The Vishwa Nath and Santosh Bakshi Charitable Educational Trust ( Regd.) & Anr. Vs

RAJIV SAHAI ENDLAW, J. JULY 04, 2019 "gsr"/pp.. (Corrected and released on 14th September, 2019).

* IN THE HIGH COURT OF DELHI AT NEW DELHI % Date of decision: 4th July, 2019 + CS(OS) 119/2019 THE VISHWA NATH & SANTOSH BAKSHI CHARITABLE EDUCATIONAL TRUST (REGD.) & ANR. ..... Plaintiffs Through: Mr. Amitabh Chaturvedi & Mr. Sangeeth Mohan, Advs. Versus ..... Defendant Through: Mr. Gautam Narayan & Ms. Dacchita Shahi & Ms. Shivani Vij, Advs. for GNCTD. Mr. Akshay Makhija, Adv., Amicus Curiae. CORAM: HON'BLE MR. JUSTICE RAJIV SAHAI ENDLAW 1. The Vishwa Nath and Santosh Bakshi Charitable Educational Trust (Regd.) and its Trustee Sharad Malik have instituted this proceeding (as a suit) under Section 7(1) of the Charitable & Religious Trusts Act, 1920 (CRT Act) read with principles of Section 34 of the Indian Trusts Act, 1882, pleading that (i) plot no.6/22, Shanti Niketan, New Delhi ad-measuring 393 sq. yds. was allotted by Delhi Development Authority (DDA) in equal shares to Vishwa Nath Bakshi and his wife Santosh Bakshi who were members of Government Servants Co-operative House Building Society which had developed the colony of Shanti Niketan and a perpetual sub lease dated 26th October, 1968 was executed by DDA in their favour; the said Vishwa Nath Bakshi and Santosh Bakshi constructed a double storeyed house on the said plot of land; no children were born to Vishwa Nath Bakshi and Santosh Bakshi; (ii) Vishwa Nath Bakshi died intestate on 29th May, 1996 and his 50% undivided share in the aforesaid property was mutated in the name of Santosh Bakshi, being his sole heir; (iii) Santosh Bakshi executed a registered Will dated 18th November, 2010 bequeathing the property for charitable educational purposes; Santosh Bakshi also executed a registered Trust Deed dated 3rd January, 2012 setting up the plaintiff no.1 Vishwa Nath and Santosh Bakshi Charitable Educational Trust (Regd.) for charitable educational purposes, with plaintiff no.2 Sharad Malik, being the son of her brother, and willed that the property aforesaid should devolve upon the said Trust; (iv) plaintiff no.2 Sharad Malik is presently serving as Professor and Chairman of the Department of Electrical Engineering at Princeton University, USA; (v) after the death of Santosh Bakshi on 22nd December, 2012, probate was granted of her Will dated 18th November, 2010; (vi) the property aforesaid has also been mutated in the records of DDA in the name of plaintiff no.1 Vishwa Nath and Santosh Bakshi Charitable Educational Trust (Regd.), which has also got the leasehold rights in the land underneath the property converted into freehold and a Conveyance Deed of freehold rights in the land underneath the property has been executed in favour of plaintiff no.1 Vishwa Nath and Santosh Bakshi Charitable Educational Trust (Regd.) which is the sole and absolute owner in possession of the property; (vii) registered Will dated 18th November, 2010 of Santosh Bakshi vests power in plaintiff no. 2 Sharad Malik, as executor of the Will and Trustee of plaintiff no.1 Vishwa Nath and Santosh Bakshi Charitable Educational Trust (Regd.), to sell the property, to hold the proceeds of sale and to, in consultation with Baldev Gogia, Ajay Yadav and Sudhir Shah, use the proceeds from the sale of the property for the spread of knowledge in education, by disbursing the received monies to appropriate charities / educational institutions / individual/s, as he may deem fit and proper; (viii) in order to effect sale of the property at market value, valuation report from two independent government approved valuers, determining the market value of the property at Rs.24,86,87,000/- and Rs.24,50,00,000/- have been obtained; (ix) the property is proposed to be sold at Rs.24,68,43,500/-, being the average of the market value of Rs.24,86,87,000/- and Rs.24,50,00,000/-; (x) feedback from the market is also suggestive of the value of the property ranging between Rs.23 crores to Rs.24.5 crores; (xi) however the circle rate of the property is Rs.25,95,89,786/-; (xii) though permission of the Court for sale is not requi