Gangotri Iron And Steel Co. Ltd. v. The State Bank Of India
IN THE HIGH COURT OF JUDICATURE AT PATNA
Civil Writ Jurisdiction Case No.18617 of 2021 ====================================================== Gangotri Iron and Steel Co. Ltd. a registered Company having its registered Office at 307, Ashiana Tower, Exhibition Road, Patna through one of its Directors namely Sanjiv Kumar Choudhary Male aged About 58 Years Son of Shew Bhagwan Choudhary resident of Seventh Floor, Kataruka Niwas, Above HSBC Bank South Gandhi Maidan, Patna-800001.
... ... Petitioner/s
Versus
1.
The State Bank of India through the Chairman-Cum-Managing Director, State Bank of India, Corporate Centre, State Bank Bhawan, Madame Cama Road, Mumbai-400021.
2.
The Stressed Assets Management Branch having its Office at, State Bank of India, Fifth Floor, Zonal Office, Judges Court Road, Patna-800001 through its Assistant General Manager.
3.
The Authorised Officer, The Stressed Assets Management Branch having its Office at, State Bank of India, Fifth Floor, Zonal Office, Judges Court Road, Patna-800001.
... ... Respondent/s ====================================================== Appearance :
For the Petitioner/s :
Shri Gautam Kumar Kejriwal, Advocate For the Respondent/s :
Shri Chitranjan Sinha, Sr. Advocate Shri Sanjiv Kumar, Advocate Shri Prabhat Kumar Sharan, Advocate Shri Jayant Kumar Sharan, Advocate Shri Hemant Kumar Sharan, Advocate ====================================================== CORAM: HONOURABLE THE CHIEF JUSTICE and HONOURABLE MR. JUSTICE S. KUMAR ORAL JUDGMENT (Per: HONOURABLE THE CHIEF JUSTICE) Date : 16-12-2021 The petitioner has prayed for the following relief/s :-
2/5
3/5 After the matter was heard for some time, Shri Gautam Kumar Kejriwal, learned counsel for the petitioner, under instructions from the petitioner, has made the following submissions :- a) Petitioner shall, within next three working days, deposit a sum of Rs.79,10,000/- with the respondent bank, in turn to be paid to the auction purchaser;
b) Such deposit shall be without prejudice to the respective rights and contentions of the parties; c) Petitioner shall again approach the Bank for One Time Settlement and in the event of the bank accepting the petitioner's proposal, the said sum of Rs.79,10,000/- shall be adjusted towards the payment to be made in terms thereof; d) Should the settlement not fructify, it shall be open for the parties to take recourse to such remedies as are otherwise available in accordance with law; and e) Proposal to be made shall be independent of and without prejudice to the pendency of the proceedings before different forums.
Shri Chitranjan Sinha, learned senior counsel for the respondent points out that there is yet another property (movable property) amounting to Rs. 2,08,00,000/- which
4/5 stands auction sold and the bank would not be precluded from taking steps in finalizing such sale transaction. At this stage, Shri Kejriwal clarifies that in view of the interim protection granted by the appropriate forum, such sale transaction cannot be completed.
Learned counsel appearing on behalf of the respondent bank states that within two working days, following the date of receipt of payment from the petitioner, the amount would be remitted to the auction purchaser.
Shri Kejriwal further states that the proposal shall be submitted with the bank within two weeks.
Petitioner through Shri Kejriwal undertakes to repay the amount on such terms as may be fixed by the respondent bank.
Statements are accepted and taken on record.
The petition is disposed of in the following mutually agreeable terms :- a) Petitioner shall, within next three working days, deposit a sum of Rs.79,10,000/- with the respondent bank, in turn to be paid to the auction purchaser;
b) Such deposit shall be without prejudice to the respective rights and contentions of the parties;
5/5 c) Petitioner shall again approach the Bank for One Time Settlement and in the event of the bank accepting the petitioner's proposal, the said sum of Rs.79,10,000/- shall be adjusted towards the payment to be made in terms thereof; d) Should the settlement not fructify, it shall be open for the parties to take recourse to such remedies as are otherwise available in accordance with law; and e) Proposal to be made shall be independent of and without prejudice to the pendency of the proceedings before different forums.
f) Liberty reserved to the parties to revive the petition at any stage; and g) Till the time a decision is taken on the proposal for settlement, no coercive action shall be taken against the petitioner.
The petition stands disposed of in the aforesaid terms. (Sanjay Karol, CJ) ( S. Kumar, J) Ashwini/Sujit AFR/NAFR CAV DATE Uploading Date 17.12.2021 Transmission Date