M/S NEELDEEP INVESTMENTS (P) LTD. versus THE CUSTODIAN & ORS.

M/S NEELDEEP INVESTMENTS (P) LTD. versus THE CUSTODIAN & ORS.

Both decretal amounts (Rs.1,42,65,000/- and Rs.32,14,500/-) are to be treated together as forming the appellant's liability; after accounting for Rs.15,75,000/- already recovered, the appellant must pay the corrected balance, as determined by the court, in instalments, failing which the original order revives.

Parties
Appellant: M/s Neeldeep Investments (P) Ltd.; Respondents: The Custodian & Ors.
Jurisdiction
India
Judgment Date
13 March 2008
Procedural Posture
Civil Appeal / Final Disposition After Appeal Against Special Court Order
Outcome
Appeal disposed of with modification; appellant directed to pay balance decretal amount by specified instalments.
Legal Topics
Recovery of Sums Under Special Courts Act, Execution of Decree, Garnishee Proceedings, Contempt of Court
Securities Law Recovery of Sums Under Special Courts Act Execution of Decree Garnishee Proceedings Contempt of Court

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Parties

M/s Neeldeep Investments (P) Ltd.

Appellant

The Custodian & Ors.

Respondents

Procedural Posture

Civil Appeal / Final Disposition After Appeal Against Special Court Order

Legal Issues

  1. 1 Whether the appellant is liable to pay the decretal amount as amended, including the additional sum with interest
  2. 2 Whether contempt proceedings and sentence against noticee MD (Milan Dalal) were justified

Ratio Decidendi

Both decretal amounts (Rs.1,42,65,000/- and Rs.32,14,500/-) are to be treated together as forming the appellant's liability; after accounting for Rs.15,75,000/- already recovered, the appellant must pay the corrected balance, as determined by the court, in instalments, failing which the original order revives.

Court Disposition

Appeal disposed of with modification; appellant directed to pay balance decretal amount by specified instalments.

Orders

  • Decretal amount corrected to Rs.1,59,04,500/- together with interest as decreed, upon credit for Rs.15,75,000/- already recovered.
  • Appellant to pay balance by 30th June, 2008 in three equal instalments starting April 2008 (due dates: 15 April, 15 May, 30 June).