M/S Emerald Marketing Services Private Limited And ANR. v. Andaman And Nicobar State Cooperative Bank Limited

IN THE HIGH COURT AT CALCUTTA

[ CIRCUIT BENCH AT PORT BLAIR ] *** MAT/39/2023 IA No.CAN/1/2023 M/s Emerald marketing Services Private Limited and another Vs.

Andaman and Nicobar State Cooperative Bank Limited Mr. S.K.Golder ... for the appellants Mr. U.S.Menon [through virtual mode] Mr. A.S.Zinu ... for the respondents November 17, 2023 [SR] Item No.3 1.

The appeal is arising out an order dated 2nd November, 2023 in a writ petition in which the action initiated under the SARFEASI Act was under challenge.

2.

We have heard learned counsel for the parties. 3.

Indisputably, sufficient opportunity was given to the appellants to pay off their debts. In fact, the appellants have failed to repay in terms of One Time Settlement Scheme that was extended to the writ petitioner in order to bring about an amicable settlement. This fact would be revealed from the order of the DRT-II dated 02.05.2022. The learned Single Judge has also recorded in the order that sufficient opportunity was given to the appellants/petitioners to deposit the amount to show his bonafide.

4.

Even today, the appellants are not in a position to deposit Rs.8.00 crores that was offered by way of One Time Settlement. The appellants are not disputing that the appellants owe money to the financial institution.

5.

Now that the e-Auction has been concluded and the sale certificate has already been issued by the Bank and the bank had already received a sum over Rs.5.00 crores which, we have been informed, is over and above the reserve prices. It will not be proper to interfere with the action taken by the Bank at this stage having regard to the fact that the public money is involved and there is an admitted debt which has not been discharged by the appellants in spite of opportunity being given to the appellants.

6.

The appeal fails and is accordingly dismissed with the following direction.

7.

The sale certificate shall abide by the result of the SA No.21 of 2021. We direct the DRAT to assign this matter to one of the available Benches within four weeks from the date of communication of this order. The assigned Bench must dispose of the pending S.A.No.21 of 2021 preferably within a period of six months from date of assignment without granting any adjournment to either of the parties unless it is unavoidable.

8.

Urgent photostat copy of this order, if applied for, be supplied to the parties upon compliance of usual formalities. ( Soumen Sen, J. ) ( Siddhartha Roy Chowdhury, J. )