Calcutta High Court
Vistra Itcl (India) Ltd vs Aryan Mining & Trading Corporation Pvt. ... on 22 September, 2017
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
ORDER SHEET
IN THE HIGH COURT AT CALCUTTA
Civil Appellate Jurisdiction
ORIGINAL SIDE
APO No. 456 of 2017
ACO No. 100 of 2017
in
CP No. 637 of 2016
VISTRA ITCL (INDIA) LTD.
Versus
ARYAN MINING & TRADING CORPORATION PVT. LTD.
AND
APO No. 457 of 2017
ACO No. 102 of 2017
in
CP No. 1012 of 2016
M/S. VISTRA ITCL (INDIA) LTD.
Versus
ARYAN MINING & TRADING CORPORATION PVT. LTD.
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
The Hon'ble JUSTICE SABYASACHI BHATTACHARYYA
Date : 22nd September, 2017.
Appearance:
Mr. S. K. Kapoor, Sr. Adv.
Mr. Ravi Kapoor, Adv.
Mr. Sachin Chandarana, Adv .
Mr. Jayesh H., Adv.
Mr. Dipayan Choudhury, Adv.
Mr. Suvradal Choudhury, Adv.
Ms. Srija Banerjee, Adv.
Mr. Ratnanko Banerjei, Sr. Adv.
Ms. Sristi Barman Roy, Adv.
Mr. Sachin Chandarana, Adv.
Mr. Jayesh H., Adv.
Mr. Dipayan Choudhury, Adv.
Mr. Suvradal Choudhury, Adv.
Ms. Srija Banerjee, Adv.
Mr. Pratap Chatterjee, Sr. Adv.
2
Mr. Jishnu Saha, Sr. Adv.
Mr. Joy Saha, Sr. Adv.
Mr. Anuj Singh, Adv.
Mr. Syed E. Huda, Adv.
Mr. Ashok Kumar Singh, Adv.
Ms. Paramita Datta, Adv.
Mr. Abhishek Das, Adv.
Mr. Ritoban Sarkar, Adv.
Mr. Ranjan Bachawat, Sr. Adv.
Mr. Rudraman Bhattacharya, Adv.
Mr. Aditya Garodia, Adv.
The Court : A rather unusual order has been passed on a creditor's
winding-up petition. On the company's application, certain orders have been
made against the petitioning-creditor. This was clearly impermissible, completely
beyond the authority of the company Court and not within the scope of the
proceedings.
No part of the order impugned dated September 18, 2017 can be sustained.
The respondent company, however, offers, through counsel undertaking to
the Court, to pay a sum of Rs.560 crore to the appellant petitioning-creditor by the close of working hours on September 29, 2017, which the appellant has agreed to accept for and on behalf of itself and the other agreed lenders. The payment will be made by way of one or more banker's cheques or demand drafts or like instruments, not being personal cheques, made out in favour of the appellant and the appellant will receive it for and on behalf of itself and on behalf of the agreed lenders.
Upon such payment being made and received, the present appeal and the application therein will stand disposed of and the order impugned will stand set aside. In the event the payment is not made within the time agreed to as recorded above, the appellant will have liberty to mention the matter for it to be immediately taken up during vacation.
3
The order impugned will remain stayed without any or further effect being given thereto.
This order has been pronounced in the presence of Advocates representing the parties hereto. Advocates-on-record for the appellant and the respondent have signed the original of this order before it has been signed by the Judges.
Within 24 working hours of the encashment of the relevant instrument or instruments by which the payment is tendered, the pledged shares in Brahmani River Pellets Ltd. will be made over or transferred to the company and the pledge in respect of such shares would stand cancelled.
It is also recorded that in the event the payment referred to above is made, CP No.637 of 2016 will remain permanently stayed and APO No.456 of 2017 along with ACO No.100 of 2017 will be recorded as disposed of.
In view of this order, no further order need be passed on APO No.457 of 2017 and ACO No.102 of 2017, which will be governed by the terms above and be recorded as disposed of upon the payment being made.
CP No.1012 of 2016 will also remain permanently stayed in the event the payment as above is made and received.
There will be no order as to costs.
(SANJIB BANERJEE, J.) (SABYASACHI BHATTACHARYYA, J.) kc