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 : 16th January, 2014.
Appearance: Mr.R.Bachawat, Advocate, Mr.S.Roy Chowdhury, Adavocate, Mr.D.N.
Roy Chowdhury,Advocate and Ms.Aruna Ghosh, Advocate.
…for the applicant.
Mr.S.Sanyal, Advocate with Mr.S.Bhanj, Advocate …for the SBI.
Mr.H.Das, Manager SBI Mr.R.S.De, Advocate.
…for WBIDC.
Mr.K.C.Garg, Advocate with Ms.S.Agarwal, Advocate..for HydroCo.Products India PVT.LTD.Mrs.R.Sikdar, Advocate.
…for Official Liquidator.
The Court :-Without going into the issue of pilferage while the assets was in the custody of the WBIDC and the Official Liquidator, the only issue that is being decided is with regard to the payment of the secured creditors and, in particular, SBI, Stressed Assets Management Branch.
The one time settlement agreed in 2008-09 was for Rs.7.05 crores and by the addition of interest has reached an astronomical figure.
It will not enure to the benefit of the secured creditors in the event the assets are sold, as admittedly the assets have depreciated in value.
As the applicant seeks to revive, the company by liquidating the dues of both WBIDC and SBI and the amount payable to WBIDC has been settled at Rs.48,94,216/-, it is proposed that SBI in full and final settlement of its claim accepts Rs.9 crores which will be paid by the applicant in three instalments.
This order is passed to enable the company to revive and while considering the amount to be paid the said revival issue be kept in mind by the authorities concerned.
This order is passed to enable SBI to take approval from the necessary body.
Matter to appear in the list ten days hence.
The amount mentioned above is an ad hoc amount fixed by the Court to enable the parties to reach a settlement and in the event the said amount is not accepted by SBI, the same will not be binding on either of the parties.
In view of the order passed today let no steps be taken before the Debts Recovery Tribunal by SBI.
SBI and all parties concerned are to act on a signed photocopy of this order on the usual undertakings.
( PATHERYA, J.) nm A.R.(C.R.)