At, Supreme Court of India
By, THE HONOURABLE MRS. JUSTICE RUMA PAL
By, THE HONOURABLE DR. JUSTICE AR. LAKSHMANAN & THE HONOURABLE MR. JUSTICE DALVEER BHANDARI
For the Appearing Parties: ------
1. The subject matter of all these applications is 1156 plots in Greater Noida. Of the 1156 plot holders who had deposited money with the Technology Park Limited (hereinafter/referred to as to ‘TPL’) before the Bahri Commission, 674 plot holders had asked for refund of the amount deposited and 482 plot holders had persisted with their claims for allotment of plots.
2. The master lay out plan which had originally been prepared by the TPL in respect of all the plots has not been wholly agreed to by the Greater Noida Authority. The Greater Noida Authority is unrepresented before us today.
3. The TPL has agreed to refund the deposits made by the 674 plot holders before the Bahri Commission and also to execute sale deeds in respect of the 482 plots to the plot holders subject to the order of attachment passed by this Court and subject to any dispute of the Greater Noida Authority as to the title. Having regard to the facts and circumstances of the case, we dispose of all the applications by the following directions:
(1) TLP will deposit entire principal amount of the deposits due to be refunded to the 674 plot holders in the course of the day. It is recorded that an amount of Rs. 5 crores covered by two Bank Drafts dated 4th August, 2005 and 5th November, 2005 for sums of Rs. 2 crores and 3 crores respectively drawn on the Bank of India (Chandigarh Branch) and the HDFC Bank, New Delhi, K.G. Marg Branch, respectively made out in favour of the Registrar General of this Court have been handed over to this Court.
(2) Subject to the encashment of the Bank Drafts so deposited and subject to the deposit of at least a further amount by way of interest at the rate of nine and a half percent simple interest per annum on the principal amount calculated separately in respect of each of the 674 plot holders with effect from the date of their deposit till today, be deposited with the Registrar General of this Court within a period of four weeks from today and subject to the following directions the attachment in respect of 1156 plots by this Court will stand lifted.
(3) The amount deposited on account of interest shall for the time being be on the basis of the TPL’s calculation. However, if it is ultimately found by the Claim Commission that the amount deposited did not cover the principal and interest due to any one of the 674 depositors, that depositor will be entitled to refund of his/her deposit from TPL calculated together with interest thereon from the date deposit at the rate of 12%. It is also made clear that if the amount mentioned in direction (2) above as calculated by TPL is not deposited within the period of four weeks, TPL will not be entitled to the benefit of this order.
(4) All the amounts deposited by the TPL shall be kept in a short term fixed deposit in any Nationalised Bank by the Registrar General pending further orders of this Court.
(5) As far as the 482 plot holders are concerned, TPL shall make available a proforma draft sale deed to the Advocate-on-Record for the plot holders of all these 482 plot holders within a period of 4 weeks for the purpose of approval of the sale deed. This approval shall take place within a period of two weeks thereafter. If it is not approved, liberty granted to the parties to mention. If the draft sale deed is approved for the Advocate-on-Record for 482 plot holders, the plot holders shall make available the necessary stamp papers as well as well the registration charges within a period of two weeks from the date of such approval. The registration of the sale deeds shall take place within a period of two weeks thereafter.
(6) Each sale deed must contain a clause to the effect that TPL thereby transfer its entire interest in the plot in question subject to the order of the attachment of this Court and subject to the dispute if any of the Greater Noida Authority.
(7) In the event any of the 482 plot holders have not made full payment for their plots, TPL shall intimate the Advocate-on-Record and Association for the plot holders, of the amount due and other particulars within a period of two weeks. The plot holders shall make payment of the balance originally agreed to amounts to the Advocate-on-record for TPL within a period of four weeks. It is being made clear that in respect of such plot holders, the period for sending of draft sale deed, approval, furnishing of stamp duty, registration fees and execution of the sale deed shall be correspondingly extended from the date of payment by the plot holders.
4. All the I.As are disposed of accordingly.
I.A. No. 116
5. Issue notice to the respondents including the Official Liquidator, Delhi High Court.
I.A. No. 104:
6. Transfer this application to the Claims Comm
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ission. SLP(C) No. ...CC. 10419-20: 7. In view of the fact that the Official Liquidator has already been appointed in respect of the premises in question, unless the Official Liquidator disclaims the property in question of the Committee remaining in possession of the property of the company (in liquidation) is questionable. 8. No order on the application at this stage. Requirement of Claims Commissioner for premises/Assisting Staff. 9. Issue notice to the Delhi Development Authority.