Delhi High Court - Orders
Pnb Capital Services Ltd vs M/S Crb Corporation Ltd on 8 February, 2024
Author: Prathiba M. Singh
Bench: Prathiba M. Singh
$~C1 & C2
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CO.PET. 280/1997, CO.APPL. 70/2008, 71/2008, 411/2008,
612/2012, 1020/2012, 2249/2014, 2250/2014, 242/2021, 97/2022,
830/2023 & OLR 11/2024
PNB CAPITAL SERVICES LTD. ..... Petitioner
Through: Mr. Sandeep Sethi, Sr Adv, Mr.
Alok Sharma, Sr Adv, Mr. Narendra
M Sharma, Mr. Ankur Sood, Ms.
Riya Kumar and Ms. Shubhangi
Tiwari Advs (M. (9810076398)
versus
M/S CRB CORPORATION LTD. ..... Respondent
Through: Ms. Ruchi Sindhwani Sr. Standing
Counsel, with Ms. Megha Bharara,
Adv. for OL.
C2 AND
+ CO.PET. 191/1997
RESERVE BANK OF INDIA ..... Petitioner
Through: Mr. Ramesh Babu, Ms. Manisha
Singh, Ms. Tanya Chowdhary Advs.
(M. 9716988718)
versus
CRB CAPITAL MARKETS LTD.
(PROVN. LIQN.) P.LTD. ..... Respondent
Through: Mr. Shahid Khan, Adv. for applicant
in CA No. 1493/2015. (M:
8745060713)
Mr. Bhupesh Narula & Mr. Anugrah
Ekka, Advs. for applicant in CA
No.312/2022. (M: 9999877309)
Mr. Anmol Mehta, Adv. for
applicant in CO No.469/2002. (M:
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 12/02/2024 at 21:53:40
9643866104)
Ms. Shweta Saini, Adv. for applicant
in CO No.548/1999. (M:
9818676545)
Mr. Y. Raja Gopala Rao, Ms. Y.
Vismai Rao, Mr. Y. Ramesh, Mr.
Dhuli Gopi Krishna & Mr. Akshay
Singh, Advs. for applicant in CO
No.1639/1998. (M: 9440591504)
Mr. Chirag M Shroff, and Mr.
Dhananjay Kataria, Advs (M.
9811032077)
Ms. Ruchi Sindhwani Sr. Standing
Counsel, with Ms. Megha Bharara,
Adv. for OL.
CORAM:
JUSTICE PRATHIBA M. SINGH
ORDER
% 08.02.2024
1. This hearing has been done through hybrid mode.
2. The present company petition has been filed by the Petitioner- PNB Capital Services Ltd. under Sections 433, 434 and 439 of the Companies Act, 1956 seeking winding up of the Respondent-CRB Corp. Ltd. CO. APPLs.70/2008, 71/2008, 1020/2012, 2249/2014, 2250/2014, 97/2022, 830/2023, OLR 11/2024 in CO.PET.280/1997 CO.APPL.1513/2004, 911/2005, 1297/2010 in CO.PET.191/1997
3. The application being CA No. 1020/2012, the Applicant- M/s. MSK Marketing Pvt. Ltd. has been filed under Rule 6 Company Court Rules, 1959 with Order XXXIX Rule 4 CPC, seeking vacation of the interim order dated 29th January, 2008 in CA No. 70/2008 and CA No. 71/2008.
4. Vide order dated 17th October, 2023, this Court directed as follows:-
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 12/02/2024 at 21:53:40 "13. The Court has put to both the counsels for Mr. J.P. Sharma and the OL that considering the contribution made by Mr. Bhansali was approximately 1/3rd of the total agreed amount, and considering the pro rata share which was to be enjoyed by Mr. Bhansali, in terms of the Minutes of Meeting dated 2nd September, 1996, the share of Mr. Bhansali has to be determined. It is only then the amounts can be paid to the OL, as the company's share in the lands.
14. The Court has, after considering the matter, based on the valuation reports placed on record, has arrived at an amount of Rs.22. 75 crores as the amount to be payable to the OL. As per ld. Counsel for M/s. MSK, certain payments made to the tune of Rs. 47 lakhs ought to be given credit for and the remaining may be directed to be deposited. On the other hand, OL's counsel prays that the OL may be permitted to do an independent valuation of these lands so as to arrive at the correct amount payable, even if this approach is to be adopted.
15. Considering the nature of the matter, the OL has had sufficient opportunity to value these lands as these applications date back to 2008 and 2012. No valuation has however been placed on record.
However, since the market value of these properties is substantial, the Court gives a last opportunity to the OL to value these lands and place before the Court a comprehensive valuation report, failing which the Court would proceed with the valuation report as submitted by the ex-management.
16. In this matter, vide order dated 27th July, 2005 in CP No. 191/1997, a sum of Rs.12,38,6801- was directed to be deposited in FDR by Mis N avj eevan Builders Pvt. Ltd. The said amount was deposited with the worthy Registrar General. However, the said amount has not been kept in an FDR. It is only in June, 2023, the same is stated to have been converted in FDR. Thus, interest for the period from 2005 till 2023 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 12/02/2024 at 21:53:40 has not been earned on the said amount.
17. Let the concerned Registrar of the Branch place a report before this Court stating the reasons as to why the amount was not converted into FDR since 2005, especially in the light of the repeated office orders issued by the Registrar General dated 30th August 2018 and 28th November 2015 to keep all the amounts, which are deposited with the Registrar General in FDRs. Registry shall also put up a report confirming that if there are any further amounts, which are lying deposited in this matter, have not been en cashed and converted into FDR."
5. Pursuant to the order dated 17th October, 2023 the OL has filed the OLR 11/2024 giving certain valuations to various properties located in Rajasthan, as provided at paragraph 6 of the order dated 17th October, 2023.
6. Ld. Counsel appearing for the Applicants raise serious objections to the valuation carried out by the OL.
7. According to the said OLR, the valuation has been carried out by ITCOT, which is a joint venture of various financial institutions and banks, created for the purposes of carrying out valuation. However, the objections of the parties have not come on record.
8. Thus, the Applicants are directed to bring their objections to the OLR 11/2024 on record. Let ld. Counsel for the OL consider the said objections and obtain instructions from the OL. On the next date of hearing, the OL shall remain present in Court.
9. List for hearing on 20th March, 2024.
CO.PET.191/199710. List on 22nd April, 2024.
PRATHIBA M. SINGH, J.
FEBRUARY 08, 2024/dk/dn 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 12/02/2024 at 21:53:41