuation professional engaged from the list of approved valuers from the list of the Official Liquidator of Mumbai. The valuation report may be obtained urgently and the said report be placed on record before the next date of hearing.
9. Insofar as the above direction in (v) is concerned, the CA firm who CO.PET. 265/1998 & connected matters Page 5 of 8 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/10/2023 at 21:18:09 was identified i.e., M/s. Ellahi Goel & Co. has agreed to do the assessment/adjudication within the eight-week period as provided by the Court in order dated 12th September, 2023.
10. However, at this juncture, it is submitted on behalf of the ex- management that M/s. Ellahi Goel & Co. has not visited the OL's office and neither is the assessment of the claims being carried out currently. According to the ex-management, there are only 2300 claims and the said claims ought to be paid off.
11. Accordingly, let a complete list of all the pending claims which are pending adjudication and the amounts claimed by the said claimants be placed by the next date of hearing. M/s. Ellahi Goel & Co. shall place this list on the next date and the official from the said CA firm shall remain present in Court.
12. Mr. Sharma ld. Counsel for the OL submits that the claims as recorded in paragraphs 20 and 21 of the previous order which reads as under
has been disbursed in respect of Rs.72,80,097/- has been made:
"20. Insofar as the claims adjudicated and yet to be disbursed are concerned, the OL's Report reads as under:
"(b) Claims adjudicated and yet to be disbursed:-
1. 555 Claims for Rs.72,80,097/- application already filed for approval for which CA 617- 23 has been filed, seeking permission for disbursal of the amounts, which is next listed on 19/09/2023.
2. 178 claims for Rs.1,19,78,325/- Claims of persons who had purchased plots in Baghpat.
The bank details are being sought from the Claimants to transfer the amount through CO.PET. 265/1998 & connected matters Page 6 of 8 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/10/2023 at 21:18:09 RTGS mode.
3. Rs.3,78,50,382/- being balance amount to be paid to claimants whose claims have been admitted for an amount above Rs.50,000/- and to whom interim payment has been made in terms of order dated 08.08.2016. The said amount is to be reconciled by the Chartered Accountant."
21. Insofar as the claims which are adjudicated but are yet to be disbursed are concerned, permission is granted for disbursal of the claims mentioned above at (b)1, 2 & 3. Let the amounts be disbursed within eight weeks after due verification."
13. Let a list of the said claims to whom the disbursal has been made also be presented on the next date. Insofar as the claims which are yet to be disbursed are concerned, the status in respect of the said claimants shall also be mentioned on the next date of hearing.
Submissions in Respect of Gurgaon land
14. It is submitted by ld. Counsel for the ex-management that the land of the company in Gurgaon has now been encroached, even after the OL has taken over the said land and engaged a security agency to be deployed to secure the land.
15. Let a status report in respect of the said land in Gurgaon be placed on record before the next date of hearing, after inspecting the said land by the OL. The address of the said land in Gurgaon is stated to be Khasra No. 64,65,66, Bhorakhud and 40 Sidhrawali village, Manesar, Delhi Jaipur National Highway. In view of this submission, it is directed that no further payments shall be made to the security agency in respect of this land. However, the security agency is free to approach this court for release of any CO.PET. 265/1998 & connected matters Page 7 of 8 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/10/2023 at 21:18:09 payments in this regard, by making an application with the photographs and videos of the deployment of the security agency on the said land as also showing that the said land is free of any encroachments. Additional Directions
16. The fencing in terms of the previous order dated 12th September, 2023 is stated to be recommencing next week. Let the fencing be done with diligence and be completed as quickly as possible.
17. Mr. Kataria from the OL's office and M/s. Ellahi Goel & Co. representative shall remain present in Court on the next date of hearing. At least one competent official from the OL's office shall remain present in Court on all dates when petitions relating to JVG Group of Companies are listed before the Court.
18. All counsels in these matters shall be served copies of all pleadings filed by all parties. For the said purpose, Mr. Krishna Dev, ld. Counsel is requested to create an email group so as to ensure that all pleadings and documents filed by the OL or any other counsels are served upon everybody.
19. List on 12th October, 2023.
PRATHIBA M. SINGH, J.
OCTOBER 5, 2023 dj/am CO.PET. 265/1998 & connected matters Page 8 of 8 This is a digitally signed order.
The authenticity of the order can be re-verified from Delhi High Court Order Portal by scanning the QR code shown above. The Order is downloaded from the DHC Server on 09/10/2023 at 21:18:09