Delhi High Court - Orders
Re-M/S Jvg Finance Ltd vs Unknown on 3 May, 2023
Author: Sanjeev Narula
Bench: Sanjeev Narula
$~CP-7
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CO.PET. 265/1998
RE-M/S JVG FINANCE LTD. ..... Petitioner
Through: Mr. Febin M. Varghese, Advocate for
Applicant.
Mr. Ramesh Babu and Ms. Manisha
Singh, Advocates for RBI.
Mr. Dheeraj Gupta and Ms. Himanshi
Basoya, Advocates for Ex-
Management with Ms. Aneeta
Sharma, AR.
Mr. Kunal Sharma and Mr.
Shubhendu Bhattacharya, Advocates
for OL.
CORAM:
HON'BLE MR. JUSTICE SANJEEV NARULA
ORDER
% 03.05.2023 CO.APPL. 212/2023 & CO.APPL. 214/2023 (seeking exemption from filing dim annexures, photocopies of original documents and certified copies of the documents)
1. Exemption allowed, subject to just exceptions.
2. Applicants shall file legible and clearer copies of the exempted documents before the next date of hearing.
3. Applications stand disposed of.
CO.APPL. 1150/2019 (u/Rule 9 of the Company Court Rules, 1959)
4. Applicant's claim was sent for reconsideration to the Tandon Signature Not Verified Digitally Signed CO.PET. 265/1998 Page 1 of 4 By:DEEPANSHI NEGI Signing Date:05.05.2023 15:35:00 Committee, that was constituted for scrutiny of claims. Presently, the Tandon Committee has been discontinued and Official Liquidator ['OL'] has been directed to appoint a Chartered Accountant for consideration of pending claims. Considering the above, the present application is disposed of with a direction that as and when the Chartered Accountant is appointed, they shall reconsider the claim of the Applicant and take a decision thereon.
5. The Chartered Accountant or the OL shall intimate the Applicant if any documents are required or other formalities are to be fulfilled, for adjudication of her claim.
6. Application is disposed of.
CO.APPL. 10/2021 (seeking extension of tenure of the Tandon Committee)
7. Registry is directed not to show this application in the cause list as the same has already been disposed of vide order dated 13th April, 2023.
CO.APPL. 213/2023 (for directions)
8. For the grounds and reasons stated in the application, the same is allowed.
9. Registry is directed to list CO.APPL. 579/2021 and CO.APPL. 682/2021 on 19th May, 2023.
10. Disposed of.
CO.APPL. 211/2023 (for stay of proceedings)
11. Issue notice. Mr. Kunal Sharma, counsel for OL, accepts notice. Reply, if any, be filed within four weeks from today.
Signature Not Verified Digitally Signed CO.PET. 265/1998 Page 2 of 4 By:DEEPANSHI NEGI Signing Date:05.05.2023 15:35:0012. Applicant - Mr. V.K Sharma is the creditor, shareholder, promoter, Ex-Chairman and Managing Director of JVG Finance Ltd. (under liquidation). He has filed the instant application seeking cancellation of sale deeds, description whereof has been given in paragraph No. 1 of the application, executed by Mr. Achutha Kumar Sharma in favour of Mr. Hanumantha R. Gowda.
13. As per Mr. Dheeraj Gupta, counsel representing the Applicant, the aforesaid sale deeds could not have been executed by Mr. Achutha Kumar Sharma as the OL was in possession of the said land since 2003. Further, vide order dated 28th November, 2013, this Court held that he was only a nominal owner of the land and real owner was the Company (in liqn.). Appeal proceedings against said order have also been unsuccessful. Despite the aforesaid, Mr. Achutha Kumar Sharma sold the properties in question. He also places reliance on Sections 536(2) and 537(1)(b) of the Companies Act, 1956, which prohibits creation of new rights in the Company's assets, without the leave of the Court.
14. Mr. Gupta submits that land of Company falling in Survey No. 126/7, 126/12 and 126/15 admeasuring 4.25 guntas, 4.6 acres situated at Konaghatta Village, Kasaba Hobli, Doddaballapura Taluka, Bangalore, is the subject matter of a suit being O.S. No. 129/2018 titled Sh. Ramaiah v. Achuta Kumar, which is pending before Court of Civil Judge (Sr. Division), Dodaballapura, Bangalore. The Court is informed that in the said suit, the Company has not been impleaded through the OL, which in the opinion of the Court, was absolutely necessary, in light of the above-noted facts.
15. In view of the foregoing, following directions are issued:
(a) Till the next date of hearing, there shall be a stay of proceedings in Signature Not Verified Digitally Signed CO.PET. 265/1998 Page 3 of 4 By:DEEPANSHI NEGI Signing Date:05.05.2023 15:35:00 O.S. No. 129/2018 before the Court of Civil Judge (Sr. Division), Dodaballapura, Bangalore.
(b) Till the next date of hearing, Mr. Achuta Kumar Sharma, Mr. Hanumatha R. Gowda and Mr. Ramaiah or anyone claiming through them are restrained from dealing with the land of the Company falling in Survey No. 126/7, 126/12 and 126/15 admeasuring 4.25 acres at Konaghatta Village, Kasaba Hobli, Doddaballapura Taluk, Rural District, Bangalore.
16. Copy of the order passed today be also conveyed to the concerned Revenue Authorities in respect of the lands in question.
17. Re-notify on 28th August, 2023.
CO.APPL. 209/2022, CO.APPL. 214/2022
18. Re-notify on 28th August, 2023.
CO.APPL. 579/2021, CO.APPL. 682/2021
19. Re-notify on 19th May, 2023.
SANJEEV NARULA, J MAY 3, 2023 as Signature Not Verified Digitally Signed CO.PET. 265/1998 Page 4 of 4 By:DEEPANSHI NEGI Signing Date:05.05.2023 15:35:00