Full Judgment
AP No.748 of 2014 IN THE HIGH COURT AT CALCUTTA Ordinary Original Civil Jurisdiction ORIGINAL SIDE CELICA DEVELOPERS PRIVATE LIMITED Versus APSOM TURNER PRIVATE LIMITED & ORS.BEFORE: The Hon'ble JUSTICE SANJIB BANERJEE Date : 4th June, 2014.
Appearance: Mr.Samrat Sen, Adv.Mr.P.Sinha, Adv..for the petitioner Mr.Sandipto Bose, Adv.Ms.Ankita Mukherjee, Adv..for the respondent nos.1 & 3 Mr.Dinesh Kumar Gupta, Adv.Mr.Subhasis Sengupta, Adv.Mr.Arnab Dutt, Adv..for the respondent nos.2 & 5 The Court : It appears to be the fairly admitted position that the fiRs.respondent has obtained a substantial loan from the petitioner and has not been able to repay the same.
The other respondents are the guarant ORS.The second and fifth respondents dispute the disbursement of the loan though the fiRs.respondent is represented and does not dispute such position.
In any event there is a letter of April 3, 2014 issued by the fiRs.respondent to the petitioner acknowledging the receipt of the loan and indicating its inability to immediately repay the same due to temporary financial constraints.
The petitioner says that the credibility of the respondents, particularly in the light of the intransigence of the respondent nos.2 and 5, cannot be counted on.
The petitioner seeks an order restraining the second and third respondents from alienating their shares in the fifth respondent company and the petitioner requires the fifth respondent company being restrained from alienating its fixed assets at its manufacturing facility in Haryana.
It is submitted on behalf of the third respondent that the shares held by the second and third respondents in the fifth respondent is the subject-matter of a partition suit and there is an order passed in such suit.
Since it appears to be the undeniable position that a loan of Rs.1 crore has been obtained by the fiRs.respondent on the strength of the guarantees executed by the other respondents and the amount has not been repaid despite demand, an appropriate order is called for.
Subject to the subsisting order in the partition suit, the second and third respondents are restrained from alienating their shares in the fifth respondent company without discharging the dues of the petitioner.
The fifth respondent company is also restrained from alienating or further encumbering its fixed assets at its facility described at Annexure O to the petition.
It is recorded that it is the assertion of the fifth respondent that the immovable property described at Annexure O to the petition is mortgaged to banks and financial institutions.
Affidavit-in-opposition be filed within a fortnight from date; reply thereto, if any, may be filed within a week thereafter.
The petition will appear as the last new motion four weeks hence.
Urgent certified website copies of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.
(SANJIB BANERJEE, J.) bp.