ORDER
SHEET CA No.654 of 2007 With CP No.553 of 1999 IN THE HIGH COURT AT CALCUTTA Original Jurisdiction IN THE MATTER OF: BHARAT MARGARINE LTD.[IN LIQN.].AND SAS INVESTMENTS FIDUCIARY LTD.Versus THE OFFICIAL LIQUIDATOR, HIGH COURT, CALCUTTA BEFORE: The Hon'ble JUSTICE PATHERYA Date : 15th January, 2014.
Appearance: Mr.R.Bachawat, Advocate, Mr.Payan Chowdhury, Adavocate, Mr.D.N.
Roy Chowdhury,Advocate and Ms.Anuva Ghosh, Advocate.
…for the applicant.
Mr.S.Sanyal, Advocate with Mr.S.Bhanj, Advocate …for the SBI.
Mr.R.S.De, Advocate.
…for WBIDC.
Mr.K.C.Garg, Advocate a.
Ms.S.Agarwal, Advocate.
Mrs.R.Sikdar, Advocate.
…for Official Liquidator.
The Court : In an attempt to revive CA No.654 of 2007 has been filed by the applicant herein.
The applicant is desirous of making payment to the remaining secured creditORS.namely SBI and WBIDC and un-secured creditors who may be five in number.
WBIDC has, by its letter dated 26th November, 2008, sought for payment on account of principal, security expenses and legal costs aggregating thereby to Rs.64,00,000/- approximately.
The principal amount is Rs.48,94,216/-.
In fact, Counsel appearing on behalf of the WBIDC has submitted that by letter dated 6th August, 2008 the applicant has agreed to make payment of Rs.48,94,216/-.
Therefore, in the event the said sum is paid it is ready and willing to accept the same.
If this be the stand of the WBIDC then the only secured creditor that has to be dealt with is SBI.
Although in 2008, pursuant to an order passed one time settlement was considered and the figure arrived at was Rs.7.05 crores.
Thereafter, as the matter was not pursued by the parties no steps were taken by the SBI to pursue payment and in 2013 the said figure of Rs.7.05 crores increased to Rs.11.93 crores.
In order to ascertain the reason for such rise a responsible officer of high rank of the secured creditor, SBI be deputed on 16th January, 2014 at 2 P.M.This is only for the purposes of understanding the working of the one time settlement.
Matter to appear in the list on 16th January, 2014 at 2 P.M.SBI and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.
( PATHERYA, J.) nm