Calcutta High Court
Heena Stone Company vs Magma Fincorp Ltd. & Anr on 16 December, 2015
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
OD-25 & 26
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
AP No.972 of 2014
HEENA STONE COMPANY
Versus
MAGMA FINCORP LTD. & ANR.
AP No.448 of 2015
MAGMA FINCORP LIMITED
VERSUS
HEENA STONE COMPANY & ORS.
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
Date : December 16, 2015.
Appearance:
Mr. Utpal Bose, Sr. Adv.
Mr. Shyamal Chakraborty, Adv.
The Court: Advocates for the parties were appointed joint receivers to receive offers to sell the two vehicles covered by the agreement. Advertisements were published in the Free Press Journal and Nabashakti newspapers. No objection was raised by the borrowers in such regard. But it is now suggested that good offers have not been received since the advertisements were not published in newspapers with wider circulation.
It was always open to the borrowers to get higher offers. Since the borrowers say that higher offers of about Rs.9.5 lakh are available for either of the assets, let the matters stand over till December 21, 2015 for actual money to be brought in support of such offers. As of now, the best combined offer for the two vehicles, as 2 received by the receivers, is Rs.16 lakh. If no better offer is forthcoming when the matters appear next, the offer of Rs.16 lakh may be accepted.
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.) sg.