Bombay High Court
Gami Infotech Pvt Ltd vs The Initiating Officer Under The ... on 2 May, 2019
Author: Sarang V. Kotwal
Bench: Akil Kureshi, Sarang V. Kotwal
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IN THE HIGH COURT OF JUDICATURE AT BOMBAY
ORDINARY ORIGINAL CIVIL JURISDICTION
WRIT PETITION NO.734 OF 2019
Gami Infotech Private Limited .... Petitioner
versus
The Initiating Officer under the
Prohibition of Benami Property
Transactions Act, 1988 & Anr. ... Respondents
.......
• Mr.Jehangir Mistri, Senior Counsel i/b. Mandar Vaidya,
Advocate for Petitioner.
• Mr.Anil Singh, Additional Solicitor General a/w Mr.Suresh
Kumar and Ms.Geetika Gandhi, Advocate for Respondents.
CORAM : AKIL KURESHI &
SARANG V. KOTWAL, JJ.
DATE : 02nd MAY, 2019.
P.C. :
1. Petitioner is facing proceedings under The Prohibition of Benami Property Transactions Act, 1988. The Petitioner's ongoing construction and project is placed under attachment.
Case of the Petitioner is that this would completely prevent the Petitioner from dealing developer's properties by selling in. Petitioner would point out that attachment is for Benami Nesarikar ::: Uploaded on - 02/05/2019 ::: Downloaded on - 03/05/2019 04:15:13 ::: 2/3 01-WP-734-19.odt property valued at Rs.33,60,54,410/-. The Petitioner has therefore offered not to deal in constructed properties in the nature of flats in the same complex, market value of which would exceed the said amount. Subject to this condition, the Petitioner may be allowed to sell rest of the flats and commercial space.
2. To work out this arrangement, the Counsel for the Petitioner has placed on record, a list of 13 flats sold during the period between August 2018 to December 2018 along with the details such as the constructed area of the flats and the sale consideration received as per the sale agreement. According to this chart the average sale price of the constructed area comes to Rs.2,22,954.392 per sq.mtrs. The Petitioner has placed on record another chart showing as many as 35 flats with the details of the constructed area. The Petitioner would point out that at the above noted average sale price total valuation of these flats would come to Rs.36.25 Crores (rounded of). ::: Uploaded on - 02/05/2019 ::: Downloaded on - 03/05/2019 04:15:13 :::
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3. However, any such suggestion of the Petitioner cannot be accepted without allowing opportunity to the Respondent to verify. Time for this is not sufficient before the vacation. Learned Counsel for the Respondents have copies of these documents. He may have the details therein verified and communicate the response of the Respondents to the Petitioner. Once it is done, it would be open for the parties to move the vacation Bench, subject to the convenience of the Bench.
(SARANG V. KOTWAL, J.) (AKIL KURESHI, J.)
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