Delhi High Court - Orders
V.K. Sharma vs Jvg Finance Limited (In Liquidation) on 29 May, 2024
Author: Vibhu Bakhru
Bench: Vibhu Bakhru
$~51
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CO.APP. 29/2023
V.K. SHARMA ..... Appellant
Through: Ms.Aneeta Sharma, AR for ex-
director.
versus
JVG FINANCE LIMITED (IN LIQUIDATION) ..... Respondent
Through: Ms.Ruchi Sindhwani, Sr SC and
Ms.Megha Bharara, Advocate for
Official Liquidator.
Mr.Gourab Banerji, Sr Advocate with
Mr.Rishabh Jain, Ms.Raka Chatterjee,
Mr.Rakesh Talukdar and
Mr.V.Supreeth, Advocates for auction
purchaser M/s.Beekalene Fabrics Pvt
Ltd.
Mr.Aayush Agarwala, Ms.Bhumika
Sharma, and Mr.Kunj Mhera,
Advocates for ABR Emerald LLP.
CORAM:
HON'BLE MR. JUSTICE VIBHU BAKHRU
HON'BLE MS. JUSTICE TARA VITASTA GANJU
ORDER
% 29.05.2024 CM APPL. 33070/2024 (Direction)
1. The applicant (M/s.Beekalene Fabrics Pvt. Ltd.) is the successful auction purchaser and filed the present application with the following prayers: -
'i) Allow proceedings for confirmation of sale of "subject property" to continue and, direct Official Liquidator to take further steps and seek confirmation of sale before this hon'ble Court or the Company Court, as deemed fit, in accordance with law.
AND;
ii) Direct that the Official Liquidator deposit the 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 03/06/2024 at 21:26:51 entire sum received till date from the applicant in the highest-yielding fixed deposit available among the scheduled nationalized banks until the rights are crystallized through the confirmation of the sale.'
2. Issue notice. Notice is accepted by the non-applicants.
3. It is pointed out that the orders passed by this Court rejecting the Company Appeal No.11/2024 captioned ABR Emerald LLP v. The Official Liquidator & Anr. were challenged before the Supreme Court by ABR Emerald LLP.
4. By its order dated 14.05.2024, the said orders dated 09.04.2024 and 30.04.2024 were set aside by the Supreme Court subject to the condition that "the appellant - ABR Emerald LLP will deposit 30% of the proposed price, which they have offered, that is 10% above the bid given by respondent no.2
- Beekalene Fabrics Pvt. Ltd., within a period of fifteen days from today".
5. Consequently, Company Appeal No.11/2024 is also required to be heard.
6. In the meanwhile, the Official Liquidator is directed to keep the amount paid by the applicant (M/S Beekalene Fabrics Pvt. Ltd.) in a fixed deposit account for a period of six months from date.
7. This Court is informed that ABR Emerald LLP has deposited 30% of its bid amount with the Official Liquidator instead of the Registry of this Court. In view thereof, the Official Liquidator is also directed to deposit such amount in an interest bearing account.
8. List on 19.07.2024.
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 03/06/2024 at 21:26:51
9. The Registry is directed to list Company Appeal No.11/2024 on said date.
VIBHU BAKHRU, J TARA VITASTA GANJU, J MAY 29, 2024 M Click here to check corrigendum, if any 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 03/06/2024 at 21:26:51