Zion Screwed May 15 TIDCO Case-Copy

8/10/2019 Zion Screwed May 15 TIDCO Case-Copy

1/15

rN

rHT

HrcH..COURr

gF

pELH,t

AT

NFV-V

DFLHT

CoM"PANY,4PPL 9AIlo,N

.N,os.a7Q

S

+27,9F

20t

3

IN

COMPANY

P

IN

THE MATTER

OF:

Dinesh Mittal

& Oths.

Petitioners

Triveni

I nfrastructure

Development

Company

Limited

Respondents

Place

-New

Delhi

Date

-

15

th May

2013

.

C&ASolutions

(Sanjay

S.

Chtiabra

&

Alok Agarwal

)

Counsels for

the respondents

.

H--

5

Jungpura

Extensions

New delhi 110014

D/64/96

9899068509

Vs

INDEX

Sr

No.

Particulars

Page No.

1

Reply

on

Behalf of

ex

management

of

triveni

infrastructure

development

Company Limited, for

which

provisional

Liquidator has

been

appointed

vide

order dated 17.10,12

to

the application

under

Rule

9

of

Company court Rule

1959,

,read

with

section

151

CPC for

directions

Filed

by Zion

promoters

&

Developers

Pvt.

Ltd.

1---22


2/15

tN

rHE

,l_{tcH

qquRT

o,F

pELhtl

+r

NEW

pELHI

GOMPANY

APPI-ICATIoN

N.os,4T6

fr

{77.oF

2013

tN

C9MPANY

FETlflgN

r 9.

3e/390e

IN

THE

MATTER

OF:

Dinesh

Mittal

&

Oths.

Petitioners

Vs

Triveni

Infrastructure

Development

Company

Limited

Respondents

Replv

gq

,Beh,alf

of ex

,mpnaqement

of

triv.eni

inffegt':ucture

dgvelopnlent

9omp?ny

Limited.,

for

Whiqh

provisionat

Liqu.id?tor

has

be--en

appointeC

-vid.e

order

dateC

17.10.1?

to

thg

application

undgr

Rule

9

of

companv

court

Rule

19s9.

,read

with

sgction

1s1

Qpc

fo_r

directions

Filed

bv

Zion

promoterF

& Devetopers

pvt.

L,td.

MOqT

RESPECTFULLy

SHOWETH

Pieliminarv

Obiection :-

1.

That

the applicant

is

not

a

party

and

stranger

to

present

company

petition

and

such

has

no

locus

standi

to file

the

present

application.

The

present

application

is liable

to be dismissed

on this

ground

alone.


3/15

2,

That the relief

sought

in

the

present

application

is

untenable

in

Law and

misconceived

.The

applicant by the

way

of

present

application is indirectly

seeking

specific

performances

of

an Unregistered

Agreement dated

19.12

.2A07. Without

prejudice

to the

fact

that the said

Agreement

does

not

transfer and convey

any

right,

title & lnterest

in

the immovable

property

owned

by

the Cbmpany but only

Grants

right

to

the applicant

for

constructing

and developing

300000

sq.ft.

on

portion

of

the

Land

that

comprises

Triveni

Galaxy

Project. The land is owned

by

TIDCO.

lt

has

License in

its

favor

to

develop Group

Housing

projects.

Any action for the

specific

performances

of

the

Agreement dated

19.12

.2407.

is barred

by

limitation

and cannot be secured

in

a clandestine

manner

by way

of

present

application.

Further Honorable

Supreme

Court

of

lndia

in

Suraj

Lamp & lndustries

Pvt.

Ltd.

Vs.

State of Haryana

&

Anr.

(2011

STPL(WEB)

879

SC) held

that-

11 ...ttis fhus

clear

that

a

transfer

of a immovable

property

by

the

way

of

sale can only be by Deed of

Conveyance

(sa/e

deed).

ln

The

absence

of deed of conveyance

(duty

Stamped

&

registered

as required by

Law) no

right,

Title

or

interest

in

an immovable

property

can be

Transferred.

1 . We

therefore reiterate that

immovable

property

can legatty

and

tawfulty

be transferred/Conveyed

only by

a

registered deed of Conveyance.

Transaction

of

the nature of

GPA

sa/es or

SNGPA/WILL

transfers

do

not

convey

titte and

do

not amount

to transfer,

nor they can

be recognized

or valid mode of

transfer of immovable

property.......

3.

The Section5 &

Section

54

of

Transfer of

property

Act

1882, define

transfer of

property

and

sale

respectively.

The

said relevant

provisions

are

reproduced hereunder

for

ready

reference of

the

Honorable

Court-----

Section

5-

Transfer

of

property

Defined:--

ln

the

Following

section

Transfer

of

property'

means an

Act by

which

a

living

person

,conveys


4/15

property,

in

present

or

in

future,

to

one

or more

living

person's,

or

to himself

and

one

or

more

other living

person,

and

to'

transfer

property'

is

to

perform

such

act.

[ln

this

Section

a Living

person

includes

a

Company

or

association

or

Body

of

individuals,

whether

incorporated or not, but nothing

contained

herein

shall

affect

any

Law

for

the

time

being

in

force relating

to

transfer

of

property

to

or

by

'Companies

or

association

,

or Body

of lndividuals]

54 Sale

defined-

sale is

a Transfer

of

ownership

in

exchange

for

which

a

price

paid

or

promised

or

part- paid

and

part-

promised.

sale

How

made--

Such transfer,

in

the case

of

tangible

immovable

property

of

the

value of one

hundred rupees or upward, or

in

the

case of

reversion

or

other intangible

thing

can

be

made

only

by

a

registered

instrument.

4.

TheSection

27

of lndian

StampAct,

1889,

cast upon

the

party,

liableto

pay

stamp

duty,

an obligation

to set forth

in

the instrument,

or

facts

and

circumstances

which

affect

the

chargeability

of

duty

on that

instrument.

Article

23

describes

Stamp

Duty

or

conveyance.

5.

The

Section

17

of Registration

Act

1g0g,

which

makes

a

Deed

of

conveyance

compulsory

registrable,

is

extracted

below

for

ready

reference

of

Honorable

Court-

section

17-Documents

for

which

Regisfra

tion

is

computsory

1 The

following

documenfs

sha//

be

Regrs

tered

namely

;-

xxxxxxxxxx

b.

Other

non testamentary

instruments

which

purport

or

operate

to

create,

declare

or

assign,

limit

or

extinguish

in

the

present

or in

the future,

any

right,

title

&

lnterest,

whether

vested

or

contingent

of

the

value

of

the

one

hundred

rupees

and

upward

to

or

in

immovable properly.


5/15

xxxxxxxxxxx

(1A)

The

documents

containing

contract

to

transfer

for

consideration

,any

immoveable

property

for

the Section

53

A

of

The Transfer

Of

Property

Act

1882,(4

of 1882)

shall

be registered if

they have been

executed

on or after

the

Registration

or

other

related

Laws

(Amendment

Act

)2001

and if such

documents

are not

registered

on

or

after such

commencement

,

than they

shatt

have no

effect

for

the

purpose

of said

Section

53A.

The

object and benefit of

registration

has been repeatedly

explained

by

the

Honorable

Supreme court

of

lndia

in catena

of

Judgments'

and an

extract

of the

judgments

is

reproduced

hereunder for

the

ready reference

of the

honorable

Court:-

The

Registration

Act

1908

,

was

enacted with the intention

of

providing

orderliness, discrp

line

and

public

order in regard

to

transaction

relating

to

immovable

property

and

protection

from

fraud,

and forgery

of

documenfs

of

transfer

.This

is achieved

by compulsory registration

of certain type of

documents

(other

than testamentary

instruments)

which

purports

or

operate to

create, declare

or

assign,

limit or

extinguish

whether

in

present

or

in

future

'any

right,

title

or interest'

whether vested

or

contingent

of

the

value

of Rs. 100

or

upwards

to or

in immovable

property.

Section

49 of

the

said act

provides

that no document required

by

section

17

to be registered,

shall affect

and

immovable

property,

comprised

therein or

received

as

evidence of transaction

affected such

property,

unless it

has been

registered

registration of

a

document

gives

notice

to

the

world

that such a

documenf

has been

executed. Registration

provides

safety

security to

the transactions

relating

to immovable

property,

even

if

documents

are

lost

or destroyed..

lt

gives

publicity

public

exposure

to

documenfs

thereby

preventing

forgeries

and

fraud

in

regards

to

transactions

and

execution

of

documenfs. Registration

provides

information

to the

people

who

may deal

with

the

property,

as fo nature and extent

of the rights,

which

person

may

have, affecting

the

property

ln other

words it

enables

people

to find out

whether

any

particular

property

with which

they are

contcerned, has

been


6/15

subiected

to legal

obligations

or

liability

and

whois

or

are

the

person/s

presently

have

the

right,

title

&

interest

in

the

property,

it

gives

solemnity

of

form

and

perpetuates

documents,

which

are

of

legal

importance

or

relevance

by recording

them,

where

people

may

see

the

record

and

enquire

and

ascertain what

the

particulars

are and

as far

as land

is

concerned what

obligations

exrsf with

regard

to

it.

lt

ensure that

every

person

dealing

with immovable

property

can

rely

with

confidence

upon

the

statement

contained

in

the

register

(maintained

under

this

Act)as

a futt

&

complete

account of

att transactions

by

which

the titte

of the

property

may

be

affected and

secure

extracts/copies

duly

certified

6. That

the Agreement

dated 1911212007

is

unregistered

on

which

stamp

duty

of

Rs.100l

has

been

paid

and not

as

prescribed

on conveyance.

As

per

the scope

of

the

agreement,

TIDCo

has

agreed

to

grant,

convey

transfer

to the

applicant

all their

rights,

title

& interest

in

the

construction

of

300000

sq.

ft.

to

be

constructed

on the

portion

of

the Licensed

land

owned

by

the

Company

TIDCO

has neither

agreed

nor

transferred

,

their

right

,

title

or interest in

the

land

on which

the

construction

of

300000sq.ft.was

agreed

to

be

raised

by the

applicant

under

the

agreement,

The

agreement

is

for

development

/ construction

of flats/units

on

a

portion

of

land

with

permission

to

sell

the said

constructed

flats

on

completion.

7,

That

the applicant

has

not

fulfilled

this

agreement

dated

19.12,2007.The

applicant

has

not

completed

the construction.

The

applicant

has

not

paid

his share

of enhanced

external

& internal

charges with

the

authorities

as

envisaged

in

the

Clause

3.10

in the

agreement.

8. The

applicant

has

not

carried out

the

construction

of

EWS

flats

and other

prerequisite

for

grant

of License.

Due

to non

construction

of EWS flats

the

project

will

not

be

given

Completion

certificate.

The

non

applicant

have

already

communicated

to the

applicant

that

due

to winding

up

petition

pending

against

the

company and

the

order

passed

on

17.10.2012,

the

company will

not

be able

to fulfill its

obligations

under

the Agreement

and

the

agreement

stands

frustrated

and cancelled

by reason

of

force

majeure

aS

stipulated

in

Clause 13

of

the Agreement.


7/15

9'

That

in

the

event

the

applicant

had

grievances

and

was

aggrieved

by

the

said

communication

by

the

non

applicant,

the

applicant

is

free

to

invoke

Arbitration

as

provided

under

the

Agreement

for

resolution

of

Disputes.

l6e

applicant instead

of

invoking Arbitration as

agreed

legal

recourse

available

to

the

applicant

in

the

event

of

any

dispute

arising

including

non

performance

of

the

obligations

by

any

of

the

parties,

the

a[plicant

surreptitiously

has

fired

the

present

apprication

to

secure

specific

performance

of

a

unregistered

and

unstamped

Agreement,

which

even

othenrvise

does

not

convey

any

right,

title

or interest

in

the

immovable

property

in

favor

of

the

applicant.

The

applicant

in

the

garb

of

the

present

application

is

trying

to

grab

and

usurp

the

portion

of

Land, possession

whereof

was

derivered

to the

appricant

for deveropment purpose. The

applicant

is

claiming

ownership

right

in

land

which

has

never

been

transferred

or

conveyed

in

favor

of

the

applicant

by

the

company.

Besides

such

ownership

rights

of

the

land

are

not

transferrable

by

unregistered,

unstamped

Agreement

dated

19.12.2007

which

has

not

even

been

described

as

Agreement

to

sell .

The

Honorable

High

court

of

Fombay

in

Crest

Hotel

Ltd.

Vs

Assistant

Superintendent

of

Stamp

(AlR1g9a

Bom

228) had

taid

down

that

the

ownership

witl

always

re-main

with

the

seller

and

will

be

transferred

to

the

buyer only on

execution

of

the

sale

deed

by

the

sellef'.

10'

That

from

the

aforesaid

provisions

it

is

clear

that

the

Agreement

per

se

does

not,

of

itself,

create

any

interest

or

charge

in

the

property.

The

transfer

of

the

immovabre

property

can

onry

be

by

the

way

of

Deed

of

Conveyance'

ln

the

absence

of

Deed

of

conveyance

duly

registered

and

stamped

as

required

by

the

law

grants

no

right,

tile

or

interest

in

the

immovable

property

The

agreement

enforced

by

the applicant

in the

present

proceedings

is

not

a

agreement/contract

for

the

sare

of

an

immovable

property.

It

does

not

confer

any

right,

Tiile

or

interest

nor

transfer

the

immovabre

property,

It

is

an

,gr *runt

granting

permission

to

the

applicant

to

carry

out

construction

and

development

in

the

Land

owned

by

the

Company,

with

the

permission

that

during

construction

and/or

the

completion

of

construction,

the

applicant

can

offer

the

constructed

unit

to

a


8/15

third

party.

Since

now

the ownership

of

the

land now vests with

the

office of

the

Official Liquidator and has been directed

by

the division

bench

of

the

Honorable Delhi high

court, the agreement

stands

frustrated

by

operation

of

law

since

the

applicant

is

prevented

in

law

to transfer the construction

in

favor

of

third

party

with a

proportionate land

underneath.

However the

applicant

is

entitled to submit their

claim

with

the Official

liquidator and

the

relief sought

in

the

application

for

the

facts

and

circumstances

cannot

be

considered

or

granted

in favor

of

the

applicant.

Further

honorable High

Court of

Delhi in

Smt.

Sharda

Mahajan

Vs.

Mapple Leaf

Trading

lnternational

private

ltd.[(2007)1 39

Compcas

718

(Delhi)J

Had held

that when contractuat obtigations

become

practically

impossible

of

performance

due to

interuening circumsfances,

the contracf sfands

frustrated.

ln such cases

the

parties

are

released

from

their

obligations.

Once the

contract is

frustrated than

the

principle

of restitution applies and

the

considerations

received

must be repaid.

'1

1. lt

is

pertinent

to state

here that

the

power

of Attorney is not an

instrument

of transfer

in regard

to

any

right,

title

or

interest

in

a

immovable

property.

The

power

of attorney

is a creation

of

agency

whereby

the

Guarantor authorizes

a

guarantee

to

do

the

acts specific therein. Even an

irrevocable Power

of

attorney does not

have

the

effect

of

transferring

title

to

the Guarantee.

ln The

State

of Rajasthan

vs. Nihata

2005(12) SCC 77

,

the Honorable

supreme Court of

lndia

has held

that

A

grant

of Power of attorney

is

essentially

governed

by

Chapter

10

of The Contract

act.

By

ieason

of

a

deed of Power of

attorney, an

agent

is

formally

appointed to act

for

principle

in

one

transaction

or series

of

transaction

or

to

manage the affair

of

principal

generally

conferring

necessa

ry

authority upon another

person.

A Deed of Power

of attorney

is

executed by

the

principal

in

favor

of

the

agent.

The

agent

derives

the

right fo

use

his

name and

allacfs,

deed and

things done

by him

and subjected to the

limitations

contained in the

said

deed, the same shall be read as

if done

by the donor..A

power

of

attorney

in

terms

of

provision

of the Contract Act and also

the

Power of attorney

Act

is

valid.

The

power

Of Attorney,

we

have noticed herein before, is

executed

by

the

donor

so

as to enable

the

done to act

on

his

behalf. Except


9/15

in cases

where the

Power

of

Attorney

is

coupled with

interest,

it

is

revocable.

The

done

in exercise

of his

power

under

such Power

of attorney

only

acts in

place

of

the donor

subject

to

the

powers

granted

to him

by

reason

thereof

.He

cannof

use the

power

of

Attorney for

his

own

benefit

He

acts

in

a

fiduciary

capacity.

Any

act of infidelity or

breach of

trust is

a

matter

between

the

donor and

done

Parawise

Reply

1,

That

the content

of

para

1

in

the

manner

are contrary

to

the

order dated

15.3.13.

The application

filed

by

the applicant

before

the

Division

bench

in

company

appeal number

9412012

was

dismissed

as not

entertained,

The

Honorable

division

Bench

did

not grant any liberty

to the

applicant

to

make

a

application to

the

Honorable

Court. The

contention

of the

applicant

that

the

agreement

is unstamped

and

cannot

be

looked

into

for any

purpose

whatsoever

was

specifically recorded.

The

agreement

for

the reasons

submitted in

preliminary

submission

does

not

convey

any right,

title

or

interest

in

favor

of applicant

in

the immovable

property.

Due

to the

changed

circumstances

the agreement

is

frustrated

and

not

enforceable

in

law

much

less

in filing

the

present

application

under rule

g

in

Company

court

Rule

I

959.

2. lt

is

admitted

that the applicant

was

granted

development

right

to

develop

318618

sq.ft.

on

the

portion

of the land

falling

underTriveni

galaxy.

The non

applicant

has

not

transferred/conveyed

the

ownership

right

on

the

land

on which

the said

development

work had

to

be

carried

out

by the

applicant.

lt

is

denied

that

the

applicant

had approached

the

Monitoring

Committee

and

the Monitoring

Committee did not

pass

any

order

due to

non

availability

of staff or

supporl

by TIDCO.

The

averments

made

therein

are after

thoughts

to

mislead

and

prejudice

this Honorable

Court.

The

Ex-

Management

had already

conveyed

to

the

applicant

that

in

terms

of

the

order

dated

17.10.12Lhe

agreement

has

been frustrated

and the

applicant

is

free

to

lodge

their claim with

the

Official

Liquidator.


10/15

3' That

the

contents

in

Para

3

are

wrong

and

denied.

The

applicant

was

fully

aware

of

the

winding

up

proceedings

pending

against

the

company

since

2009.

The

applicant

was

fully

aware

of

the

proceedings

since

the

staff

was

available

at

the

site

and

meetings

held

with

the

customers

with

the

company at

the

site

where the

applicant

was

entrusted

with the

right

to

carry

out

development

work

The

applicant

was

informed

by

the

non

applicant

about

passing

of

the

order

dated

17.1A.12

and

its

consequences

and

repercussions

on

the

present

agreement.

lt

was

under

these

circumstances

that

the

applicant

was

keeping

regular

watch

on

the

proceedings

pending

before

this

honorable

courl

against

the

company,

The

applicant

deliberately

suppressed

the

source

of

information

of

passing

of

the

order

dated

11.2,13.

4.

That

the

content

in

para

4

are

wrong

denied.

Narendra

Huda

had

no

authority

in

Law

to file

present

application.

5'

That

the

content

in

para

5 are

to

mislead

Misdirect

the

Honorable

court'

The

applicant

was

fully

aware

and

had

the

knowledge

of

the

order

dated

17

.10.1

2

passed

by

this

Honorable

court,,

since

specifically

conveyed

by

the

Ex

management,.

The

applicant

was

keeping

watch

on

the

proceedings

filed

by

the company

and/or

the ex management

against

the

order

dated

17.10,12.

There

was

no

order

passed

by

the

Honorable

court

to

arrest

the

ex

management

.There

was

no

appeal preferred

by

ex

management

before

this

Honorable

court

in

the

order

passed

on

Bail

application

dated

17.10.12.The

ex

management

had

preferred

a

company

appeal

against

the

order

dated

17.10.12

passed

in

the

Company petition

filed

for

winding

up

of

the

company.

'-

-

6.

That

the content of

para

6 area

matter

of

record

and need

no

reply.

7.

That

Para

no

T

of

content

of

the

Agreement

dated

19.12.2007

and

13.09.2010

entered

into

between

the

parties

for

carrying

out

development

of

the

licensed

Land

that

belongs

to

TIDCO.

The

applicant

has

reproduced

the

Clauses

of

the

Agreement

that

are

a

matter

of

Record

and

need

no

reply.

lt

is

vehemently

denied

that

under

the

agreement powers

were

given


11/15

to

the

applicant

to deal

with the

land.

The

applicant

was

entitled

to deal

with

as they deemed

fit

to

launch,

book and

sell

the

constructed

area.

lt

was

agreed

between

the

Parties that

on completion of

construction,

the

parties

will

negotiate

the terms

conditions for

transfer of

Land in order

to

grant

power

to

the

applicant

to

execute

sale

deed

of

the

flat in favor

of its

allottees.

lt

is admitted that

the

possession

of

portion

of the

land

on

which

the

applicant

was

permitted

to carry

out the

development

was

delivered

on

execution

of the

Agreement.

The applicant

is now trying

to

take advantage

on

the

said

position

and

is

falsely

claiming

ownership

right on

the

basis

of

the

Agreement

under

which

no ownership

rights

were

conveyed

to the

applicant

by

the

Company.

8.

The execution

of

lrrevocable

Power

of

Attorney

is

not denied.

The

Power

of Attorney

authorized

the

Applicant

and/or

it nominees

to sell

the

construction

e.g.

offices,

shops,

Flats, Showroom,

Stores

etc. and

by

no

stretch

of

imagination

can

it be construed

as

a

transfer

agreement

for

the

transfer

of the

immovable

property.

The applicant

was

acting

in a

Fiduciary

capacity

was

doing

act

for

the benefit

of

the

non applicant.

9.

That the

content

of

the

para

9 are

wrong

and

denied.

lt

is

denied

that

the

applicant

got any approval

of

the

project from

the statutory

authority, The

approvals

are

in

the

name

of TIDCO

granted

by

the authority

being

the

owners

of

the

Land,

for which the

license

is

granted.

The approval

from

financial

institution is

denied

for the

want

of knowledge

Even assuming

such

a approval

has

been

granted

it

is

a

internal

arrangement

between

the

applicant

and

financial

institution,.

10. That

the content

of

para

10

are

denied.

lt

is

denied that

the

applicant

had

entered

into or

sold

300 flats,

without

prejudice

thereto, since

no valid

right, title

or

interest

can

now

be

conveyed

to these

flat

owners,

the

applicant

was informed

and advised

by

the non

applicant

to

lodge their

claim

with

the official

liquidator

pursuant

to

the

order

passed

by

the

division

bench dated

11

.02.2013.

1

1.

That

the

content

of

para

11

are

denied

for

want of kn6wledge.


12/15

12.

Thalthe

content

of

Para

12 are

vehemently

denied.

lt

is denied

that

the

contract

for

construction

given

to

the

applicant

by

Agreement

dated

19.12.2007.

has been

fulfilled

or

the

construction

completed.

Without

prejudice

thereto,

the

contentions

raised

for completion

of

the

constructiOn

andlor

allotment

of

the

Flats

to

the

subsequent

allottees

are

irrelevant

for

the

present

aPPlication.

13.

That

the

content

of

the

para

13

are

wrong

and

denied,

lt

is denied

that

any

construction/flat/unit

has

been

sold

to

third

party.

The

sale

cannot

be

completed

unless

the

company

executes

the

sale

deed

for

the

proportionate

land

underneath

the

Flat

in

favor

of

the

allottee.

Since

the

sale

deed

now

cannot

be

executed

by

the

company

in the

changed

circumstances

more

particularly in

compliance

with

the

order

dated

11.02.2013

,

which

has

been

upheld

by

the

Honorable

supreme

court

of

lndia,

the contentions

raised

by

the

applicant

are

irrelevant

and

the

applicant

is

only

entitled

to their

claim

which

can

be

recovered

from

the

office

of

the

official

Liquidator.

14. That

the

content

of

the

Para

14

are

incomplete

and

misleading.

Despite the

filling

of

the affidavit

by

Shree

Madhur

Mittal,

the

Honorable

Division

of

the

Honorable

court

has directed

the

sale

of

entire

project

land

of

the

company

by

the

way

of

public

auction'

1S

16.

Thatthe

content

of

para

15

16 are

irrelevanttothe

Present

application

and

need

no rePlY.

17.That

the

applicant

admits

that

was

sought

to

be

transferred

under

the

agreement

dated

19.12.2007

was

not

the

Land

but

the

right

to

raise

the

construction

on

the

portion

of

Land,

As

such

there

is

no

transfer

of

immovable

property

in

which

the

applicant

has

vested

right,

title

or

interest

sought

to

be

claimed

in

the

present

application.

The application

is

wholly

misconceived

and

untenable

in

law

and

devoid

of

any

merit'

The

application

is liable

to be

dismissed

with exemplary

costs.


13/15

That it

is

clarified

that

the

present

application

is

not

at

the instance

of

the

ex

-management.

The

ex

management

are

opposing

the application and

assisting

the Honorable court by

filing

this

reply

to secure obedience

and

compliance

of the

order

dated

11.02.2013

passed

by

the division bench of

the

Honorable Court

and upheld

by

the

Honorable Supreme

court of

india.

It is

in

the

Larger

interest of the

public

that

the

entire

land

of

the company

is

put

to the

public

Auction

which

is likely

to

fetch

huge

amount of

money

approximately

Rs.

700-800

crores

which

would be sufficient to

pay

off all

the

creditors of

the company

including

the

applicant.

APPLICANT

/RESPONDANT

Through

C A

Solution

(Sanjay

S Chhabra

Alok K.

Aggarwal)

Counsel of Respondants

H-SJungpura

Extension

New

Delhi

-110014

D/64/96

9899068509

Dated :-

15

May

2013


14/15

co

\

IN

9OMFANY

PETITI

IN THE MATTER

OF:

Dinesh

Mittal Qths.

Petitioners

Vs

Triveni

lnfrastructure

Development

Company

Limited

Respondents

AFFIDAVIT

l, Madhur

Mittal, son of Late Shree

H.C. Mittal

aged about

40

years

rlo

of

C-691,

New friends Colony,

New Delhi

,do

hereby solemnly affirm and

declare

as under;-

1

,

I

am a

erstwhile Director

of

the

Company

and

I

am

fully

conversant

with

the

Facts

and

circumstances

of

the case. Hence am competent to swear

this affidavit.

2. That

I have

read

and understood

the content

of

the

accompanying

reply

to the application under

Rule

9 of the

Company

(Court)

Rules

1959,

read

with Section

151

CPC

and

same

are

true and correct to the best

of my


15/15

,- .., .... , - i

Knowledge

and

belief.

No

part

of

this

is

false and

nothing has

been

concealei

there

from. The

content

of

the

reply be

read as

part

of

the

present

Affidavit

and

the

same

are

not

repeated herein

for

the sake

of'

Brevity.

DEPONANT

VERIFICATION

l,

the deponent by above

name,

hereby verify

that the

content of

para

1 &2

of

the

foregoing Affidavit

are

true

and correct

to the

best

of

my Knowledge

and no

part

of

this

is

false and

nothing

material

has been

suppressed

therefrom

.

Verified at

New

Delhi

on15th

day of

May 2013

.

.