Disposed

The Bank of New York Mellon, London Branch v. the Official Liquidator and Another

Bombay HC9 Oct 2014CA/487/2014

Case brief

AI extract

What is this about?

The High Court disposed of three company applications. It accepted undertakings to vacate premises, directed the Official Liquidator to prepare an asset inventory and take possession, clarified powers to take forcible possession if necessary, allowed bond holders' representation, and dismissed an application withdrawn by a petitioner.

What did the court decide?

Undertakings to vacate premises accepted; direction to prepare inventory and take possession; right to forfeit possession if not vacated; objection to bond holder's participation rejected.

The Bank of New York Mellon, London Branch Vs the… — Specific Performance | Bombay HC (2014)

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION COMPANY APPLICATION (L) NO.511 OF 2014 IN

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COMPANY PETITION NO.28 OF 2012

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The Bank of New York Mellon, London Branch versus

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… Applicant

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The Official Liquidator of Zenith Infotech Ltd. & Ors. … Respondents

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WITH COMPANY APPLICATION (L) NO.508 OF 2014 IN

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COMPANY PETITION NO.28 OF 2012

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VU Technologies Pvt. Ltd.

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… Applicant

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and

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Bank of New York Mellon, London Branch versus

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… Petitioner

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Zenith Infotech Ltd. and Anr. … Respondents

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WITH COMPANY APPLICATION (L) NO.506 OF 2014 IN

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COMPANY PETITION NO.28 OF 2012

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The Bank of New York Mellon, London Branch versus

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… Applicant

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The Official Liquidator of Zenith Infotech Ltd. & Anr. … Respondents

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Mr. Janak Dwarkadas, Senior Advocate with Mr. Narvoz Seervai, Senior Advocate with Mr. Rahul Narichania, Senior Advocate with Ms. Swagata Naik, Mr. Divij Kishore i/by M/s. AZB and Partners, for Applicant in CAL No.511 of 2014.

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Mr. Zal Andhyarujina i/by M/s. Doijode and Associates, for Respondent. Mr. Anil V. Anturkar, Senior Advocate with Mr. Abhay Anturkar i/by Mr. S.B.Deshmukh, for Respondent No.6.

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Mr. S.Ramakantha, Official Liquidator, present.

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CORAM: S.J. KATHAWALLA, J.

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DATE: 9^th OCTOBER, 2014

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P.C.:

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The learned Senior Advocate for Respondent No.6 on instructions, states that the Respondent No.6 is currently in possession of the 1^st and 2^nd basement floor, ground floor and 1^st , 2^nd and 3^rd floors at Zenith House/Zenith Grande situated at 30, MIDC Central Road, Andheri (E), Mumbai – 400 093, admeasuring 20,000 sq.ft., (hereinafter referred to as the 'said Premises'). He submits on instructions, that the Respondent No.6 undertakes to vacate the said premises within four weeks from the date of this order and to handover possession of the said premises to the Official Liquidator and that the Respondent No.6 surrenders all of his rights, interest and claim in the said premises. Furthermore, Respondent No.6 undertakes that if there are any arrears or outstanding license fees due under the Leave and License Agreement dated 4^th November, 2011, they shall make payment of such amounts to the Official Liquidator, High Court, Bombay, before handing over possession. The above undertakings are accepted with a direction to the Respondent No.6 to file an Affidavit on or before 13-10-2014 setting out the above undertakings along with a copy of the Resolution passed by the Company to the aforestated effect.

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(ii) The Official Liquidator shall on 10^th October, 2014 at 11.00 a.m., prepare an inventory of all the movables in the said premises as well as the properties in possession of the Respondent No.2 Company in the presence of the representatives of the Applicant as well as the Respondents. To enable the Official Liquidator to comply with these directions, the Advocates for the Applicant namely the Bank of New York Mellon, London Branch , shall provide three Officials to assist the Official Liquidator in preparing the inventory.

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(iii) The Official Liquidator shall on 10^th October, 2014 take physical possession of all the properties/premises of the Respondent No.2, save and except the said premises, which shall be handed over to him by the Respondent No.6 as undertaken hereinabove.

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(iv) It is clarified that if the Respondent No.6 fails to handover possession of the said premises as undertaken hereinabove within a period of four weeks from the date of this order, the Official Liquidator without further reference to this Court shall take forcible possession of the said premises forthwith from the Respondent No.6 or any other person/s found therein, if necessary, with police assistance.

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(v) The Official Liquidator shall allow the Advocates for the Applicant namely The Bank of New York Mellon, London Branch to attend all the meetings which are held by him in connection with the winding up of the

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Respondent No.2 Company.

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(vii)The Official Liquidator shall also satisfy himself that the Respondent No.6 has paid license fees for the use and occupation of the said premises to the Respondent No.2 till the date of them handing over possession of the said premises to the Official Liquidator and if the same is not paid, he shall take steps to recover the same from VU Technologies Pvt. Ltd.

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(viii)The Advocate for the Applicant and the Bond holders shall be allowed to attend the meeting/s held by the Official Liquidator. The learned Advocate for the Respondent No.4 states that the Advocate for the Bond holders should not be allowed to attend the meeting/s since they are not the parties to the above Petition. The said objection is rejected since the Applicant is acting as trustee on behalf of the Bond holders and to protect the interest of the Bond Holders, I am of the view that no prejudice would be caused to the Respondent No.4 if the Advocate for the Bond Holders are also allowed to attend the meeting/s and express their views qua the effective winding up process of the Respondent No.1 Company.

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(ix)In view of the above order, the Company Application (L) Nos.511 of 2014 and 508 of 2014 accordingly stand disposed of.

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(x)In view of this order, the learned Advocate for the Applicant in Company Application (L) No.506 of 2014 seeks to withdraw the above

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Company Application. The Company Application (L) No.506 of 2014 is disposed of as withdrawn.

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( S.J.KATHAWALLA, J. )

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The Bank of New York Mellon, London Branch v. the Official Liquidator and Another

Case brief

What is this about?

What did the court decide?

The Bank of New York Mellon, London Branch v. the Official Liquidator and Another

Case brief

What is this about?

What did the court decide?

What the court decided

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