- (1.) On 4/08/1988, this court on the application made by Nishan Developers Properties Private Limited (hereinafter 'nishan' for short) and Sanchaita Commissioner and upon hearing Mr Gobinda Mukhoty for the small depositors made the following order: Heard learned counsel for the petitioner/proposed purchaser. Mr Gobinda Mukhoty is for the small depositors and Mr H. K. Puri appears for the Commissioner. We have also peirused the terms contained in Schedule. A which are the terms of the settlement. We are of the view that the arrangement is in the interest of the depositors and would benefit his State. Accordingly the proposal is accepted and the Commissioner is permitted to sell the property strictly in accordance with the terms contained in Schedule A. We are told that an amount of Rs. 2,62,500. 00 is paid and the balance of Rs. 7,87,500. 00 is undertaken to be paid within six months from the date of settlement. On failure of payment as stipulated the arrangement shall be withdrawn and the money already deposited shall stand forfeited.
(2.) The present application is by two small depositors and they have asked for recalling the order on the allegations that: (I) there were pre-existing directions of the nominated bench of the Calcutta High court asking the Commissioner to put the property to public auction : (Ii) there was a pre-existing offer of Rs. 20 lakhs for the property from one Narayan Karmakar: (Iii) by the time the matter was placed before this court on 4/08/1988, there was also an application before the nominated bench fixed for the same day wherein an apolication for injunction against the alienation which by the impugned order has been sanctioned had been prayed for : and (Iv) the effect of the order of the nominated bench of the Calcutta High court in regard to the Kaikhali property had not been properly indicated in the application made to this court.
(3.) This court evolved a scheme in the Sanchaita matter with a view to protecting the interest of the small depositors. The scheme contemplated the appointment of a Commissioner, an Advisory Committee and a nominated bench of the Calcutta High court. Wide powers were vested in the Commissioner with a view to gathering the assets of Sanchaita and converting the same into liquid money to pay lip the small depositors to the whole extent of their dues, if possible.;