Manmohan, J. - (1.) CM APPL. 2430/2015 [by petitioner] CM APPL. 12825/2015 [by respondents] Keeping in view the averments in the applications, delay in filing the rejoinder by the petitioner and additional affidavit by the respondents is condoned and same are taken on record. Accordingly, the applications stand disposed of. CM APPL. 2345/2015 Present application has been filed by respondent no. 2 seeking exemption from personal appearance on 10th February, 2015. The application is disposed of as in-fructuous. CM APPL. 13914/2015 Keeping in view the averments in the application, respondent no. 2 is exempted from personal appearance today. Accordingly, the application stands disposed of. CONT.CAS(C) 958/2013 Present contempt petition has been filed against the contemnors for wilful disobeying consensual orders dated 24th January, 2013 and 12th August, 2013 passed in W.P.(C) 393/2013 titled as Coastal Projects Ltd. v. IFCI Ltd.
(2.) On 24th January, 2013, the contemnors had agreed to repay Rs. 100 crores to petitioner-IFCI in following manner:- "(i) The first instalment of Rs. 10 Crores will be paid by the petitioner to the respondent on or before 15.03.2013; (ii) The second instalment of Rs. 15 Crores would be paid by the petitioner to the respondent on or before 20.04.2013; (iii) The balance amount of Rs. 75 Crores would be paid by the petitioner to the respondent on or before 30.06.2013."
(3.) Upon the respondents herein undertaking to pay the aforesaid instalments, the interim injunction order dated 23rd November, 2012 passed in OMP 1087/2012 was varied to the following extent:- "(a) the injunction obtaining qua the immovable properties/asset of the promoters of the petitioner no.1 company be lifted to enable the promoters to deal with their immovable properties/assets subject to the following undertakings:- (a.1) the immovable properties/assets will be used by the promoters only to generate funds for day-to-day operation of petitioner company and/or for redemption of the CCDs issued to the respondent in accordance with the time line indicated in clause 2 above; (a.2) the promoters shall raise funds either by way of loan/financial assistance by creating an encumbrance or by way of sale of properties/assets of the promoters; (a.3) information as regards the lender/financer or the vendee/purchaser of each immovable property/asset shall be supplied to the respondent. The respondent, however, shall not impede the culmination of any such a transaction unreasonably. The petitioner will make an endeavour to give at least (10) days prior notice to the respondent of the intended transaction; (a.4) the monies generated either by way of loan/financial assistance or by way of sale will be deposited in a designated account maintained with a nationalised bank, in the name of the petitioner company. The particulars of the designated account will be supplied to the respondent; (a.5) the petitioner shall intimate to the respondent with regard to the usage of funds put in the designated account; and (a.6) the funds put in the designated account shall be utilised only for the usual and ordinary day-to-day operations of the petitioner no.1 company or for repayment of monies qua CCDs as indicated in clause 2 above.";