Calcutta High Court
Citicorp Finance (India) Ltd vs Ravi Udyog Pvt Ltd on 25 July, 2008
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
CS No. 221 of 2006
GA 1476 of 2008
GA 3350 of 2007
GA 3834 of 2007
GA 3189 of 2007
GA 534 of 2007
GA 3480 of 2006
GA 2802 of 2006
IN THE HIGH COURT AT CALCUTTA
ORIGINAL SIDE
CITICORP FINANCE (INDIA) LTD.
Versus
RAVI UDYOG PVT LTD.,
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
Date : 25th July, 2008.
The Court :- By consent of the parties the application dated
January 20,2007 being GA No. 543 of 2007, filed by the plaintiff
under Order 12 Rule 6 of the Code of Civil Procedure is hereby
disposed of on the following terms and conditions :-
1.There shall be a judgement upon admission and decree for a sum of Rs. 45,000,00(Rupees Forty Five lakhs) comprising Rs. 26,87,284 (Rupees Twenty six lakhs eighty seven thousand two hundred eighty four) on account of the principal and Rs. 6,43,558 (Rupees Six lakhs forty three thousand five hundred fifty eight) on account of interest hitherto accrued thereon, aggregating a sum of Rs. 33,30,842 (Rupees Thirty three lakhs 2 thirty thousand eight hundred forty two). In addition thereto there shall be further interest on the said sum at the rate of 10% per annum from the date of the Supplemental Agreement dated March 9,2004 rounded up to a lump-sum amount of Rs. 45,000,00(Rupees Forty Five lakhs).
2. If the aforesaid sum of Rs. 45,000,00(Rupees Forty five lakhs) is paid by the defendant to the plaintiff in the manner following, the plaintiff shall accept the same in full settlement of its claim in the Suit to the extent of its claim as mentioned in clause 1 above, leaving only the question of compensation on the over due loan instalment mentioned in Clause 3 of the Supplemental Agreement dated March 9, 2004 and other claims in the plaint for adjudication in the Suit :-
a) A sum of Rs. 6,43,558(Rupees Six laklhs forty three thousand five hundred fifty eight) shall be paid by the defendant to the plaintiff on or before August 14,2008.
b) Thereafter, the balance sum of Rs. 38,56,442(Rupees Thirty eight lakhs fifty six thousand four hundred forty two) shall be paid by the defendant to the plaintiff in 10 equal monthly instalments at the rate of R. 3,85,644(Rupees Three lakhs eighty five thousand six hundred forty four) per month, to be paid starting 3 from September 15,2008, and thereafter, all the subsequent instalment to be paid on or before 15th of each succeeding months, until the entire decretal sum is paid off.
3. In the event of default of payment of the first instalment of Rs. 6,43,558/- (Rupeees Six lakhs forty three thousand five hundred fifty eight) or any two consecutive monthly instalments of Rs. 3,85,644 (Rupees Three lakhs eighty five thousand six hundred forty four) each or the last instalment, the aforesaid decree shall become executable forthwith for the balance sum then due Rs. 45,000,00 (Rupees Forty five lakhs).
4. By an order of injunction dated October 05,2007 on an interlocutory application(GA No. 1476 of 2007) in this Suit, the defendant was restrained from collecting or withdrawing any sum from Essel Mining and Industries Limited, Sanghi Industsries Limited and Gujarat Cement Works. The said order is hereby modified granting liberty to the defendant to withdraw through the advocates-on-Record, of the parties Sri Koushik Banerjee, Advocate and Sri Pramod Kumar Srivastava, Advocate as Joint Special Officers, the sum or sums lying to the credit of the defendant from their respective clients namely : 4
i. Essel Mining and Industries Ltd. having its office at Industry House, 10, Camac Street, Kolkata - 700 017 and also carrying on business from Barbil -
758035, Orissa.
ii. Sanghi Industries Ltd.(Cement Division) having its office at Sanghi, Puram, Kach District, Gujarat - 370655.
iii. Gujarat Cement Works, having its office at Village
- Kobaya, District Amreli, Gujarat-365450, respectively. The aforementioned withdrawals shall be only for the purpose of payment of Rs. 6,43,558 (Rupees Six lakhs forty three thousand five hundred fifty eight) and/or the subsequent instalments to the plaintiff, and for no other purpose. Release of any amount by the Special Officers to the defendant will be intimated to the plaintiff's Advocate-on- Record within 7 days. Sri Koushik Banerjee, Advocate, and Sri Promod Kumar Srivastava, Advocate-on-Record are appointed Joint Special Officers without security and without remuneration. The Joint Special officers will stand discharged upon payment of all the instalments as aforesaid. 5
5. Upon payment of the decretal amount of Rs. 45,000,00(Rupees Forty five lakhs) in entirety, in the manner aforesaid, the plaintiff will enter up satisfaction of a part of the decree in Suit, and the plaintiff shall be entitled to proceed for adjudication of the balance claim.
6. Upon payment of the aforesaid decretal dues, as stated in paragraph 3 above, the following applications bearing GA No. 2802 of 2006, GA No. 3480 of 2006, GA No. 534 of 2007, GA No. 3834 of 2007, GA 3189 of 2007 and GA No. 1476 of 2008 and C.C. No. 124 of 2007 will stand disposed of without any order thereon. Subject to payment of the instalments as above, the plaintiff agrees not to proceed with the said applications.
7. With regard to the balance claim on account of compensation on the over due loan instalment as claimed in Clause 3 of the Supplemental Agreement dated March 09, 2004 and other claims in the Suit, the same are relegated for final hearing in the Suit.
8. The time to file written statement in the application being G.A No. 3350 of 2008 filed by the defendants is hereby extended for a period of 6 weeks.
9.Liberty to mention.
6
Urgent certified photostat copy of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.
(SANJIB BANERJEE, J.) skc