Calcutta High Court
Srei Equipment Finance Limited vs Saumya Mining Ltd on 16 December, 2015
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
OD 41
AP 1974 of 2014
IN THE HIGH COURT AT CALCUTTA
ORDINARY ORIGINAL CIVIL JURISDICTION
SREI EQUIPMENT FINANCE LIMITED
VERSUS
SAUMYA MINING LTD.
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
Date : 16th December, 2015.
Mr. Satarup Banerjee,Advocate appears.
Mr. Rohit Das,Advocate appears.
The Court : - The agreement in this case covers forty eight assets. Of them,
one of the joint receivers is in possession of one asset, two assets have been
surrendered by the borrower directly to the finance company and the
whereabouts of 16 other assets have been ascertained.
The joint receivers appointed earlier will continue to act severally. Offers
will immediately be invited by any of the joint receivers for sale of the three assets
in the custody of the joint receivers or of the finance company. The
advertisements will be published in such newspapers as the finance company
may suggest and should indicate that unless the bids are accompanied by 20 per
cent of the amounts offered by way of earnest, the bids may not be considered as
valid.
2
The 16 other assets located by the finance company or the joint receivers
should immediately be taken possession of by the joint receivers acting severally.
Offers for such assets will also be invited by publishing advertisements in such
newspapers as the finance company may suggest.
One of the assets is a giant crushing plant which may be difficult to
dismantle or remove. Offers should be invited for sale of such asset on "as is
where is basis", subject to confirmation by Court.
For the purpose of carrying out this order, the receivers will be entitled to
enter into the premises of Eastern Coalfields Ltd in Rajmahal and Tikak Colliery
of North Eastern Coalfields Ltd in Ledo, Assam. The receivers will forward copies
of this order to the head office of Coal India Ltd with an intimation that necessary
arrangements should be made at the sites. Copies of this order should also be
sent well in advance to both Eastern Coalfields Ltd and North Eastern Coalfields
Ltd so that there is no difficulty in the joint receivers having access to the sites.
The respondent represents that no third party rights have been created in
favour of any person in respect of the assets covered by the agreement and, as such, even if the assets are being used within the premises of any coal company, no lien of any nature can be exercised by either coal company over the same.
For the purpose of implementation of this order, any of the joint receivers will be entitled to seek police assistance and the Superintendents of Police or officers of like rank exercising jurisdiction over the areas will ensure adequate assistance. However, police assistance will not be used to override any objection that may be raised by either coal company to take possession of the assets. 3
The joint receivers will be paid a further remuneration of 1500 GM each in the event the concerned receiver is required to undertake any travel in terms of this order.
The petition will appear three weeks after the Christmas vacation. 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.) S.Chandra