M/S Reactive Chemicals And Solvents ... vs Indian Overseas Bank Rep. By Its ... on 23 February, 2016

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M/S Reactive Chemicals And Solvents ... vs Indian Overseas Bank Rep. By Its ... on 23 February, 2016

Bench: Dipak Misra

      ITEM NO.42                                COURT NO.2                  SECTION IIC

                                  S U P R E M E C O U R T O F         I N D I A
                                          RECORD OF PROCEEDINGS

      Petition(s) for Special Leave to Appeal (Crl.) No(s).                    3159/2015

      (Arising out of impugned final judgment and order dated 05/01/2015
      in CRLMP No. 8068/2014 passed by the Metropolitan Magistrate Court,
      Chennai)

      M/S REACTIVE CHEMICALS AND SOLVENTS REP.
      BY ITS MANAGING PARTNER                                                 Petitioner(s)

                                                     VERSUS

      INDIAN OVERSEAS BANK REP. BY ITS AUTHORISED OFFICER                     Respondent(s)

      (With interim relief and office report)
      (For Final Disposal)

      WITH

      SLP (C) No.7192/2015

      Date : 23/02/2017 This petition was called on for hearing today.

      CORAM :               HON'BLE MR. JUSTICE DIPAK MISRA
                            HON'BLE MR. JUSTICE A.M. KHANWILKAR
                            HON'BLE MR. JUSTICE MOHAN M. SHANTANAGOUDAR

      For Petitioner(s)                Ms. Bindu K. Nair, Adv.
                                       Mr. P. George Giri, AOR

      For Respondent(s)                Mr.   M.A. Chinnasamy, AOR
                                       Ms.   C. Rubavathi, Adv.
                                       Mr.   P. Raja Ram, Adv.
                                       Mr.   V. Senthil Kumar, Adv.

                                       Mr.   Balaji Srinivasan, Adv.
                                       Ms.   Vaishnavi Subrahmanyam, Adv.
                                       Ms.   Pratiksha Mishra, Adv.
                                       Ms.   Srishti Govil, Adv.
                                       Mr.   Abhishek Bharti, Adv.
                                       Mr.   A.K. Vasanth, Adv.
Signature Not Verified
                             UPON hearing the counsel the Court made the following
                                                O R D E R

Digitally signed by GULSHAN KUMAR ARORA Date: 2017.07.07 15:39:11 IST Reason: SLP (C) No.7192 of 2015 The present special leave petition had already been dismissed 2 vide order dated 8.11.2016.

Learned counsel for the petitioner submitted that as he was suffering, she could not argue the matter on that day. Though the matter was dismissed on merits, we permitted the petitioner to argue. Be it noted, against the auction sale, the petitioner had filed SLP (C) No.34236 of 2013. This Court on 1.11.2013, had passed the following order :-

“Taken on Board.

Heard learned counsel for the petitioners.

Special leave petition is dismissed.” On a perusal of the aforesaid, it is clear as crystal that no liberty was granted by stating that if an application for review is filed and if it is decided against the petitioner, it will open to the petitioner to challenge the same along with the main order in a special leave petition. That is the real hurdle against the petitioner.

In view of the decision rendered in Bussa Overseas and Properties (P) Ltd. & Ors. vs. Union of India & Ors. [(2016) 4 SCC 696], despite our concern for the petitioner, we are unable to hear the learned counsel with regard to merits of the case. Therefore, we reiterate the order of dismissal. However, in the course of hearing, we have been apprised that the Bank is still having an amount of Rs.32,00,000/- (Rupees thirty two lac only) approximately which is payable to the petitioner. Learned counsel for the Bank would submit that the said amount has been credited to the account of the petitioner. If the amount has been credited, the petitioner would be entitled to withdraw the same. If the amount has not yet been credited and is still with the bank, it shall credit the amount with 9% per annum interest. This position is accepted by the learned counsel for the petitioner. The amount of Rs.60,00,000/- (Rupees sixty lac only) was received in pursuance of the sale conducted on 11.10.2006. Therefore, the interest has to 3 be computed with effect from 12.10.2006.

SLP (Crl) No.3159 of 2015

Heard learned counsel for the parties.

The special leave petition is dismissed.

    (Gulshan Kumar Arora)                      (H.S. Parasher)
        Court Master                             Court Master

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