Full Judgment
1 CA766of 2012 CP577of 2004 IN THE HIGH COURT AT CALCUTTA ORIGINAL SIDE IN THE MATTER OF : M/S.A.O.P.INDIA PVT.LTD.BEFORE : THE HON’BLE JUSTICE SOUMEN SEN DATE : 14TH MARCH,2014.
On behalf of Manicktala Property : Mr.Kaushik Chatterjee,Advocate Mr.Rajib Mullick,Advocate For Bank of India : Mr.M.R.SarbaSr.Roy,Advocate Mr.A.Das,Advocate Mr.D.K.Singh,Deputy Official Liquidator The Court :- This matter was adjourned from time to time to enable the Official Liquidator as well as Bank of India to take steps to have the property sold either by public auction or by private treaty.
In view of the fact that recovery proceeding is pending before the Debt Recovery Tribunal, this Court adjourned the matter on 10th January,2014 initially and thereafter on 28th February,2014 in order to enable the bank to take appropriate steps for sale of the aforesaid property.
Mr.M.R.SarbaSr.Roy,learned Counsel appearing on behalf of the bank submits that on 3rd March,2014 an order was passed by the Presiding Officer, Debt Recovery Tribunal - I appointing Mr.D.Basu Roy as Receiver in respect of the property in question who shall take possession from the Official Liquidator and get the assets and properties identified by the bank.
Thereafter the learned Receiver was directed to get the valuation of the property and sell the property by public auction.
In my view, such exercise was wholly unnecessary in view of the fact that the Official Liquidator is already in possession of the property and a valuation report has already been filed.
The Official Liquidator cannot be dispossessed in a proceeding initiated by the bank and the learned receiver cannot be directed to take possession from the Official Liquidator.
An opportunity was given to the bank to approach the Tribunal in view of the fact that a recovery proceeding is pending and it would be better, if one forum decides the entire thing.
To facilitate the said proceeding, leave was given to the Official Liquidator to approach the Debt Recovery Tribunal for sale of assets.
It is needless to mention that such sale of assets has to be done with the supervision of the Official Liquidator and he cannot be denuded of his jurisdiction and power to sell the said property which for convenience can be conducted by the Debt Recovery Tribunal.
In view of the aforesaid, the Presiding Officer is requested to take into consideration the valuation report to be placed by the Official Liquidator in terms of this order and would endeavour to dispose of the entire matter preferably within four weeks from the date of communication of this order.
It is made clear that if nothing happens within the aforesaid period, the bank must ensure removal of the entire assets and properties and the Official Liquidator would hand over possession of the property in question to the respective claimants of the property in terms of the order dated 28th February,2013.
The Presiding Officer is requested to proceed with the valuation report already prepared and filed before this Court by S.N.Palan & Associates.
The bank and the Official Liquidator are directed to approach Debt Recovery Tribunal immediately with a server copy of this order so as to enable the said Presiding Officer to take appropriate steps in the matter.
The original valuation report has been handed over to the Official Liquidator in order to enable the Official Liquidator to file a copy of the same with the Debt Recovery Tribunal in terms of this order.
The Official Liquidator shall keep the original valuation report in his safe custody and shall produce the same as and when required.
A copy of the said valuation report, however, shall be filed in Court and kept with the record.
The matter is adjourned for five weeks.
All parties are to act on a server copy of this order.
(SOUMEN SEN,J.) S.Chandra AR(CR)