- (1.) This application being C.A. No.765 of 2011 has been filed by the auction purchaser Company viz. Gourinandan Real Estate Private Limited having its registered office at 71, B.R.B. Basu Road, 5th floor, Kolkata 700001, for the following orders, as mentioned in the Judges Summons taken out on 9th day of August, 2011:- "a) The Official Liquidator, High Court Calcutta be directed to make enquiries/further enquiries with regard to the proceeding pending before the SubDivisional Land and Land Reforms Officer, Srirampur, Hooghly to the land of Rishra Lteel Ltd. (In liquidation); b) The Official Liquidator, High Court Calcutta be directed to file a report before this Hon'ble Court pertaining to the status regarding marketability of the land of Rishra Steel Ltd. (In liquidation). c) The order dated 15.07.2011 passed by this Hon'ble Court be modified to the extent that the Applicant/Purchaser be granted time to deposit the balance sum of Rs.19.48 Crore in terms of the said order within 2(two) weeks from the date the Official Liquidator files status report regarding marketability of the said land to the satisfaction of this Hon'ble Court. d) Ad-interim order be made in terms of prayers (a) to (c) above."
(2.) The relevant material facts of this case are stated hereunder. The Company viz. Rishra Steel Limited (In Liquidation) had gone into liquidation pursuant to the order of this High Court on 4th June, 1990. On 19th December, 1999 Allahabad Bank, a secured creditor filed a suit against the Company represented by the Official Liquidator for a decree for Rs.4,06,90,548 together with interest on 15th July, 1996 and a decree was passed by this Court for an amount of Rs.3,47,94,232.85 together with interest. The decree provided payment of decreetal amount in 60 equal monthly installments in default the Bank was entitled sale to suit property by public auction or private contract. However, no appeal was preferred nor any installment was paid by the judgment-debtor. On 26th August, 1997 the Allahabad Bank, applied execution of decree. On 12th December, 1997 the High Court appointed the Official Liquidator in the said execution case to take possession of the assets of the Company and directed to take steps for sale of the assets of the said Company. On 19th December, 1997 the aforesaid order was modified by directing that order of sale must be limited to the security of Allahabad bank which has been plant, machinery and other moveable assets as mentioned in the schedule to the decree. Thereafter this Court by its order dated 23rd February, 1998 directed the Official Liquidator to publish an advertisement inviting offers for sale of the assets of the Company in liquidation as a going concern'. Subsequently another order was passed on 10th July, 1998 by this Court wherein the Official Liquidator was directed to sale all the assets of the Company in liquidation as a going concern'. The Allahabad Bank filed two appeals against two aforesaid orders dated 23rd February, 1998 and 10th July, 1998. The Division bench also directed to sale the factory as a going concern'. The order of the Division Bench was questioned before the Hon'ble Apex Court. The Hon'ble Apex Court in disposal of the three civil appeals being 5411-5413 of 2000 passed the following order :- "When indisputably the order of winding up made on 04.06.1990 had become final and company has become non-functional for long, even BIFR could not come to its rescue and the attempt of the workers union to resuscitate the company by getting a committee constituted for management was repelled by a Division Bench of the High Court and this Court when the SLP filed by the workers Union came to be dismissed on 05.12.1997, it would no doubt be ironical and unjust to get order for the sale of the assets of the company as a going concern. But, at the same time to give a last try to the fond hopes expressed on behalf of the erstwhile workers, we consider giving one more chance to have it so done within a strict frame of time limit. After considering submission of the learned counsel for the parties, we are granting this indulgence, by permitting the sale of the company as a going concern' with certain conditions only. The Official Liquidator for this purpose shall advertise the sale of the company in liquidation-judgment debtor as a going concern' as ordered by the High Court. Such publication shall indicate that the reserve price shall be the amount equal to the total decree including interest has accrued upto 31 st December, 1999 in favour of the appellant-bank, and shall also has to pay the balance interest which accrues, till full payment is made. The publication shall also indicate that purchaser has also to pay the liabilities of other claimants in the proceeding for the liquidation of the company. Since all the parties are represented before us including the Official Liquidator, we grant total period of ten weeks from today, for concluding sale, with the aforesaid condition, including the period of advertisement, receiving offers etc. In case, it is not concluded within this period, the order of the High Court directing the sale of the company as a going concern' shall stand set aside. The Official Liquidator will then proceed to sell the assets of the company first by selling the plant, machinery and other moveable assets and then the other assets in such a manner to fetch the maximum price, keeping the interest of all other creditors. Out of the aforesaid proceed, first the decree in favour of the appellant-bank should be satisfied and then to proceed to distribute the balance to other creditors in accordance with law. Accordingly the aforesaid two orders of the High Court dated 23 rd February, 1998 and 10 th July, 1998 stand modified to the extent we have passed this order. In these terms these appeals stand disposed of."
(3.) However, within 10 weeks as fixed by the Hon'ble Apex Court the Company could not be sold as a going concern'. Therefore, the order of High Court for selling the said Company as a going concern' stood set aside.;