SANJIB BANERJEE,J. - (1.) The respondents were afforded several opportunities to make payment of the outstanding sum, but no payment has been forthcoming. The dues are about Rs. 60 lakh. Though the agreement has been terminated, the tenure of the agreement would have run out by January 22, 2012.
(2.) The receiver has taken possession of the asset that forms the subject matter of the agreement between the parties pursuant to an order dated November 14, 2011. The asset is a stone-crushing plant and the petitioner says it has to be sold on 'as is where is' basis since it is embedded in the earth.
(3.) The respondents are represented but cannot make any commitment for payment. The reference is pending and the respondents are contesting the same.;