HIGH COURT OF BOMBAY
Modern India Limited & Ors vs Financial Technologies (I) Ltd, Now Known As 63 Moons Technologies Ltd. & Ors
Report No. 47 In Suit No 173 of 2014 On 12 April 2024
Hon'ble Judges: Sandeep V. Marne
Case Type: Report No. 47 In Suit
Final Decision:
Advocates: Ashish Kamat, Vaibhav Bhure, Shlok Paresh, Supriya Majumdar, Anuya Pathare, Vaish, Sanjiv Punaleka, Yogesh Mishra, Rebecca Gonsalve, Saba Khan, Prachi Kolembekar, Ruchita Chavan, Nikita Vardhan, Jyoti Chavan, Mahadeo Kirwale
Citations:
2024 0 CJ(Bom) 297
ACTS REFERRED:
Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999, Section 5
Bombay High Court (Original Side) Rules, 1980, Rule 114(1)(a)
Bombay High Court (Original Side) Rules, 1980, Rule 114
Bombay High Court (Original Side) Rules, 1980, Rule 113
Bombay High Court (Original Side) Rules, 1980, Rule 112
Bombay High Court (Original Side) Rules, 1980, Rule 111
Bombay High Court (Original Side) Rules, 1980, Rule 109
Bombay High Court (Original Side) Rules, 1980, Rule 108
Bombay High Court (Original Side) Rules, 1980, Rule 107
(A) Bombay High Court (Original Side) Rules, 1980, Rule 108, Rule 111, Rule 114, Rule 109, Rule 107, Rule 112, Rule 113, Rule 114(1)(a) - (B) Maharashtra Protection of Interest of Depositors (In Financial Establishments) Act, 1999, Section 5
Judgement Text
1)
Report No. 47 dated 8 October 2018 is filed by the High Court Committee (HCC)
constituted by this Court's Order dated 2 September 2014. Report No.47 is filed
by HCC crystallizing the liability of Third Party Noticee-Vimladevi Agrotech
Ltd. in the sum of Rs.13,72,51,730/- as due and payable by it to NSEL as on 30
September 2013.
2)
HCC was constituted by this Court's Order dated 2 September 2014 for assisting
this Court in examining the voluminous documents and accounts statements, hear
rival contentions and for crystallizing the liability of defaulting trading
members of NSEL, who are Third Party Noticees in the Suit and for placing
reports before this Court for its approval and for passing of Order thereon. G.
S. Patel J., while passing Order in Report No.49 dated 30 March 2019 has
enumerated following five broad terms of reference of HCC:
(a)
to determine the amounts payable by the defaulters / third parties to National
Spot Exchange Ltd ("NSEL)";
(b)
to ascertain the assets of the defaulters / third parties and received or
indirectly from NSEL in respect of various trades;
(c)
to explore and negotiate mutual settlements between NSEL and the alleged
defaulters / third parties and their clients;
(d)
to seek appropriate direction from the Court for sale / monetization
