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Showing contexts for: GFIL in Committee-Gfil vs Libra Buildtech P.Ltd.. on 30 September, 2015Matching Fragments
5. This Court thereafter constituted a Committee, namely, GFIL Committee (Petitioner in S.L.P.(C) Nos. 23886-87 of 2012) to take over the assets of the company and dispose of the same for paying the debts of various investors/creditors.
6. By order dated 05.09.2006 in I.A. Nos.28, 36. etc. in T.C. (C) No. 2 of 2004 etc. this Court directed the GFIL Committee to sell the properties of the company. In compliance of the above said order, the GFIL Committee published an advertisement for the auction of certain properties of the company. The applicants herein participated in the auction and submitted their bid to purchase the properties advertised for sale. After auction, the applicants herein were declared as successful bidders in respect of five properties namely –
(e) Property No.9 (Farm Lands at village Kurali, bid by Flamingo Propbuild Pvt. Ltd.) for Rs.27.25 crores.
As per auction conditions, the applicants immediately deposited 25% of the bid amount, i.e., Rs.25.45 crores with the GFIL Committee on 06.12.2006
7. By order dated 14.05.2007, this Court directed the GFIL Committee to invest the bid amount received by them in FDRs till the sale in favour of the applicants was confirmed.
8. On 29.07.2009, this Court confirmed the sale of the properties in favour of the then Director of the applicant-Companies and granted them six months’ time to pay the balance amount of 75% towards the sale price. However, the said time to pay the balance amount was further extended by 14 days vide order dated 29.01.2010. This Court also directed that on deposit of the full amount, the GFIL Committee would ensure that the properties in question are put in possession of the purchasers (applicants).
15. By order dated 09.07.2012, the High Court directed the GFIL Committee to refund the amount deposited by the bidders within one week till they are in a position to handover the possession of the properties.
16. Against this order, the GFIL Committee filed a review petition being R.P. No. 423 of 2012 in C.M. No.8029 of 2012 in W.P.(C) No. 1399 of 2010. By order dated 30.07.2012, the High Court dismissed the same.
17. Instead of refunding the amount, the GFIL Committee challenged both the orders dated 09.07.2012 and 30.07.2012 by way of abovementioned special leave petitions i.e. SLP (C) Nos.23886-23887 of 2012 before this Court.
18. This Court, by order dated 26.09.2012, disposed of these Special Leave Petitions with a direction to the GFIL Committee to refund the entire amount deposited by the applicants by way of sale consideration with interest and also recorded that as far as payment of stamp duty amount is concerned, the applicants would take up the matter with the State Government for refund of the said amount.
19. In pursuance of the aforesaid order of this Court, the GFIL Committee on 06.10.2012 refunded the entire sale consideration with interest to the applicants. However, while refunding it, the GFIL deducted the TDS on the interest accrued on the amount deposited by the applicants despite the fact that the bank had already deducted the same.