Calcutta High Court
Magma Fincorp Limited vs Jmd Mega And Infrastructutes Ltd. & on 25 July, 2018
Author: Soumen Sen
Bench: Soumen Sen
EC No.140 of 2018
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
MAGMA FINCORP LIMITED
-Versus-
JMD MEGA AND INFRASTRUCTUTES LTD. &
ORS.
Appearance:
Mr. Paritosh Sinha, Adv.
Mr. K. K. Pandey, Adv.
...for the award-holder.
Mr. Mainak Bose, Adv.
Mr. Manish Kumar Mishra, Adv.
Mr. Supratim Laha, Adv.
...for the award-debtor.
Mr. Indranil Nandi, Adv.
Mr. Sayak Konar, Adv.
...for Aristo Pharmaceuticals.
BEFORE:
The Hon'ble JUSTICE SOUMEN SEN
Date : 25th July, 2018.
The Court : Although the award-holder was aware that the award-debtors have no property within the jurisdiction of this Court, this execution application has been filed in this court in respect of three properties which are admittedly outside the jurisdiction of this Court. In fact, the award-holder is a mortgagor and in this application the award-holder wants to enforce such mortgage. The property is situated at Bosepukur, 24 Parganas (South).
2
Mr. Mainak Bose, learned Counsel representing the award- debtor submits that his client is agreeable to have this property sold by this Court and will not raise any objection with regard to the territorial jurisdiction of this Court over the property in question.
Under such circumstances, the receiver shall take immediate possession of premises no.57/1, Bosepukur Road, particulars whereof are mentioned at page 70 of the application with a direction to put up the said property for sale by public auction after making a valuation thereof. The receiver shall appoint a valuer preferably from the panel of valuers maintained by this Court within a week from date. The award-debtor shall disclose any existing encumbrances over and in respect of the said property to the receiver within one week from date. The receiver shall finalize the terms and conditions of sale in consultation with the parties and mention the reserve price which shall not be less than 20% of the valuation to be made by the receiver. It is made clear that the receiver shall not accept any offer unless it is accompanied by 20% of the bid amount. The sale notice shall be published once in 'Bartaman' and once in 'The Times of India' and once in 'Dainik Viswamitra' on or before 13th August, 2018. The prospective purchaser may be allowed inspection of the premises in question upon notice to the receiver.
It has been brought to the notice of this Court that in respect of the property situated at 34, Canal South Road, Kolkata- 3 700 015 a notice under Section 13(4) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 has been issued by the State Bank of India, which appears to be the same property over which a receiver was appointed with a direction to collect rent from M/s. Aristo Pharmaceuticals Pvt. Ltd. The notice under Section 13(4) of the SARFAESI Act, 2002 is taken on record.
In view of the fact that the property has been mortgaged with the State Bank of India and the Court cannot pass an order which would interfere with the rights of the State Bank of India in respect of the mortgaged property, the interim order passed in respect of premises no.34, Canal South Road, Kolkata- 700 015 which appears to be the self same property described at page 36 of the affidavit, stands vacated. The amount realized by the receiver shall be made over to the award-holder who shall adjust the same in pro tanto satisfaction of its claim under the award.
The matter shall appear on 5th September, 2018 under the heading 'for confirmation of sale' at 2 pm. (SOUMEN SEN, J.) A/s.