Delhi High Court - Orders
Dinesh Mittal & Ors vs M/S Triveni Infrastructure ... on 18 July, 2024
Author: Prathiba M. Singh
Bench: Prathiba M. Singh
$~C1 & C2
* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ CO.PET. 39/2009, CO.APPLs. 476/2013, 477/2013,,543/2013,
778/2013,840/2013,841/2013,900/2013,1446/2013,1585/2013,1775/20
14, 583/2015,1775/2015, 330/2016, 695/2016, 1356/2016, 5135/2016,
5136/2016, 1366/2017, 441/2018, 474/2018, 689/2018, 830/2018,
912/2018, 424/2020, 545/2020, 655/2020, 656/2020, 5/2021, 72/2021,
180/2021,181/2021, 302/2021, 444/2022, 732/2022, 733/2022,
734/2022, 21/2023, 36/2023, 513/2023, 713/2023, 754/2023, 755/2023,
756/2023, 766/2023, 776/2023, 860/2023, 861/2023, 871/2023,
27/2024, 28/2024, 243/2024, 244/2024, 245/2024, 246/2024, 476/2024,
477/2024, 478/2024, 479/2024, 480/2024, 572/2024, 595/2024, OLRs
208/2016, 114/2018, 304/2019, 98/2023, 106/2023, 20/2024, 48/2024
DINESH MITTAL & ORS. .....Petitioners
Through:
versus
M/S TRIVENI INFRASTRUCTURE DEVELOPMENT
CO. LTD .....Respondent
Through: Mr. Akhil Sibal, Sr. Adv. with Mr.
Deepak Aggarwal, Ms. Debashree
Mukherjee & Ms. Aarohi M., Advs.
(M: 9650290474)
Dr. Pankaj Garg, Mr. Milind Garg,
Mr. Yaksh Garg & Ms. Saumya Jain,
Advs. for Applicant. (M:9560846436)
Ms. Noopur Singhal, Adv. with Mr.
Rajat Chauhan, ATP, DTCP, HQ. (M:
9312765888)
Mr. Rajeev Saxena and Ms. Megha
Saxena, Advs. for the Applicant.
(M:9810811180)
Mr. Abhimanyu Bhandari, Ms.
Nattasha Garg, Mr. Raghav Alok &
Mr. Thakur Ankit Singh Advs. (M:
9654998650)
Mr Aseem Chawla SSC with Ms
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 22/07/2024 at 23:20:58
Naincy Jain JSC, for ITD
C2 AND
+ CO.PET. 333/2010, CO.APPLs. 2375/2011, 905/2016, 4542/2016,
4587/2016, 1113/2017, 315/2018, OLR 255/2017
SH. SAMEER SHARMA .....Petitioner
Through:
versus
M/S TRIVENI INFRASTRUCTURE DEVELOPMENT
CO LTD .....Respondent
Through: Mr. Akhil Sibal, Sr. Adv. with Mr.
Deepak Aggarwal, Ms. Debashree
Mukherjee & Ms. Aarohi M., Advs.
Ms. Noopur Singhal, Adv. with Mr.
Rajat Chauhan, ATP, DTCP, HQ.
Mr Abhishek Gupta, Adv. for
Applicant in CA 27/2024.
CORAM:
JUSTICE PRATHIBA M. SINGH
ORDER
% 18.07.2024
1. This hearing has been done through hybrid mode. Sector-78 Faridabad
2. On 10th May, 2024, this Court approved the draft sale notice submitted by the Official Liquidator in respect of the land situated in Sector 78, Faridabad, and directed that the said draft notice be adequately published for sale of the land situated in Sector 78, Faridabad. Relevant portion of the said order reads as follows:
"17. A conjoint reading of the orders leaves no doubt that the assets must be sold and the sale proceeds distributed among all the claimants. Under such circumstances, it is not feasible to reverse the decision and give the allottees of TFAA hope that apartments would be built and allotted to them. The best outcome 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 22/07/2024 at 23:20:58 in the present winding-up petition is for the payment of their claims, hopefully with some interest in accordance with the law. The assets in question in Sector 78, Faridabad are valuable, and the sale of these assets would provide relief to all the allottees, who have invested significant amounts in this project long ago.
18. In the overall scheme of things, therefore, this Court is of the opinion that the OL's proposal for selling the land situated in Sector 78, Faridabad, in terms of the finalised draft sale notice, which is submitted to the Court, ought to be permitted to go forward. The same is, accordingly, approved. The OL is free to publish the same.
19. Let the finalised draft sale notice be published and the e-auction be conducted through RailTel Ltd. The said draft sale notice shall be given adequate publicity, so that sufficient number of bidders may be allowed to bid for the same, including in various newspapers in Hindi, English as also in regions languages in Delhi, Calcutta, Hyderabad and Mumbai. The finalised draft sale notice is annexed to the present order as 'Annexure-A' 20. The present OLR 48/2024 is disposed of accordingly."
3. Today, Ms. Sindhwani, ld. Counsel for the OL submitted that with regard to the sale to be carried out of the land situated in Sector 78, Faridabad, one set of advertisements were published. However, despite various enquiries, no bids were received.
4. From the submissions made before Court today, it appears that since the base price of the land situated in Sector 78 Faridabad is Rs. 550 crores, there may be a requirement to provide some flexibility for bidders.
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 22/07/2024 at 23:20:58
5. One practical way of conducting the auction in respect of the land situated in Sector 78, Faridabad would be to have the bidding take place in Court itself. Accordingly, let a draft sale notice be put up for approval of the Court by the next date of hearing.
6. Vide order dated 10th October, 2023, this Court directed the Applicant in the Application bearing No. 72 of 2021 and the OL to inter alia, jointly execute sale deeds in favour of 252 allottees and the allottees were to deposit the requisite stamp duty with the concerned Sub-Registrar. The relevant portion of the said order reads as follows:
"31. Further, since the Allottees have come into the possession of the flats, the Court is inclined to, protect their interests, as the Allottees are innocent purchasers who have invested their hard earned money into purchasing these flats. Thus, exercising jurisdiction under the provisions of the Companies Act, 1956, this Court is of the opinion that a mechanism has to be put in place in order to ensure that the title of the Allottees is perfected and no Allottee is put to any difficulty insofar as the investment made by them is concerned.
32. Insofar as the construction of the EWS flats is concerned, Mr. Gupta, ld. Counsel, on instructions from Mr. Narender Hooda, Managing Director, ZION submits that he wishes to be relieved of the said obligation in view of the fact that the land for construction EWS flats is not available. Further, ZION is willing to pay the cost of construction of the EWS flats if it is discharged from the obligation from constructing and selling the said flats. Ld. Counsel submits that ZIONshall deposit a sum of Rs. 2 Crores with the OL for the same.
33. Accordingly, the following arrangement/mechanism is put in place in order to 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 22/07/2024 at 23:20:59 ensure that the title of the Allottees is not disputed in future and the obligation relating to EWS flats is also safeguarded:
i) All the flats buyers/ Allottees, who have entered into flat buyer's agreements with ZION shall now be entitled to get sale deeds executed in their favour.
ii) Since the DTCP licence continues to vest in the name of TIDCO, the OL and ZION shall jointly execute sale deeds in favour of 252 Allottees. The said Allottees shall, at the time of registration of the sale deeds, deposit the requisite stamp duty with the concerned Sub-Registrar.
iii) ZION shall deposit a sum of Rs. 2 Crores with the OL within three months subject to which ZION would be permitted to put up the remaining 50 unsold flats for sale. The said amount of Rs.2 crore would not be refundable and shall be utilised for either construction of EWS flats or for paying of the creditors of TIDCO.
iv) Subject to payment of the aforementioned amount of Rs. 2 crores, ZION is permitted to put up the 50 flats for sale and upon any flat buyers agreements which have to be executed henceforth, with new purchasers shall be jointly signed by the Official Liquidator and by ZION. The entire sale consideration shall be divided into 25:75 between the OL and ZION respectively. The new allottees shall then be entitled to get the sale deeds executed in their favour before the concerned Sub-Registrar after paying the requisite stamp duty.
v) ZION shall place before the Court a draft sale notice which shall require the proposed purchasers to deposit 25% of the sale consideration directly into the OL's account and 75% in favour of ZION.
The said 25% shall be retained by the OL in a separate account in FDR.
vi) Upon the stamp duty being paid and the sale 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 22/07/2024 at 23:20:59 deeds being executed, the 25% sale consideration lying with the OL shall be released in favour of the Zion, after deducting OL's expenses.
vii) The time limit for execution of the sale deeds in favour of the existing Allottees is a period of three months so that the Allottees can arrange the stamp duty. The entire process of execution of sale deeds for the allottees shall be concluded by 31st January, 2024 for all the 252 flats.
viii) If any of the flats remain unsold, the details of the same shall be placed on record by way of an affidavit so that further orders can be passed in respect of the unsold flats.
34. The Management of ZION has today assured the Court that they have already deposited the EDC and IDC charges. If there are any other statutory dues in respect of the parcel of land at Sector 78, Faridabad the same shall be the sole responsibility of ZION.
35. The OL has handed over a valuation report in respect of the land at Sector 78, Faridabad. As per the said valuation report, the said land is valued at Rs.550 Crore. However, Ms. Sindhwani, ld. Counsel for OL submits that the valuation report is not accurate and she wishes to obtain a proper valuation report once more in terms of the orders passed by this Court.
36. Let a fresh valuation report be obtained from another agency. The OL is free to also obtain a clarification from the valuers i.e. M/s Nagpal and Associates as well.
37. The original valuation report is returned to Ms. Sindhwani, ld. Counsel to place it on record in the Registry."
This is a digitally signed order.
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7. On 27th February, 2024, the deadline in relation to remaining sale deeds was extended till 30th May, 2024. Further on 3rd June, 2024, this Court directed as follows:
"Learned counsel for the applicant submits that vide order dated 10.10.2023, the Coordinate Bench of this court after taking into account the entire conspectus of the case directed the applicant along with the offi,ial liquidator to execute the sale deed in favour of 252 allottees by 31.01.2024. Learned counsel submits that this time was extended vide order dated 27.02.2024 till 30.05.2024. It is not disputed that out of252, 201 sale deeds have been executed and 5 I sale deeds are yet to be executed.
Learned standing counsel for Official Liquidator submits that he has no objection if the further time is extended.
With the consent of both the parties, let the sale deeds be extended in terms of the order dated 10.10.2023 and 27.02.2024 till 30.08.2024.
The Official Liquidator shall also file the response in terms of prayers (b) and (c) of the application within one month with copy to the applicant. The Official Liquidator is also directed to comply with the orders dated 10.10.2023 and 10.05.2024 passed by this court."
8. Insofar as the remaining inventory of 50 flats in respect of ZION Promoters and Developers is concerned, Ms. Sindhwani, ld. Counsel submits that the draft sale notice has been communicated by the OL to her very recently. She undertakes to take a look, and if there is any need for changes in the draft sale notice, she would inform the same to the Counsel.
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 22/07/2024 at 23:21:00 Sector-89, Faridabad
9. Vide order dated 10th May, 2024, this Court directed as follows:
"24. In respect of the directions given in paragraph 6 of the previous order dated 5th April, 2024, it is submitted by ld. Counsel for DTCP that the approval in favour of BSF Family Welfare Society has been given, transferring the beneficial interest in respect of Towers Nos. B1, B2, B3 and B4 in favour of the said society.
25. Insofar as the in-principle approval given by DTCP for the remaining towers in Sector 89, Faridabad are concerned, the said approval expires on 28th June, 2024. DTCP shall extend the in-principle approval as no further time is left today to hear the said matter. Let the extension be given for another three months.
26. In view of the beneficial interest being transferred in favor of the BSF Family Welfare Society, the directions given in paragraphs 27 and 28 of the order dated 20th December 2023 shall now be binding on the members of the BSF Family Welfare Society as well as the Ex-Management.
....
28. The DTCP officials shall be present on the next date.
29. In addition, let the Registry place a report as to whether service of the orders dated 27th February, 2024 and 5th April, 2024 was made on [email protected] and [email protected]. In addition, let notice be issued to Mr. Jagdish Sharma, ld. Counsel (+91-9811297224) appearing for the State of Haryana for the purpose of effecting service upon LAC, Faridabad.
30. For the above purpose, list the matter relating to 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 22/07/2024 at 23:21:01 Sector 89, Faridabad on 21st May, 2024. 31. In addition, let an intimation be given to Mr. Yeeshu Jain, ld. Counsel as also to Ms. Hethu Arora Sethi, ASC in order to ascertain the manner in which LAC, Faridabad, can be served if they do not appear on the next date."
10. Ld. Counsel for the DTCP submits that the extension of the in- principle approval for the redevelopment rights in respect of the land situated in Sector 89, Faridabad has been granted to the OL. However, certain conditions are attached with the same.
11. Let a chart in respect of the conditions be prepared by Ms. Sindhwani, ld. Counsel and be presented on the next date. The extension of the in- principle approval dated 25th June, 2024 is taken on record.
12. Mr. Jagdeep Sharma, ld. Counsel for the State of Haryana has entered appearance and submits that he would communicate the order dated 10th May, 2024 to the concerned LAC Faridabad.
13. Let a Senior Official from the LAC Faridabad who is aware of the facts of this case be present on the next date of hearing. Let a short note of the status be also brought by the LAC Faridabad, in respect of the amounts due qua the acquisition which was to be paid to the company in liquidation.
14. In CO. APPL. 840/2013 & CO.APPL. 841/2013, ld. Counsel for the Applicant wishes to file rejoinders. Let him do so within six weeks.
15. List on 9th August, 2024.
PRATHIBA M. SINGH, J JULY 18, 2024 dj/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 22/07/2024 at 23:21:01