1 CHS614.10.sxw JPP IN THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORIGINAL CIVIL JURISDICTION CHAMBER SUMMONS NO. 614 OF 2010 IN EXECUTION APPLICATION NO. 34 OF 2006 IN AWARD DATED 18TH FEBRUARY 2004 Moti (alias Maggie) Noshir Irani & Ors. ... Applicants. (Orig. Claimants) V/s. Sheroo Jal Vakil & Ors. ... Respondents/ (Orig. Respondents) Mr. Birendra Saraf i/b. Bilawala & Co. for the Plaintiffs. Mr. Sharan Jagtiani with Ankit Lohia i/b. Nandlal Kothari & Sabir for Respondent Nos.1 to 3 and for the Applicant in CHS. CORAM : R.Y. GANOO, J. DATED : 21st DECEMBER 2010. P.C. :- Additional affidavit is filed by Rustom Jal Vakil, Respondent No.2 to help the Court to arrive at a reserve bid. Heard learned Counsels on both sides. 2. Learned Counsel for the Respondent states that Respondent is not pressing the present Chamber Summons so far as prayer clauses (b), (c) and (d) are concerned. So far as prayer clause (a) is concerned, learned Counsels have left the 2 CHS614.10.sxw matter to the discretion of the Court for the purposes of fixing the reserve price. The Court was informed that the Architect had fixed the valuation of the property as of December 2009 at Rs.32.00 crores. Additional affidavit filed by Mr. R.J. Vakil indicates price index as arrived at by National Housing Bank. This affidavit was supplied for the assistance of the Court. 3. In view of this, there is no need to go for a fresh valuation as of December 2010. The Court can consider reasonable rise in price and fix reserve bid as ultimately parties who would be bidding at the time of the auction will be the persons who may be offering a particular amount for the property. Receiver’s representative to remain present in Chamber at 5.00 p.m. with appropriate papers so that reserve price would be indicated and the said papers would be sealed so that at the time of the auction sale, the reserve bid fixed by the Court can be utilized. 4. In view of this, following order is passed to dispose of this Chamber Summons :- (i) No orders so far as prayer clauses (b), (c) and (d) are concerned. (ii) So far as prayer clause (a) is concerned, fresh Valuer’s report is not required. The Court will fix the reserve price. 3 CHS614.10.sxw (iii) Prayer clause (a) disposed of accordingly. There shall be no order as to costs. (iv) Court Receiver’s representative to attend the Chamber at 5.00 p.m. with necessary papers. (R.Y. GANOO, J.)