- (1.) M/s. Quality Pharmaceuticals Pvt. Ltd. was carrying on business at the Kasba Industrial Estate belonging to West Bengal Small Industries Development Corporation (WBSIDC). They were occupying a plot of land measuring about 8 cottahs, 2 chittacks and 14 sq.ft being plot Nos. 52 and 53 through a Deed of Lease executed on July 24, 1991 for a period of 75 years commencing from July 24, 1991.
(2.) The company defaulted in making payment of lease rent to the extent of Rs.1,73,972.08 apart from electricity charges amounting to Rs.62,855.63. The Corporation also assisted the company by supplying raw-materials valued at Rs.11,98,046.37 that also became outstanding. Since the company was not clearing their dues the Corporation filed a winding up petition. Another financial institution IDBI filed a recovery proceeding at Debt Recovery Tribunal.
(3.) Ultimately, the Corporation terminated the lease by appropriate notice issued on January 19, 2000. The company was subsequently wound up and the Official Liquidator took steps for sale of the assets of the company in liquidation. The Official Liquidator attempted twice for sale the assets. However, attempt failed in absence of appropriate offer being received for the assets. Ultimately, the learned Company Judge vide order dated August 17, 2001 confirmed the sale in favour of Pollen Laboratories Pvt. Ltd. at and for a sum of Rs.40 lacs. While confirming so, His Lordship observed as follows : "Even though the offer does not match the valuation report but since Pollen Laboratories Pvt. Ltd. is going to purchaser the assets of the company (in liquidation) as a going concern with an undertaking to engage all the employees who are eligible and are on record, this court feels inclined to accept this offer." ;