- (1.) Mr. Darius Khambatta, learned senior counsel, appearing on behalf of the Official Liquidator and the Court Receiver, has submitted that despite best efforts, the entire Aamby Valley City is not in a position to be sold. Various difficulties have been pointed out in the Note given by the learned Company Judge. Learned counsel has also filed two status reports. We think it appropriate to reproduce the same. They read as follows:- "Report of the Court Receiver 28th December 2017 on the actions already taken and the further immediate actions required to be taken for compliance and implementation of the order of The Hon'ble Supreme Court Dated 23rd November 2017 and Compliance/status report of the official Liquidator dated 6th February 2018 In relation to the directions of Hon'ble Supreme Court of India vide order dated 12.10.2017 and 23.11.2017: Further orders and directions required from the Hon'ble Supreme Court of India on the above two reports. Court Receiver (a) Symbolic possession taken by the Court Receiver, Bombay High Court, of the properties of Aamby Valley Limited on 11th, 12th, 13th and 14th December 2017 may be confirmed till further orders; (b) Court Receiver may be conferred with all the powers under Order 40, Rule 1 of the Code of Civil Procedure, 1908, to deal with all situations and events prevailing and occurring in Aamby Valley City on an almost daily basis and/or in relation to its properties so that the actions already taken and/or proposed to be taken are impeded or obstructed in any manner by any person; (c) Court Receiver may be permitted to take such actions as may be necessary for compliance of the orders and directions of this Hon'ble Court in relation to Aamby Valley City and the movable and immovable properties of which symbolic possession has been taken as aforesaid including appointment of the Aamby Valley Group of Companies or any of them or any other Agency as Agents of the Court Receiver on terms and conditions as may be fixed by the Court Receiver and for engaging and retaining services of existing professionals including Advocate(s)/Counsel(s)/Agencies/Architect/Chartered Accountants/Engineers, etc. to maintain Aamby Valley City and to ensure that no encroachments take place, valuation does reduce and auction/sale of Aamby Valley City takes place in a peaceful manner; (d) Respondents/Aamby Valley Limited may be directed to give the names of authorised persons to the Hon'ble Court with whom Official Liquidator/Court Receiver can deal for further transactions/correspondence. Official Liquidator (e) Be pleased to permit the Official Liquidator to make lot(s) of the Aamby Valley City properties/utilities/fragments/options/plots/amenities/assets after demarcating and valuing the same with assistance of Special Experts including Valuers, Towner Planners and the like and for this purpose adopt modalities as may be approved by the Hon'ble Company Judge of the Bombay High Court acting in consultation with Hon'ble Mr. Justice A.S. Oka of the Bombay High Court; (f) Be pleased to permit the Official Liquidator to dispose by sale or such other arrangements the lots of properties/utilities/fragments/options/plots/amenities/assets within the Aamby Valley City in one or more lot(s), jointly or separately or otherwise, in accordance with the modalities/fixation of the reserve price and/or terms by the Hon'ble Company Judge of the Bombay High Court acting in consultation with Hon'ble Mr. Justice A.S. Oka of the Bombay High Court; (g) To permit the Official Liquidator, Bombay High Court to sell/auction all or any of the movable assets which are lying in the Aamby Valley City inclusive of luxurious cars, Trucks, electronic goods, air-gliders etc., with the approval of and after getting its reserve price fixed by the Hon'ble Company Judge of the Bombay High Court acting in consultation with Hon'ble Mr. Justice A.S. Oka of the Bombay High Court. (h) To approve the action of Official Liquidator to take advice of Nitin Killawala and Associates, Architect and Town Planners on demarcation and valuation of various plots/utilities/properties/fragments/options/assets within the Aamby Valley City; General (i) The Court Receiver, High Court, Bombay and/or Official Liquidator, High Court, Bombay be directed to obtain such further directions including modalities for enabling compliance the orders of the Hon'ble Supreme Court of India from the Hon'ble Company Judge of the Bombay High Court acting in consultation with Hon'ble Mr. Justice A.S. Oka of the Bombay High Court; (j) The Respondents and/or the Aamby Valley Group of Companies or any one or more of them and all those in control, charge and management of the same be directed to duly comply without demur all directions as may be issued to them or any of them from time to time by the Court Receiver, High Court, Bombay, and/or the Official Liquidator, High Court, Bombay, with the approval of the Hon'ble Company Judge of the Bombay High Court acting in consultation with Hon'ble Mr. Justice A.S. Oka of the Bombay High Court, and for due compliance and implementation of all orders of the Hon'ble Supreme Court of India; (k) To restrain any court/tribunal/authority, other than the Hon'ble Supreme Court, from passing any order/direction in respect of any actions/directions taken by the Court Receiver and/or the Official Liquidator pursuant to directions of the Hon'ble Company Judge of the Bombay High Court acting in consultation with Hon'ble Mr. Justice A.S. Oka of the Bombay High Court as appointed by this Hon'ble Court; (l) The petitioner SEBI be directed to remit/make available funds as may be requisitioned from time to time by the Court Receiver and/or the Official Liquidator with the approval of the Hon'ble Company Judge of the Bombay High Court acting in consultation with Hon'ble Mr. Justice A.S. Oka of the Bombay High Court; for the purpose of action/s taken, required to be taken for implementation of the orders and directions of the Hon'ble Supreme Court of India; and (m) To direct SEBI or the Ld. Amicus Curiae in the matter to assess the reasonability of the professional charges that may be paid to Shardul Amarchand Mangaldas (SAM) for the drafted terms and conditions of sale and the tender notice, which draft has the approval of Hon'ble Justice Shri B.N. Agrawal (Retd.);"
(2.) The prayer which relates to selling of parcel of the properties is:- "(a) It will be easier to find buyers if Aamby Valley City is demarcated as plots/utilities/fragments and sell it in individual plots or as land parcels or amenities wise. For example, (a) the international school can be sold as it is with all the facilities attached to the school; (b) the golf course can be sold as it is with all the facilities attached to the golf course; (c) the convention hall, hotels and restaurants can be sold as it is with all the facilities attached thereto; (d) developed or undeveloped plots of land could be sold as parcels or plots of minimum indicated size; (e) aerodrome with its infrastructures; (f) water sports area can be separately sold, etc."
(3.) In addition to the aforesaid immovables properties, there is also a prayer for selling the movable properties. It is as under:- "In addition, there are also movables like 23 Mercedes Benz cars, about 224 other vehicles like buses and cars, innumerable two wheelers, air gliders, water sports vehicles, office furniture's, hundreds of TV sets, etc.";