Mohan India Property Sale

Order passed by MPID court in MA 160/2016 related to Mohan india property sale
Findings from order
  • Misc. Application No. 160/2016 is allowed
  • The applicant ( Mohan India) is directed to apply before the Competent/Concerned Authority, Delhi for sanction/approval of plan/map for development of the property Khasara No. 468, Situated at 7, Court Road, Civil Lines, Delhi within four weeks from the date of order.
  • The applicant shall report the compliance of the above condition, to MPID Court, within two weeks.
  • The concerned/competent authority, Delhi to consider the application for plan/map of development of property, on priority and expeditiously as far as possible, within 3 months of date of application
  • The applicant shall report progress of the approval/sanction of development plan/map to MPID Court, without fail in writing, every month.
  • The applicant is directed to take every bonafide and genuine effort to fetch maximum value of property not less than Rs.275 Crore to Rs.300 Crore for entire property, in consultation with the Competent Authority.
  • The applicant is directed seek prior approval of Competent Authority for finalization of sale of any part of land.
  • The amount of the transactions, only be accepted by Cheque/Demand Draft in the name of Competent Authority and the amount received be credited in NSEL Escrow account maintained by Competent Authority.
  • If the applicant commits any default in the terms and conditions of this order, the permission granted to applicant by this application stands cancelled automatically.
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REASONS WHY NSEL IS FIGHTING AGAINST BIAS AND INJUSTICE
 
Details of Decrees obtained by NSEL against defaulters
Sr. No Name of Defaulter Amount (in Cr.) Order Date
1 ARK IMPORTS PVT LTD 719.37 20/07/2015
2 YATHURI ASSOCIATES 264.96 18/12/2014
3 JUGGERNAUT PROJECTS LTD. 145.00 23/12/2014
4 AASTHA MINMET INDIA PVT LTD. 12.50 23/12/2014
5 SWASTIK OVERSEAS CORPORATION 91.19 18/12/2014
  TOTAL: Rs. 1233.02  
Details of Injunction obtained by NSEL against defaulters
Sr. No. Name of Defaulter Amount Claimed in TPN / Suit / Section 9
(in Cr.)
Date of BHC Order for Injunction
1 ARK IMPORTS PVT LTD 719.42 24/12/2014
2 P.D. AGRO PROCESSOR PVT. LTD. 680.23 11/04/2014
3 YATHURI ASSOCIATES 405.60 01/10/2014
4 JUGGERNAUT PROJECTS LTD. 219.20 26/09/2014
5 AASTHA MINMET INDIA PVT LTD. 23.00 26/09/2014
6 METKORE ALLOYS & INDUSRIES LTD. 94.83 12/03/2015
7 SWASTIK OVERSEAS CORPORATION 93.44 25/09/2014
8 WHITE WATER FOODS PVT LTD 86.12 10/10/2014
9 NAMDHARI FOOD INTERNATIONAL PVT LTD 53.07 23/12/2014
10 NAMDHARI RICE & GENERAL MILLS 10.75 23/12/2014
11 SHREE RADHEY TRADING CO 34.59 23/12/2014
12 VIMLADEVI AGROTECH LIMITED 14.02 23/12/2014
13 MSR FOOD PROCESSING 8.82 20/02/2015
14 N K PROTEINS LTD 937.89 02/03/2015
15 MOHAN INDIA PVT LTD & TAVISHI ENTERPRISES PVT. LTD. 1,037.84 01/12/2014
16 LOIL CONTINENTAL FOOD LTD - -
17 LOIL CONTINENTAL FOOD LTD - -
18 LOIL CONTINENTAL FOOD LTD - -
19 LOTUS REFINERIES PVT LTD - -
20 NCS SUGARS LIMITED 58.85 24/10/2013
21 SPIN COT TEXTILES PVT LTD 38.26 22/11/2013
  Total Rs. 4515.93  
 
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About National Spot Exchange Limited (NSEL)
 
National Spot Exchange Limited (NSEL), was incorporated in May 2005 as a spot exchange for trading in commodities. Central Government by a notification dated June 7, 2007 had granted an exemption u/s 27 of the Forward Contracts Regulation Act (FCRA), to NSEL from complying with all the provisions of the FCRA subject to certain conditions. In October 2008, NSEL commenced operations providing an electronic trading platform to willing participants for spot trading of commodities, such as bullion, agricultural produce, metals, etc. Like NSE and BSE, NSEL has its registered trading members, commonly referred to as brokers, who execute commodity trades on the NSEL platform on behalf of and in accordance with the instructions of their respective clients across India. The trading operations of NSEL was suspended with effect from August 6, 2013, only after a notification dated September 19, 2014, when the Central Government withdrew the gazette notification dated June 5, 2007.
 
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e-Series Rematerialization & Financial Closure

National Spot Exchange Limited (NSEL) has received ‘No Objection’ from Forward Markets Commission to proceed with the process of Rematerialization and Financial Closure of e-Series. Pursuant to this, NSEL has issued the circular no. NSEL/DP/2014/014 dated April 04, 2014.

e-Series unit holders who intend to rematerialize their holdings can follow the process as detailed in the above circular. Unit holders may kindly note that this process of rematerialization is different from the earlier process of Surrender Request (SRF) which has been since discontinued. The process of rematerialization shall be possible only for such unit holders whose holdings match or exceed the exact denomination of the underlying metal. Hence, it is strongly advised to verify the same from the latest stock report before initiating the process.
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