Reena Gambhir v. State

1. This was the Bail Application filed on behalf of the petitioners seeking Regular Bail, which has been confirmed by this Court vide Order dated 23.11.2017.

2. The disputes had arisen under FIR No. 43/2011 under Sections 409/420/120B IPC, registered at Police Station EOW, in regard to the Real Estate Project for the development/housing project in Faridabad. While the bail application was being heard, M/s. BPTP Parklands Pride Ltd. intervened and joined the proceedings vide Order dated 26.09.2012. Apparently, BPTP had entered into a Non-Compete Agreement and Payment Mechanism Agreement on 16.02.2011, with the applicants and the other promoters and had undertaken to pay Rs.39 Crores to the petitioners and their associates. However, disputes arose. Subsequently, as an intervener, they deposited Rs.16.63 Crores in the Court, in respect of the Faridabad Project, wherein the petitioner and the interveners agreed that this money may be disbursed to the investors, who had invested with the petitioners.

3. The interim bail was granted to the petitioners vide Order dated 26.09.2012. While the matter was under consideration, a disbursement mechanism was worked out and a Committee comprising of one member each of the petitioner and the intervener and the Court Commissioner, was created for the purpose of disbursement. Money was disbursed to some investors but eventually this mechanism got challenged in the Apex Court, which in its Order dated 30.04.2014, did not approve of the entire mechanism of disbursal of money in the bail application, which was set aside on the premise that such kind of condition for disbursement, cannot be imposed at the time of grant of bail.

4. The bail of the petitioner, stands confirmed vide Order dated 23.11.2017 by this Court, which has not been challenged by any party. Now the relief that the petitioner had claimed in the present application, stands fully satisfied.

5. While the bail application was pending, the intervener M/s BPTP Parkland Pvt. Ltd. deposited Rs.16.63 Crores in respect of Fridabad Project, which are lying deposited in the Court with the Registrar General. The petitioners and the intervener have agreed that this amount be disbursed to the investors who had invested in the Faridabad Project. While on 05.07.2024, there was No Objection on behalf of the petitioners for disbursement of the Rs.[3] Crores, aside from Rs.16.63 Crores deposited by BPTP (also to be disbursed to the investors for the Faridabad Project), however, on 08.08.2024 the petitioners have vehemently contested and opposed the disbursement of Rs.[3] Crores deposited by them during the pendency of the bail application to the investors.

6. Without going into the controversy Rs.16.63 Crores deposited by BPTP have been agreed to be distributed to the investors. A complete list of 738 investors with their names and addresses is already on record. Earlier also while the bail application was pending, the mechanism had been worked out for disbursement of the amount so deposited initially in the Court and vide Order dated 04.11.2011 Court Commissioner had been appointed for disbursement of the amount to the investors. Money was disbursed to some investors, but this mechanism of disbursement got challenged in the Apex Court. Though this process of disbursement did not meet the approval of the Apex Court on account of it having been undertaken as a condition in the Bail Application, but now the bail application stands disposed of. The BPTP intervener which has deposited the money in the Court has given its No Objection to disbursement of the money to the investors. Accordingly, the following Order is hereby made for disbursement of the money. In terms of the Order dated 08.08.2024 the entire list of the investors who are entitle to disbursement of the initial investments along with interest @ 9% per annum as had been agreed earlier, is hereby worked out as under: (i.) Sh. Vinay Kumar Gupta, Ld. Principle District & Sessions Judge (Retired), Mobile No.9910384701 is hereby appointed as the Court Commissioner and his fee is fixed as Rs.1.[5] lakh per month with the consolidated fee tentatively for the Secretarial staff as Rs.50,000/- to be paid from the amounts which are already lying deposited in the Court.

(ii) The Court Commissioner shall issue Public

Notices in Hindi and English Daily having national circulation including Faridabad and Delhi, within one week of this Order. The Court Commissioner shall also sent letters/emails/Whatsapp messages to the investors to invite them to collect their invested money along with interest @ 9% per annum.

(iii) The money shall be disbursed on the production of the original documents in regard to the investments. For the purpose of correction identification and disbursement of money, BPTP may nominate one person who may join the proceedings with the Court Commissioner to make effective disbursements.

7. It has been pointed out that some original investors have sold their allotments to subsequent purchasers. In such case, the subsequent purchaser would produce the original documents along with the transfer documents pertaining to the allotment to the subsequent purchaser.

8. List before this Court on 04.12.2024 for submitting the Compliance Report.

JUDGE AUGUST 30, 2024