Decided on January 31,2002



- (1.)The above transfer petitions were entertained by this Court for a limited purpose of making available to the Company in question the advantage of the scheme notified by the Reserve Bank of India for Non Performing Assets (NPA) Scheme, which scheme, if availed of would give the Company a substantial financial benefit which benefit in turn could be made available for distribution amongst the various creditors of the Company. To fulfil the above object with the consent of the parties and also in consonance with the order of Madras High Court, by an order of this Court, we had directed the sale of a part of the property belonging to Pure Drinks (Calcutta) Ltd. situated at No. 36, Mount Road, Guindy, Madras to be sold by public advertisement. Pursuant to which ITC Ltd. offered the highest bid which was accepted by this Court with the consent of the parties and ITC have deposited the entire consideration amount accepted by us. By our earlier orders, we had directed the Registrar General of this Court to execute the necessary Conveyance Deed to see that the right, title and interest in the said portion of the property is conveyed free from all encumbrances to the ITC. Today on behalf of the ITC, it is submitted that the terms of the draft sale certificate with certain modifications as mutually agreed between the ITC and the Registrar General is acceptable to them. In the said view of the matter, we confirm the said sale in favour of the ITC of the schedule properties mentioned in the sale certificate and we direct the Registrar General of this Court to issue the sale certificate as contemplated under Rule 94 of Order 21 CPC. The Registrar General is also directed to take such steps as is necessary to make the sale in question complete in all sense. The expenses to be incurred in registering the sale certificate shall be borne by the ITC. If, however, ITC desires that the sale deed in respect of the said property is to be executed by M/s. Pure Drinks (Calcutta) Ltd., the three persons, named below, who claim interest in the said property shall execute the sale deed within a period of three months from today. In that case also all expenses of Stamp duty and Registration fees of the sale deed shall also be borne by the ITC.
(2.)It is submitted on behalf of the parties that a sum of Rs. 13,50,00,000/- (Rupees thirteen crores & fifty lacs) only (approx.) is required to be paid to the Income-tax authorities towards the capital gain tax payable on the sale of the above- mentioned property. Out of the money in deposit with the Registrar General, we direct that a bank draft for a sum of Rs. 13,50,00,000/- shall be issued in the name of Deputy Commissioner, Income-tax Circle, Patiala, Punjab and an appropriate receipt be obtained from the said authorities. It shall be made clear to the said authority that the amount in question is being paid on account subject to adjustment in regard to the capital gains tax payable on the sale of above said property.
(3.)We further direct that a sum of Rs. 6,37,899/- (Rupees six lacs thirty seven thousand eight hundred ninety nine) only to be paid by the Registrar General through a bank draft to C.J. International Hotel Ltd. New Delhi towards the advertisement charges incurred by them in the sale of the above-mentioned property and the same shall be treated as being paid towards full and final settlement of that claim.

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