Calcutta High Court
Srei Equipment Finance Ltd vs Virgo Softech Ltd & Anr on 12 June, 2014
Author: Sanjib Banerjee
Bench: Sanjib Banerjee
AP no.1539 of 2013
IN THE HIGH COURT AT CALCUTTA
Ordinary Original Civil Jurisdiction
ORIGINAL SIDE
SREI EQUIPMENT FINANCE LTD
Versus
VIRGO SOFTECH LTD & ANR.
BEFORE:
The Hon'ble JUSTICE SANJIB BANERJEE
Date : 12th June, 2014.
Appearance:
Mr. Debasish Kundu, Adv.
Mr. Kaushik Chatterjee, Adv.
Mr. Mohit Gupta, Adv.
The Court : The petitioner claims that a sum of nearly Rs.3 crore
remains due and owing from the respondents only on account of defaulted
instalments if the notice of termination is to be disregarded.
The respondents had submitted on April 16, 2014 that due to the then ensuing elections, the respondents had not been able to make payment of the amount as directed by the earlier order of April 1, 2014 as the payments due to the respondents in respect of the UID Adhar Scheme had not been released. The petitioner says that the Adhar Scheme may have been cancelled altogether by the new Government. The petitioner apprehends that if appropriate orders are not made, the respondents would receive the payments from the government agencies and not make payment to the petitioner despite a substantial amount 2 remaining due. The petitioner points out that the receiver appointed in the matter could not make any headway in taking possession of the assets covered by the agreement.
In view of the failure on the part of the respondents to either make any payment or to indicate how immediate payment would be made, the respondents and either of them, whether by themselves or by their servants or agents or assigns or otherwise howsoever, are restrained from receiving any payment from any third party without making over payment of like amount prior thereto to the petitioner.
Advocate for the respondents should disclose the whereabouts of the assets which form the subject-matter of the agreement to the receiver appointed in the matter in course of this week such that the receiver can take immediate possession thereof without undue delay. The receiver will be paid a further remuneration of 1500 GM in the event the receiver is required to undertake any travel and all expenses incurred on account of the receiver's travel, accommodation and the like will be borne by the petitioner and added to the claim in the arbitral reference which ought to have been instituted by now.
The subsisting order of injunction in respect of the assets in question will continue and the respondents are now restrained from using such assets even in the usual course of business.
Affidavit-in-opposition be filed within a week from date; reply thereto, if any, may be filed within five days thereafter. The petition will appear as the last new motion a fortnight hence.
3
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.) bp.