- (1.) On or about March 28, 1995 an execution application was moved without notice with an intent to put the decree dated April 21, 1994 into execution as against the judgment-debtor. The decree arises out of an award of the sole arbitrator in Award Case No. 349 of 1992 and is a money decree.
(2.) On the said application for execution, an ad interim order was passed by me directing the State Bank of India, Park Street, Calcutta not to part with the money in question till March 31, 1995 and the matter was adjourned till March 30, 1995. In the meantime, the judgment-debtor also moved an application alleging inter alia following points:(a) No execution proceeding would lie or be proceeded with as against the respondent herein in view of Section 22 of the Sick Industrial Companies (Special Provision) Act, 1985 and that the proceeding before the Board for Industrial and Financial Reconstruction (BIFR) is still pending. The decree holder does not have any right to put the decree into execution.(b) It was submitted that the order dated March 29, 1995 on the Execution Application should be vacated and the execution application itself is liable to be dismissed or permanently stayed so long and until proceeding at BIFR is finally dispose of or is finally concluded.
(3.) On 30th March, 1995 the following order was passed modifying the earlier ad interim order. "Affidavit in opposition is to be filed by 10-4-95. Affidavit in Reply by 17-4-95 and the matter is adjourned till 18-4-95. The ad interim order passed on 28-3-95 stands modified to the extent that State Bank of India, Park Street, Branch, Calcutta C and I Division Appejay House will hold a sum of Rs. 2,50,000/- until further orders. All parties to act on a signed copy of the minutes of this order on the usual undertaking.";