- (1.)The petitioner West Bengal Financial Corporation is a body corporate established under the State Financial Corporations Act, 1951 (Act, LXIII of 1951) (hereinafter referred to as the said Act). The petitioner No. 2 Shri Kalipada Chatterjee is an Officer of the West Bengal Financial Corporation (hereinafter referred to as the Financial Corporation). The respondent is a private limited company incorporated under the Companies Act, 1956 (hereinafter referred to as the respondent company).
(2.)This application by the petitioner is under Sections 31 and 32 of the said Act. The prayer of the petitioner is for (a) sale of land, buildings, machinery and other assets mortgaged and charged in favour of the Financial Corporation (b) ad interim order of attachment (c) ad interim or injunction (d) for notice to be issued calling upon the respondent company to show cause why the ad interim orders of attachment and injunction should not be made absolute, (e) if the respondents fail to show sufficient cause then the ad interim orders may be made absolute, (f) for appointment of receiver to take possession (g) receiver be directed to sell the mortgage property and (h) ad interim order in terms of prayers (f) and (g) ad interim orders for appointment of receiver and for sale by Receiver and costs.
(3.)In this application the petitioners are not only asking for reliefs mentioned in Section 31 of the said Act, but in addition are asking for appointment of receiver and for sale by the Receiver of the mortgaged and charged properties.