Bikram Chatterji & Ors vs Union Of India & Ors

Heard learned counsel for the parties.

Various aspects have been pointed out by the learned Receiver.

It was pointed out that GST should be waived by the Government of India considering the dispute in the matter, alternatively it was submitted that GST dues may be kept in abeyance.

It was also pointed out by the learned Receiver that they had a meeting with the concerned Secretary. Mr. Vikramajit Banerjee, learned Additional Solicitor General of India, to obtain instructions as to release of an amount of Rs.500 Crores by way of loan under the scheme of the Government of India to revive such projects so that work may start and then on completion the money is generated and repaid. He has prayed for some time to obtain instructions with respect to waiver of GST as well as with respect to releasing the loan. We grant opportunity to obtain the instructions, as earlier also we have given time to Mr. Vikramajit Banerjee, leaned Additional Solicitor General of India to obtain instructions with respect to the aspect of funding.

It was also pointed out by the learned Receiver that sale of FAR may be directed so as to fetch the amount for the purpose of construction.

Mr. Sunil Gupta, learned senior counsel appearing on behalf of Noida/Greater Noida Authority, has prayed for time to obtain instructions from Noida/Greater Noida Authority in this regard. We give him time to do the needful.

It has also been pointed out that the buyers should know the existing dues of the Noida/Greater Noida Authorities and for that purpose we have put to Mr. Sunil Gupta, learned senior counsel, to obtain instructions as to how much should be the interest component as to the outstanding lease premium the defaulted amount as ultimately the liability is to be passed on to the home buyers and the money is to be realised from the home buyers accordingly the valuation was worked out by the erstwhile builders. Let him obtain instructions in respect of the rate of interest to be charged and the compounding to be made. Considering the rate of interest which has gone down in the present situation, an imbroglio has been created by divergence of funds and the findings recorded as to conduct of the Noida/Greater Noida Authority. They have to act in reasonable manner.

We have heard the learned counsel appearing for NBCC also.

They have floated the tenders and for some of the projects, they have completed the work.

Let MSTC also inform the steps taken by them so far. Let Mr.Vikramajit Banerjee, learned ASG, obtain instructions with respect to the present stage of the sale of the property by MSTC.

It was also pointed out by Mr. Sanjay Jain, learned ASG appearing for the Enforcement Directorate that in the criminal investigation made against J.P. Morgan, they have prima facie found the proceeds to the extent of Rs. 187 Crores and for that, they have to proceed against J.P. Morgan and its Directors and as such, attachment is required to be made to aforesaid extent. We lift the embargo created vide order dated 2nd December, 2019 not to attach the property of J.P. Morgan and its Directors. We permit the Enforcement Directorate to attach the Bank Accounts of J. P. Morgan as well as any other property belonging to J.P. Morgan and its Directors to the extent required.

With respect to the banks also and with respect to proposal by the Receiver, we have requested Mr.Vikramajit Banerjee, learned ASG, since he is appearing for SBI CAP as well as he takes notice on our request to obtain instructions from RBI to give relaxation in norms for financing of the projects and to release the loan amount to the home buyers, in the peculiar factual situation of the case.

It was pointed out by the learned Receiver that UCO Bank is considering the proposal for financing of the unsold inventory part. Considering urgency, let them consider and take a decision within 15 days in consultation with the learned Receiver. A note has been submitted by Mr. M.L.Lahoty, learned counsel, with respect to sale of certain properties in Eden Park and Castle completed by NBCC. Let the learned Receiver respond to the Note submitted by Mr. Lahoty on the next date of hearing and to point out whether their flats already stand allotted.

We direct the DRT to transmit the rent which they have received from property that has been attached to the Amrapali Account (being A/c No. 02070210002834) maintained by the Registry of this Court.

List on Wednesday, the 27th of May, 2020.

Let the matter of Surekha Family as well as I.A.Nos. 141062 of 2019 and 155624 of 2019 be also listed on the next date of hearing.

Let all other pending interlocutory application(s) be also listed on the next date of hearing.