Calcutta High Court
Srei Equipment Finance Limited vs M/S. Aashirwad Equipments on 23 February, 2015
Author: Biswanath Somadder
Bench: Biswanath Somadder
ORDER SHEET
A.P. No. 1630 of 2014
IN THE HIGH COURT AT CALCUTTA
ORDINARY ORIGINAL CIVIL JURISDICTION
ORIGINAL SIDE
SREI EQUIPMENT FINANCE LIMITED
Versus
M/S. AASHIRWAD EQUIPMENTS
BEFORE:
The Hon'ble JUSTICE BISWANATH SOMADDER
Date: 23rd February, 2015.
Appearance:
Mr. Swatarup Banerjee, Adv.
... for the petitioner
Mr. Amitabh Das, Sr. Adv.
Mr. R.N. Vyas, Sr. Adv.
Mr. R.K. Gupta, Adv.
Mr. G.P. Shaw, Adv.
.. for the respondent
The Court: Let the report of the Receiver as well as affidavit of service filed in Court today be taken on record.
Having heard the learned advocates for the parties and perusing the instant application as well as the Receiver's report, it appears that the Receiver has been able to take possession of the assets in question in terms of the earlier interim order dated 19th January, 2015.
The learned advocate appearing on behalf of the petitioner submits that since the Receiver has already been able to take possession of the assets in question, this Court may pass a further order in terms of prayer (e) of the petition. Learned advocate representing the respondent submits, on instruction, that his client has no objection in the event, prayer (e) is granted, provided the assets are sold by way of public auction only. He further submits that the net sale proceeds may be kept in a short term fixed deposit by the respondent until further orders are passed by the learned Arbitrator.
2
Considering the fact that the respondent consents to an order in terms of prayer (e) of the petition, in the manner as stated above, this Court, in the facts of the instant case, directs the Receiver to sell the assets in question by public auction to the highest bidder and keep the entire net sale proceeds secure in a short term fixed deposit account to be opened in a nationalised bank, which shall be renewed from time to time, until further orders are passed by the Arbitrator. The Receiver will be entitled to a further remuneration of 2000 GMs and all expenses on account of receiver's travel, accommodation and the like will be borne by the petitioner and added to its claim in the pending arbitral proceeding.
Since the application is being disposed of without calling for an affidavit, allegations, if any, made against the respondent is deemed to be not admitted.
This application is, accordingly, disposed of.
Urgent certified photostat copies of this order, if applied for, be supplied to the parties upon compliance with all requisite formalities.
(BISWANATH SOMADDER, J.) sg2