$~C3 & C4

* IN THE HIGH COURT OF DELHI AT NEW DELHI

+ CO.PET. 39/2009, CO.APPLs. 543/2013, 1585/2013, 1366/2017,
75/2018, 441/2018, 689/2018, 830/2018, 545/2020, 655/2020,
5/2021, 444/2022, 733/2022, 734/2022, 21/2023, 36/2023, 50/2023,
513/2023, 634/2023, 713/2023, 754/2023, 755/2023, 756/2023,
766/2023, 776/2023, 968/2023, 969/2023, 970/2023, 971/2023,
OLR 114/2018 & OLR 98/2023

DINESH MITTAL & ORS. ..... Petitioners

Through: Mr. Abhimanyu Bhandari, Ms.
Nattasha Garg, Mr. Thakur Ankit
Singh, Mr. Abhay K. Das, Advs (M.
9654998650)
Mr. Jay Savla Sr. Adv, Mr. Prabhat
Chaurasia, Mr. Rajpal Singh for
Applicant/Sicom Ltd (M.
9873849435)
versus

M/S TRIVENI INFRASTRUCTURE

DEVELOPMENT CO. LTD ..... Respondent
Through: Mr. Anil Kumar Yadav, AAG with
Ms. Noopur Singhal, Adv. with Mr.
Lalit Bazad DTP HQ., Mr. Suraj
Katiyal Planning Assistant, DTCP
and Mr. Rajbeer Singh, Chief
Accounts Officer, DTCP (M.
9312765888)
Mr. Akhil Sibal, Sr. Adv. with Ms.
Priyadarshini Dewan, Mr. Deepak
Agarwal and Ms. Aarohi
Mikkilineni, Advocates along with

CO.PET. 39/2009 & CO.PET. 333/2010 Page 1 of 9

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 Mr. Madhur Mittal and Mr. Sumit
Mittal (Ex - Directors of the
Respondent Company under
Liquidation) in person.
Mr. Abhimanyu Bhandari, Ms.
Nattasha Garg, Mr. Alok Raghav,
Mr. Thakur Ankit Singh and Mr.
Srikant Singh, Advocates for
Applicant in CA/659/2021,
655/2020, 444/2022 (M:
9026272055).
Ms. Ruchi Sindhwani, Sr. Standing
Counsel with Ms Megha Bharara,
Adv. with Mr. Vineet Rai & Dy
Official Liquidator, Mr Kataria (M:
9811533510/9871145546).
Mr. Ramesh Babu, Ms. Manisha
Singh & Ms. Tanya Chowdhary
Advocates for RBI.
C2 WITH
+ CO.PET. 333/2010, CO.APPLs. 2375/2011, 905/2016, 4542/2016,
4587/2016, 1113/2017, 315/2018 & OLR 255/2017

SH. SAMEER SHARMA ..... Petitioner

Through: Mr. Abhimanyu Bhandari, Ms.
Nattasha Garg, Mr. Thakur Ankit
Singh, Mr. Abhay K. Das, Advs (M.
9654998650)
versus

M/S TRIVENI INFRASTRUCTURE

DEVELOPMENT CO LTD ..... Respondent
Through: Mr. Anil Kumar Yadav, AAG with
Ms. Noopur Singhal, Adv. with Mr.

CO.PET. 39/2009 & CO.PET. 333/2010 Page 2 of 9

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 Lalit Bazad DTP HQ., Mr. Suraj
Katiyal Planning Assistant, DTCP
and Mr. Rajbeer Singh, Chief
Accounts Officer, DTCP (M.
9312765888)
Mr. Akhil Sibal, Sr. Adv. with Ms.
Priyadarshini Dewan, Mr. Deepak
Agarwal and Ms. Aarohi
Mikkilineni, Advocates along with
Mr. Madhur Mittal and Mr. Sumit
Mittal (Ex - Directors of the
Respondent Company under
Liquidation) in person.
Mr. Abhimanyu Bhandari, Ms.
Nattasha Garg, Mr. Alok Raghav,
Mr. Thakur Ankit Singh and Mr.
Srikant Singh, Advocates for
Applicant in CA/659/2021,
655/2020, 444/2022 (M:
9026272055).
Ms. Ruchi Sindhwani, Sr. Standing
Counsel with Ms Megha Bharara,
Mr. Vineet Rai, Advocates with Dy
Official Liquidator, Mr Kataria (M:
9811533510/9871145546).
Mr. Ramesh Babu, Ms. Manisha
Singh & Ms. Tanya Chowdhary
Advocates for RBI.
CORAM:
JUSTICE PRATHIBA M. SINGH
ORDER
% 21.12.2023
1. This hearing has been done through hybrid mode.

CO.PET. 39/2009 & CO.PET. 333/2010 Page 3 of 9

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 2. In the previous order dated 11th December, 2023, the Court had
considered in detailed submissions relating to the valuation of the land
belonging to the company (in liqd.) i.e. Triveni Infrastructure Development
Co. Ltd (TIDCO) at Sector 78, Faridabad, Haryana. Vide the said order, the
Court after considering the various reports which were submitted by the
Official Liquidator (OL), had directed as under:
“51. After going through the aforementioned valuation
reports and in view of the fact that one of the main
impediments i.e. decree in favour of late Shri Chander
Bhan now stands resolved, this Court is of the opinion
that the valuation of land is to be now accepted and the
sale of the land of Triveni Galaxy Project at Sector 78,
Faridabad is to be proceeded with.
52. At this stage, it has been pointed out by Director
Town & Country Planning, Haryana (DTCP) that the
DTCP license in relation to this land has expired in
2009 and the same would have to be renewed. Mr.
Suraj Katiyal Planning Assistant and Mr. Lalit Bazad,
DTP (HQ) are present in Court. They submit that the
license can be renewed provided the dues of DTCP are
paid.
53. Mr. Madhur Mittal, Ex - Director of TIDCO who is
present in Court, points out that there is a scheme
launched by the DTCP called Samadhan Se Vikas
Scheme Haryana, 2022 as per which, subject to
payment of the EDC and IDC charges, the issue of the
DTCP license could be resolved at a lesser amount.
54. Ms. Ruchi Sindhwani, ld. Counsel for the OL points
out that a letter dated 27th September, 2023 has been
written to the DTCP, Haryana for consideration under
the said scheme.

CO.PET. 39/2009 & CO.PET. 333/2010 Page 4 of 9

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 55. The Court is of the opinion that the correct
approach at this stage would be to proceed by the
value of the land per acre, inasmuch as a large amount
of the land is still not yet constructed and most of the
towers are partly constructed. The Court is, therefore,
inclined to accept the valuation provided by Mis
Nagpal & Associates vide the valuation report dated
7th November, 2023. Going by the conservative
estimate as per the said report, this Court is of the
opinion that the first attempt to sell off this land of
Triveni Galaxy Project at Sector 78, Faridabad ought
to be with a reserve price of Rs.5 50 crores.”

3. After considering the valuation reports, and after taking into

consideration the delineation of the land in possession of M/s. Pal Infrastructure
and Developers Pvt. Ltd. and M/s. Zion Promoters and Developers Pvt. Ltd. the
reserve price of the said land has been fixed at Rs.550 Crore.
4. The main issue remaining qua the said land is in respect of the Director
Town & Country Planning, Haryana (DTCP) license which is to be renewed,
prior to the sale notice being issued as the same would have an impact on the
amount that would be realisable.
5. An affidavit has been filed by DTCP in respect of the dues payable to it
for renewal of the license. The license No. 37-39/2007 for the land at Sector 78,
Faridabad is in the name of TIDCO. There are two components of the amount
which is due to the DTCP. The same are:
i) the DTCP Licence renewal fee;
ii) The External Development Charges (EDC) and Infrastructure
Development Charges (IDC).

CO.PET. 39/2009 & CO.PET. 333/2010 Page 5 of 9

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 6. Insofar as the IDC charges are concerned, counsel for DTCP submits that
there are no outstanding amounts to be paid. Computation of the remaining
amounts due to the DTCP were placed before the Court yesterday by way of an
affidavit dated 18th December, 2023. At that stage, it was pointed out by Ms.
Sindhwani, ld. Standing Counsel for the OL that the interest would not be liable
to be charged in the manner that the DTCP is seeking to do in view of Rule 156
and Rule 179 of the Company (Court) Rules, 1959. The Court had, then,
adjourned the matter for today to enable the OL’s office and the DTCP to
decide on the amount that would be due to the DTCP.
7. Today, ld. Counsel appearing for the DTCP on instructions from DTCP
officials who are present in Court is reluctant to agree that interest would be
liable to be paid only at 4%, if surplus is left, after liquidation. According to ld.
Counsel, interest would be liable to be paid in the manner as prescribed under
the DTCP policy.
8. Ld. Counsel for the DTCP has, however, fairly, handed over a
calculation based on interest being charged at 4%. In terms thereof, the license
renewal fee that would be liable to be paid is Rs.5,59,27,151/- and the EDC and
enhanced EDC would be to the tune of Rs.4828.63 lacs i.e., approx. Rs. 48
crores. The breakup of the same is set out below:
Licence Head Principal Amount Interest Total In Remarks
No. lacs
37-39 of EDC 2327.75 1401.16 3728.91
2007

4% interest 2327.75X4X4311/365X 1099.72 1099.72

from 100 =1099.72

CO.PET. 39/2009 & CO.PET. 333/2010 Page 6 of 9

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 1.03.2012
to
20.12.2023
(4311 days)
Total dues 2327.75 2500.88 4828.63
as on
20.12.2023

9. At this stage, the Court is confronted with the situation where the fund
position with the OL for TIDCO is as under:
i) 13.40 crore
ii) 37.50 earmarked for the claimant being SICOM
10. In addition, Mr. Akhil Sibal, ld. Sr. Counsel for TIDCO also submits that
there are three land acquisition awards in favour of TIDCO which are to be
collected from Land Acquisition Collector. The said awards are approximately
to the tune of approximately Rs. 76.63 Crores. Thus, while the entire amount
may not be payable today, the fund position could improve and all the charges
of the DTCP could then be paid.
11. The Court is of the opinion that the DTCP license is a crucial
component, which would attract better bids for the land at sector 78, Faridabad.
Considering this position and the fact that there should not be any further delay
in enabling the sale notice being published by the OL for exploring the
possibility of a new developer taking over the said land, the following interim
arrangement is put in place:
i) A sum of Rs.5,59,27,151/- shall be paid by the OL towards
renewal of license No. 37-39/2007 and the same shall be renewed

CO.PET. 39/2009 & CO.PET. 333/2010 Page 7 of 9

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 till 22nd January, 2025. Upon the said deposit being made, the
renewal shall be communicated to the OL within two weeks. The
renewal of the license shall also be reported to the Court.
ii) The said renewal amount shall be deposited with DTCP by 10th
January, 2024 and the DTCP license renewal shall be completed
by 25th January, 2024.
iii) Insofar as EDC, enhanced EDC and the renewal of bank
guarantees are concerned, the same would be one of the conditions
that would be put in the draft sale notice which is to be published
by the OL for the purpose of sale of the development rights in the
Triveni Galaxy Project at Sector 78, Faridabad. The sale notice
shall also clarify that the obligations relating to renewal of bank
guarantees and other formalities would have to be complied with
by the new developer.
12. Insofar as EWS plots on the said land are concerned, as on date, the
status is that the allotment of EWS plots and construction of community
services has not commenced. The obligation to construct the same shall also be
that of the new developer.
13. Subject to the payment of the DTCP license renewal fee, the license shall
be renewed. For the time being, compliance of remaining conditions shall not
be insisted upon by the DTCP as TIDCO is in liquidation.
14. Upon the renewal of the DTCP license, the OL’s office shall put up a
draft sale notice for the approval of sale of the land at sector 78, Faridabad.

CO.PET. 39/2009 & CO.PET. 333/2010 Page 8 of 9

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 15. Insofar as any outstanding amounts to be collected from Land
Acquisition Collector in respect of the three land acquisition awards in favour
of TIDCO are concerned, the OL office shall contact the office of the
concerned Land Acquisition Collector and ensure that the said amounts are
duly credited in the name of TIDCO. If any directions are required in this
regard, let an application be moved with an advance copy to the Land
Acquisition Collector’s office so that it can be represented before the Court.
16. The ex-management of TIDCO shall assist the OL’s office in obtaining
the release of the said amounts so that the fund position in respect of TIDCO
can be secured.
17. Ld. counsel for Maximal Infrastructure Pvt. Ltd. has also handed over
the no objection certificate (NOC) to the OL’s office for transfer of the four
towers in favour of BSF Family Welfare Society and TIDCO as directed
yesterday i.e. on 20th December, 2023.
18. List on 27th February, 2024.

PRATHIBA M. SINGH, J.
DECEMBER 21, 2023
mr/kt

CO.PET. 39/2009 & CO.PET. 333/2010 Page 9 of 9

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