Supreme Court - Daily Orders
City Group Investors Association Thr. ... vs Sayyed Masood . on 14 September, 2016
Bench: Jagdish Singh Khehar, Arun Mishra
ITEM NO.1 COURT NO.3 SECTION IIA
S U P R E M E C O U R T O F I N D I A
RECORD OF PROCEEDINGS
Petition(s) for Special Leave to Appeal (Crl.) No(s). 1912/2015
(Arising out of impugned final judgment and order dated 09/01/2015
in CRBA No. 216/2014 passed by the High Court of Judicature at
Bombay)
CITY GROUP INVESTORS ASSOCIATION THR. ITS
PRESIDENT Petitioner(s)
VERSUS
SAYYED MASOOD AND ORS. Respondent(s)
(With appln. For bail and early hearing on behalf of the
respondents, and permission to file additional documents and
vacating stay and interim relief and office report)
Date : 14/09/2016 This petition was called on for hearing today.
CORAM :
HON'BLE MR. JUSTICE JAGDISH SINGH KHEHAR
HON'BLE MR. JUSTICE ARUN MISHRA
For Petitioner(s) Mr. Shashibhushan P. Adgaonkar,Adv.
Mr. Rana Sandeep Bussa,Adv.
For Respondent(s) Mr. Huzefa Ahmadi,Sr.Adv.
No.1 Mr. Anuj Bhandari,Adv.
Mr. Rahul Pachauri,Adv.
For UOI(ED) Mr. Maninder Singh,ASG
Mr. Nalin Kohli,Adv.
Mr. R.Balasubramanian,Adv.
Mr. Arijit Prasad,Adv.
Mr. Pranav Kumar,Adv.
Mr. Prabhas Bajaj,Adv.
Mr. B. Krishna Prasad,Adv.
For State of Dr. K.P. Kylasanatha Pillay,Sr.Adv.
Maharashtra Mr. Mahaling Pandarge,Adv.
Mr. Nishant Ramakantrao Katneshwarkar,Adv.
Mr. Harpreet Singh,Adv.
For Official
Signature Not Verified
Mr. Ankur Saigal,Adv.
Liquidator Mr. Shally Bhasin,Adv.
Digitally signed by
ANITA MALHOTRA
Date: 2016.09.16
17:47:51 IST
Reason:
1
UPON hearing the counsel the Court made the following
O R D E R
Learned counsel for the rival parties are agreed, and this agreement is fully endorsed by the learned counsel appearing for respondent No.1, that the attached properties belonging to respondent No.1, should be put to sale by the High Court, based on a priority list which shall be furnished by respondent No.1 to the High Court within one week from today.
Learned counsel for respondent No.1 is also agreed that the sale proceeds, shall be used for discharging the liability towards the investors.
The High Court shall supervise the sale of the attached properties by overseeing the auction proceedings held by the Official Liquidator. The sale of the properties made by the High Court shall be final and binding on the parties.
As and when a substantial amount payable to the investors is refunded, it shall be open to respondent No.1 to file an appropriate application for bail before the High Court. The impugned order passed by the High Court shall remain in abeyance till it is re-affirmed by the High Court, on the filing of such application.
The special leave petition stands disposed of on the above terms.
Pending application, if any, also stands disposed of.
(Anita Malhotra) (Renuka Sadana)
Court Master Assistant Registrar
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