Calcutta High Court
Nicco Uco Financial Services Limited vs Dharnendra Industries Limited & Anr on 12 August, 2010
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
EC No. 89 of 2009
NICCO UCO FINANCIAL SERVICES LIMITED
Versus
DHARNENDRA INDUSTRIES LIMITED & ANR.
&
EC No. 104 of 2009
ALLIANCE CREDIT & INVESTMENTS LIMITED
NOW KNOWN AS
NICCO UCO ALLIANCE CREDIT LIMITED
Versus
DHARNENDRA INDUSTRIES LIMITED & ANR.
Appearance
Mr. Abhrajit Mitra, Advocate
Mr. Jishnu Chowdhury, Advocate
Mr. Anirban Roy, Advocate
Mr. Amit Kotak, Advocate
Mr. Nilesh Trivedi, Advocate
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
Date : 12th August, 2010.
The Court : Two preliminary points have been taken in both applications. The first point is that the first judgment-debtor in either case has been referred to the Board for Industrial and Financial Reconstruction under the Sick Industrial Companies (Special Provisions) Act, 1985. It is 2 submitted on behalf of the judgment-debtors that the reference has been pending from the year 2004 and that the bar under Section 22(1) of the said Act of 1985 is operative.
The second objection is as to the territorial jurisdiction of this Court in entertaining this application where a prayer has been made for sale of properties outside jurisdiction.
The decree-holder in either case submits that it is not open to the judgment-debtors to challenge the jurisdiction of this Court in view of the settlement recorded in the previous execution proceedings.
The decree-holder says that the combined decretal debt would be in excess of Rs.11 crore since an amount in excess of Rs.4 crore is due in respect of E.C. No. 89 of 2009 and an amount in excess of Rs.7 crore is due in respect of E.C. No. 104 of 2009. The decree-holder says that in the terms of settlement the judgment-debtors had promised to make payment and had indicated that five plots of land were owned by the judgment- debtors which the judgment-debtors would convey to the decree-holder. It is the decree-holder's further submission that of the five plots, the judgment-debtors may not have clear title to two of the plots. The decree- holder had issued advertisements for sale of the plots of land in Gujarat whereupon one Alpesh Shah has offered a price of Rs.2.20 crore for the 3 three plots in respect of which the judgment-debtors appear to have clear title.
Let the matter appear on August 18, 2010 for the judgment- debtors to put on affidavit all material in support of their contention that the first judgment-debtor is a sick industrial company and that the bar under Section 22(1) of the 1985 Act would apply to the present case.
The affidavit should give fullest particulars of the ownership of the five plots of land that have been referred to in the terms of settlement.
Urgent certified photocopies of this order, if applied for, be supplied to the parties subject to compliance with all requisite formalities.
(SANJIB BANERJEE, J.) sg.