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Judgment
The Court : The parties report that some more time is necessary to complete all that was contemplated to be done in the immediate previous order of
this Court passed on February 3, 2020.
In the meantime, the assets sales committee has met. However, there are no offers for several of the properties of the company (in liquidation)
despite repeated advertisements and the reserved price being lowered to the distress value. It has been decided at the meeting of the assets sales
committee that the erstwhile management of the company (in liquidation) may bring offers for the sale of such properties.
It also appears that the deeds of conveyance in respect of the several properties covered by the order of February 3, 2020 have not yet been
executed. The special officers report that some draft deeds have been received, but others are still awaited. For 24 allottees, no draft deed has yet
been forwarded.
The special officers should write to all the allottees, who are entitled to have the deeds of conveyance executed to forward the draft deeds as
expeditiously as possible. If there is any consideration outstanding, the same should be obtained without any further delay.
The cooperative society at the Belapur Complex has been made the ad hoc payment of Rs.60 lakh in terms of the order dated February 3, 2020. Such
society, however, says that there is a substantial additional amount which is due and owing to it. Several individual allottees are represented. Such
individual allottees should take expeditious steps to have their deeds of conveyance executed and should contact the special officers for such purpose.
The assets sales committee should meet at least twice in the month of March, 2020. It is necessary that the draft deeds are finalised. It is also
necessary to take up the matter of disbursement to the depositors since a sum of Rs.80 crore is to be disbursed in terms of the order dated February 3,
2020 within three months from such date.
The special officers should file a short report in point form when the matter appears next on April 20, 2020.
It is recorded that the reference to the joint venture partner in the order dated February 3, 2020 actually refers to the Belapur Suncity Cooperative
Housing Society.