Calcutta High Court
Magma Fincorp Ltd vs Saveetha Engineering College & Ors on 29 September, 2015
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
OD-125
AP No. 1062 of 2015
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
MAGMA FINCORP LTD.
Versus
SAVEETHA ENGINEERING COLLEGE & ORS.
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
Date : 29th September, 2015.
Ms. Aparna Banerjee, Adv.
Mr. Amaresh Bag, Adv. appear
The Court : The respondent nos. 1 and 3 are represented and advocate
appearing for them cannot indicate how the defaulted amount in excess of Rs.8.99 lakh will be made good. It is submitted that an application under Section 16 of the Arbitration and Conciliation Act, 1996 has been filed in the reference.
Let this petition appear a week hence. Unless a sum of Rs.5 lakh is paid by the respondents to the finance company on account of defaulted instalments, a receiver may be appointed to take possession of the assets.
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.) kc.