Calcutta High Court
Magma Fincorp Ltd vs Saveetha Engineering College & Ors on 6 October, 2015
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
OD-93
AP No.1062 of 2015
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
MAGMA FINCORP LTD.
-Versus-
SAVEETHA ENGINEERING COLLEGE & ORS.
Appearance:
Mr. Anuj Singh, Adv.
...for the petitioner.
Mr. Amaresh Bag, Adv.
...for the respondent Nos.1 & 3.
BEFORE:
The Hon'ble Justice SANJIB BANERJEE Date: October 6, 2015.
The Court : No payments have been made since the order dated September 29, 2015, though such order required the respondents to pay a further sum of Rs.5 lakh.
The petitioner says that an erroneous impression was given to the Court on September 29, 2015 that the respondents were in possession of all the assets covered by the agreement. The finance company says that two of the assets have already been surrendered by the respondents to the finance company and the third asset has been seized by the relevant RTA.
The first and third respondents are represented, but no commitment is made as to payment. The appearing respondents question the veracity of the agreement and the signatures attributed to such respondents therein.2
The petitioner will inform the non-appearing respondents that the petition will appear on December 8, 2015 when the two assets surrendered by the respondents to the petitioner may be sold if adequate offers therefor are received. In the meantime, the finance company will invite offers for sale of the two assets in the finance company's possession. The offers should be placed before Court and such offers should be accompanied by earnest deposits made out in favour of the finance company representing 20% of the value of the bids in the form of demand drafts or banker's cheques or like instruments, not being personal cheques.
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.) A/s.