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* IN THE HIGH COURT OF DELHI AT NEW DELHI

+ OMP (ENF.) (COMM.) 111/2016
HELM DUNGEMITTEL GMBH
..... Decree holder
Through Mr. A.S. Chandhiok, Sr. Adv. with
Mr. Rahul P. Dave, Mr. Amit
Dhingra, Mr. Bhaskar Tiwari and Mr.
Rohit Mahajan, Advs.

versus

THE STATE4 TRADING CORPORATION OF INDIA LTD

..... Judgment debtor
Through Mr. Sanjeev Puri, Sr. Adv with
Mr.Tarkeshwar Nath, Ms. Sumati
Anand, Mr. Shashwat Sagar and
Mr.Mahavir Rawat, Advs. along with
Mr. Gaurav Kumar, Manager
(Finance).
Mr. Manish Mohan, CGSC with
Ms.Manisha Saraha, Adv for DOF.

CORAM:
HON'BLE MR. JUSTICE RAJIV SHAKDHER
ORDER
% 28.03.2019
1 Mr. Puri says that the judgment debtor/STC is seriously
endeavouring to arrive at a One Time Settlement („OTS‟) with
secured lenders. In fact, Mr. Puri has placed before me a copy of the
letter dated 20.03.2019, written by the Government of India, Ministry
of Commerce and Industry, Department of Commerce to the
Managing Director and Executive Chief Officer of the Syndicate
Bank.
OMP (ENF.) (COMM.) 111/2016 Page 1 of 3
2 Broadly, the OTS proposal which the Government of India has
asked the Syndicate Bank, which is the lead Bank, to consider is as
follows: The OTS amount in all is Rs.1925 crores out of which
Rs.1100 crores will be paid immediately. The balance sum of Rs.825
crores will be paid in a staggered manner, as indicated, in the
communication dated 20.03.2019.
3. Mr. Puri says that there is a likelihood of an OTS being reached
with the secured lenders on the aforesaid terms.
4 I may also indicate that Mr. Puri does affirm that pursuant to
the order passed by the Supreme Court in C.A. No.11907/2018, the
judgment debtor/STC has received a total sum of Rs.1400 crores.
5 I am told, today, by Mr. Puri, on instructions received from Mr.
Nath, Advocate and Mr. Gaurav Kumar, Manager (Finance) of the
judgment debtor/STC that the entire sum of Rs.1400 crores stands
deposited with the Reserve Bank of India („RBI‟).
6 On being queried, Mr. Puri says that as of today, a sum
equivalent to Rs.111 crores, is lying in the current account,
maintained with IndusInd Bank.
7 I may indicate that the movement of money from fixed deposit
maintained with IndusInd Bank, as noted in paragraph 4 of the order
of this Court dated 20.12.2018, was not brought to the notice of this
Court by way of an appropriate application. By virtue of directions
contained in paragraph 4 of the order dated 20.12.2018, the judgment
debtor/STC was required to retain with
OMP (ENF.) (COMM.) 111/2016 Page 2 of 3
it a minimum sum of Rs.62 crores.
8 Given the fact that variation of the aforementioned direction
was not sought, Mr. Puri says that the judgment debtor/STC shall
deposit Rs.80 crores in a fixed deposit, maintained with a nationalized
bank.
9 Accordingly, an affidavit, in that behalf, will be filed with this
Court by the Director (Finance) of the judgment debtor/STC. A copy
of the affidavit will be furnished to the counsel for the decree holder.
The directions contained in paragraph 4 of the order dated 20.12.2018
will operate vis-a-vis the said amount, which is now as stated by Mr.
Puri will be placed in a fixed deposit.
10 Renotify the matter on 06.08.2019.
11 The Registry, for the purposes of good order and record, will
scan and upload the letter dated 20.03.2019.
I.A. No.15183/2018
12 Mr. Manish Mohan, who, appears for the Union of India,
Department of Finance says that he will file a reply.
13 Let the needful be done within three weeks. Rejoinder thereto,
will be filed before the next date of hearing.

RAJIV SHAKDHER, J
MARCH 28, 2019
A
OMP (ENF.) (COMM.) 111/2016 Page 3 of 3