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% 29.11.2024 CCP(O) 41/2023 in OMP (EFA) (Comm) 1/2022 CCP(O) 42/2023 in OMP (EFA) (Comm) 2/2022

1. The petitioner, by this petition, alleges contumacious and wilful disobedience, by the respondents, of the following order passed by a learned Single Judge of this Court on 3 June 2022 in OMP (EFA) (COMM) 1/20221:

"1. I have heard Mr. Darpan Wadhwa and Mr. Jayant Mehta, learned Senior Counsel for the parties for some time.
2. Mr. Mehta state, the award of which execution is sought, is against the judgment debtor/respondent company. The liability cannot be fastened upon the Directors of the judgment debtor/respondent company.
3. He on instructions from Mr. Sanjay Singhal, Director of "the OMP" hereinafter Digitally Signed O.M.P.(EFA)(COMM.) 1/2022 & O.M.P.(EFA)(COMM.) 2/2022 Page 2 of 23 Digitally Signed By:AJIT KUMAR By:CHANDRASHEKHAR AN HARI SHANKAR Signing Signing Date:01.12.2024 Date:01.12.2024 23:11 23:10 JD/respondent Company state, without prejudice to the rights and contentions of the judgment debtor/respondent company and also its Directors, he shall ensure the property being House No.83, Sunder Nagar, New Delhi is not alienated nor any third party rights are created, in respect to that property. The statement is taken on record.

3. Mr. Wadhwa contends that, by selling the property situated at Khasra 646, Siraspur2, on 28 November 2022, without disclosure "the Siraspur property" hereinafter Digitally Signed O.M.P.(EFA)(COMM.) 1/2022 & O.M.P.(EFA)(COMM.) 2/2022 Page 3 of 23 Digitally Signed By:AJIT KUMAR By:CHANDRASHEKHAR AN HARI SHANKAR Signing Signing Date:01.12.2024 Date:01.12.2024 23:11 23:10 either to the petitioner of this Court, the respondents, chiefly Respondent 2, have committed contumacious and wilful contempt of this Court. The Siraspur property, it is pointed out, is one of the immovable properties, the alienation of which was restrained by the order dated 3 June 2022. Mr. Wadhwa contends that the records of Respondent 1 Sharp Corp Ltd3, of which Respondents to ace the Managing Director, did not disclose any pre-existing charge or collateral, in respect of the Siraspur property, with any financial institution. The relevant documents, evidencing this position, have been filed with the contempt petition. Mr. Wadhwa has also taken me through affidavit dated 25 May 2022, filed by Sharp in the proceedings in the OMP, which do indicate that the Siraspur property is one of the immovable properties enlisted therein. For having thus contumaciously breached the interlocutory injunction granted by this Court on 3 June 2022, the petitioner seeks initiation of contempt action against the respondents.

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4. THAT, it is true that the amounts of ₹ 50,00,000/- (on 28.10.2022) and ₹ 49,00,000/- (on 17.11.2022) were deposited in "Sharp" hereinafter "the SBI" hereinafter Digitally Signed O.M.P.(EFA)(COMM.) 1/2022 & O.M.P.(EFA)(COMM.) 2/2022 Page 4 of 23 Digitally Signed By:AJIT KUMAR By:CHANDRASHEKHAR AN HARI SHANKAR Signing Signing Date:01.12.2024 Date:01.12.2024 23:11 23:10 the Sharp Corp Limited's Trust and Retention Account maintained in the SBI on behalf of the Consortium of Lenders, from the account of one Anil Gupta, which amounts were distributed, the letters towards outstanding amounts. The Consortium of Banks were not a party to the sale of the subject Property since the said Property was not mortgaged with the Banks."