A bench headed by Chief Justice Ranjan Gogoi said it will now hear a contempt plea against the Singh brothers—Malvinder and Shivinder—for non-payment of the arbitration award. The hearing is fixed for 11 April.
“You could own half the world but you cannot satisfy your creditors by simply telling them you own half the world. Tell us the value of your assets and how the award will be secured," Gogoi said.
Shivinder told the court that after evaluation of all the assets of the operational companies, the current value of these assets would be around ₹900 crore if liquidated. The value was far higher three years ago when the award was handed in favour of Daiichi Sankyo, he told the court. However, he pleaded that if he is allowed to work with Daiichi, he could within a year or two increase the value of the assets to ₹2,000 crore.
“The stay has been granted in response to Daiichi plea that NCLT proceedings initiated by Religare Finvest against some of judgment debtors and garnishee companies would impede recovery of Daiichi’s dues and impose moratorium on execution proceeding," said Amit Mishra, partner at P&A law offices that represents Daiichi Sankyo.
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