- (1.) After the respondent No.1, Patna Electric Supply Company Limited (PESCO), was taken over by the appellant, Bihar State Electricity Board (BSEB), certain disputes arose regarding payment of compensation by BSEB to PESCO in respect of the assets of PESCO. This resulted in litigation and ultimately in C.A. No.2630 of 1982 this Court, while granting leave, directed that BSEB would pay to PESCO the purchase price on the basis of book-value in accordance with the provisions of the Indian Electricity Act, 1910. Since payments were not made by BSEB to PESCO in terms of the said directions, PESCO filed I.A. No.5 for appropriate directions to be given to BSEB in this regard.
(2.) On 8.1.2005, after noting that what was payable by BSEB to PESCO was the book-value and not the market value of the assets of PESCO, this Court, after taking into consideration the submissions of the respective parties, came to the conclusion that the net amount of compensation payable to PESCO worked out to 135.45 lakhs. Out of the said amount, a sum of 99.72 lakhs had already been paid by BSEB to PESCO, leaving a balance amount of 35.74 lakhs payable by BSEB to PESCO. It was also noted that under the directions of this Court the balance amount of 35.74 lakhs had been paid by BSEB to the Bank of India to liquidate the dues of PESCO.
(3.) In addition to the above, a further sum of 36.59 lakhs was shown as liability in the accounts of PESCO. It was noted that it was not the case of BSEB that the said amount had been paid by it to the aforesaid Bank. On the other hand, it was noted that it was PESCO's case that this amount had been paid by it to the Bank of India and in support thereof a 'No Objection Certificate' dated 21.3.2001 issued by the Bank in favour of PESCO had been placed on record. On the basis of the aforesaid calculations and the submissions made on behalf of the respective parties, I.A. No.5 was disposed of with the following observations : (1) The amount of consumer dues calculated while arriving at the book value of the assets of PESCO cannot be questioned by BSEB at this stage; (2) PESCO is entitled to the sum of Rs.36.59 lakhs provided it has made the payment on that account to the Bank; and (3) PESCO is entitled to interest in the manner above stated on filing requisite material on record along with an affidavit showing payment of interest.;