MODERN INDIA LIMITED Vs. FINANCIAL TECHNOLOGIES (I) LTD

JUDGEMENT

(1.) Report No. 47 dtd. 8/10/2018 is filed by the High Court Committee (HCC) constituted by this Court's Order dtd. 2/9/2014. Report No.47 is filed by HCC crystallizing the liability of Third Party Noticee-Vimladevi Agrotech Ltd. in the sum of Rs.13,72,51,730.00 as due and payable by it to NSEL as on 30/9/2013.

(2.) HCC was constituted by this Court's Order dtd. 2/9/2014 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 dtd. 30/3/2019 has enumerated following five broad terms of reference of HCC:

(3.) NSEL seeks acceptance of the report and passing of an Order in its favour and against Vimladevi Agrotech Ltd. (Vimladevi) for recovery of the amount of Rs.13,72,51,730.00 crystallized in the report of the HCC along with interest from 30/9/2013 till payment or realization. By Orders passed by this Court on 30/10/2018 and 29/11/2018, repeated opportunities were granted to Vimladevi to file its reply/objections to the Report No. 47. However, despite grant of repeated opportunities, Vimladevi has not filed its reply/objections to the report. However, a compilation of documents is filed on behalf of Vimladevi containing inter alia 'Points to be urged in brief' together with supporting documents. Mr. Punalekar has canvassed detailed submissions opposing the Report based on the said brief note and documents filed along with the compilation. The Deputy Collector and Competent Authority has filed Affidavit in Reply opposing the Report.