Delhi High Court - Orders
M/S Chintels India Limited vs M/S Bhayana Builders Pvt. Ltd on 14 October, 2020
Author: Rekha Palli
Bench: Rekha Palli
Via video conferencing
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* IN THE HIGH COURT OF DELHI AT NEW DELHI
+ O.M.P. (COMM) 445/2019
M/S CHINTELS INDIA LIMITED ..... Petitioner
Through: Mr. Arshdeep Singh, Mr. Kotla
Harshavardhan, Ms. Vishakha Gupta and Mr.
Shreedhar Kale, Advs.
Mr. Rakesh Kumar AR.
versus
M/S BHAYANA BUILDERS PVT. LTD. ..... Respondent
Through: Mr. Gaurav Mitra, Ms. Meghna
Mishra, Ms. Manmeet Kaur, Mr. Yashvardhan
Bandi, Ms. Anjali Dwivedi and Ms. Shriya, Advs.
CORAM:
HON'BLE MS. JUSTICE REKHA PALLI
ORDER
% 14.10.2020 I.A. 9367/2020
1. This is an application filed by the respondent seeking release of the sum of Rs.6,65,20,716/- deposited by the petitioner with the Registrar General of this Court.
2. Learned counsel for the respondent submits that the respondent is ready and willing to furnish security of freehold, unencumbered immovable properties owned by it, details whereof have been set out in para 5 of the application. He submits that as per the valuation report dated 23.09.2020 given by Mr. Kamal Chawla, a Government Approved Valuer, the present value of the said property has been Signature Not Verified Digitally Signed By:SANDEEP KUMAR Signing Date:14.10.2020 21:25 assessed at Rs. 6,90,67,600/-. He, therefore, prays that the aforesaid amount be released in favour of the respondent by accepting the aforesaid security.
3. Issue notice. Mr. Khurana, Advocate accepts notice on behalf of the petitioner. He prays for and is granted two weeks' time to file a response. Rejoinder thereto, if any, be filed within one week thereafter.
4. Keeping in view the fact that the respondent has already filed a valuation report in respect of the security being offered, list the present application before the learned Joint Registrar for consideration of the valuation report. In case the valuation report is not found to be acceptable for any reason whatsoever, the learned Registrar will call for a fresh report from another Government Approved Valuer and thereafter place the matter before Court.
5. At request, list before the learned Joint Registrar on 20.11.2020.
REKHA PALLI, J.
OCTOBER 14, 2020 'sdp' Signature Not Verified Digitally Signed By:SANDEEP KUMAR Signing Date:14.10.2020 21:25