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2011 DIGILAW 2513 (MAD)

K. Rama Das v. K. Balarama Das

2011-04-29

D.MURUGESAN, K.K.SASIDHARAN

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Judgment :- D. MURUGESAN, J. 1. After a series of orders passed by this Court, ultimately the proposed buyer has produced a bankers cheque bearing No.009725 dated 26th April, 2011, for a sum of Rs.145,00,00,000.00 (Rupees One Hundred and Forty-five Crores) towards full and final payment of the sale consideration in respect of the two properties in question, belonging to both the appellant and the respondents. Hence, in continuance of the earlier orders, the following order is passed with the consent of the parties :- i. The Registrar General, High Court, Madras, is directed to deposit the said bankers cheque in the account of Registrar General with Reserve Bank of India forthwith. ii. As we have already directed that a sum of Rs.One Crore and Eight Lakhs to be kept in the account of the Registrar General out of a sum of Rs.20 Crores deposited as advance by the proposed buyer, the respondent bank has handed over the documents numbering 42 as per the letter of the buyer dated 29th April, 2011, which is marked as 'Annexure-1' and the documents as mentioned by the purchaser in his letter dated 29th April, 2011, which is marked as 'Annexure-2' and the same is handed over to Mr.R.Subramanian, learned counsel appearing for the proposed buyer in open Court and the same has been acknowledged. iii. Mr.Balarama Das has also produced documents as shown in 'Annexure-3' relating to certain other properties covered in the transaction in question and those documents have also been handed over to Mr.R.Subramanian, learned counsel for the proposed buyer in open Court, and the same has also been acknowledged. iv. In view of the above deposit of the entire sale consideration of Rs.165 Crores, namely Rs.20 Crores by virtue of earlier order and the balance of Rs.145 Crores today, both the appellant and the respondents are directed to execute sale deed in favour of the buyer, M/s.Prince Foundation Ltd., represented by its Chairman and Managing Director, Mr. Ashwin K.Kamdar, 59, Ormes Road, Kilpauk, Chennai-10, or any other Director authorised by the company. v. Both the appellant and the respondents as well as the buyer have submitted that the documents are ready and it could be registered by today itself and, hence, there will be a direction for the appellant and the respondents to register the sale deed by today itself in favour of M/s.Prince Foundation Ltd. vi. v. Both the appellant and the respondents as well as the buyer have submitted that the documents are ready and it could be registered by today itself and, hence, there will be a direction for the appellant and the respondents to register the sale deed by today itself in favour of M/s.Prince Foundation Ltd. vi. On such registration and on showing proof of such registration, both the appellant and the respondents are entitled to withdraw their proportionate share as per the settlement and the details given in 'Annexure-4' on Monday, i.e., 2nd May, 2011 or on subsequent dates, barring an amount of Rs.2 Crores, out of which a sum of Rs.1.08 Crores shall be kept apart for any claims that may be made by the Indian Bank from the appellant and the respondents. It is now represented that as far as the amount representing the share of R-15 (Vishnu Mohan Das) and R-17 (Lakshmi Narayana Das), it could be collected by Mr.K.Balarama Das, the 1st respondent in O.S.A. No.73/2009. Similarly, the amount to which the 21st respondent (Priya Prashanth) is entitled could be collected by Mr.K.Bagavan Das, the 2nd respondent in O.S.A. No.73/2009. Likewise, the amount to which R-13 (K.Kalyani Das) and R-14 (K.Bharathi) is concerned, the same could be collected by Mr.K.Rama Das, the appellant in O.S.A. No.74 of 2009. The above individuals are permitted to collect the amount as stated above. vii. In view of the report filed by the Receiver dated 26th April, 2011, he is entitled to a further sum of Rs.4 Lakhs, which amount is agreed to by both the appellant and the respondents as additional remuneration and the Receiver is permitted to withdraw the said amount from and out of the sum of Rs.92 Lakhs ear-marked for certain contingencies. viii. Both the appellant and the respondents are directed to remove the entire account books, vouchers and other related documents of administration of the hotel by today itself. ix. The Administrator is directed to hand over vacant possession of both the properties immediately on registration, which is shown as Schedule in the letter of the buyer dated 29th April, 2011. x. The Receiver is also permitted to withdraw a further sum of Rs.3 Lakhs from and out of the sum of Rs.92 Lakhs lying in the account of the Registrar General to settle all the miscellaneous liabilities, including the professional fee from the auditors. xi. x. The Receiver is also permitted to withdraw a further sum of Rs.3 Lakhs from and out of the sum of Rs.92 Lakhs lying in the account of the Registrar General to settle all the miscellaneous liabilities, including the professional fee from the auditors. xi. Insofar as the registration is concerned, if any additional stamp duty is required, it is the concern of the prospective buyer for payment to clearance of the documents. xii. On completion of the registration of the sale, removal of the account books, vouchers and other documents relating to the administration by the appellant and respondents, taking over possession by the prospective buyer and the withdrawal of the respective share of the appellant or their legal heirs as per the settlement, the appellant, respondents and the prospective buyer shall file a compliance report on the above directions to this court for completion of records. xiii. The 22nd respondent, Indian Bank, is permitted, if so advised, to take appropriate legal action and see the said legal proceedings are over in a period of six months in regard to its claim from the appellant and the respondents and for which process this Court had earmarked a sum of Rs.1.08 Crores to be kept in an interest bearing account. After the expiry of the said period, both the appellant and the respondents are entitled to approach this Court for withdrawal of the amount, which is kept in deposit, representing their proportionate share. Equally, the Bank, in case of any difficulty in getting the legal proceedings disposed of within the time stipulated by this Court, is entitled to approach this Court for appropriate orders. 2. As the above orders are passed on the basis of the admissions made by the respective counsel and the parties who are present before this Court, there will be a decree in terms of the above under Order XII Rule 6 of the Code of Civil Procedure. Accordingly, the original side appeals stand disposed of in the terms mentioned above and there will also be a decree in the above mentioned terms. Consequently, connected miscellaneous petitions/applications are closed.