- (1.) IDEAL Real Estates Private Limited and another (hereafter the petitioners)responded to an advertisement, published at the instance of West Bengal financial Corporation (hereafter WBFC), inviting offers for sale of assets of M/s. S. P. Cycles Limited (hereafter the said assets ). They offered to purchase the said assets at Rs. 4. 25 crores which was adjudged highest. Due to pending court cases, WBFC was unable to complete sale of the said assets. However, with the dismissal of MAT No. 670 of 2007, since renumbered FMAT No. 1488 of 2007, by a Division Bench of this Court on 19. 12. 07, WBFC vide its letter dated 24. 12. 07 informed the petitioners that they were now in a position to transfer the said assets under Section 29 (1) of the State Financial Corporations Act, 1951 (hereafter the said Act) on "as is where is and whatsoever there is" basis in their favour subject to conditions mentioned therein. In the writ petition, it has been claimed by the petitioners that they fulfilled all the conditions mentioned in the aforesaid letter, yet, WBFC acted illegally and wrongly in not accepting the draft towards the balance price when tendered and failed to hand over the draft deed of conveyance.
(2.) FEELING aggrieved by such action of WBFC, the petitioners prayed for the following relief: a) A writ of and/or writs in the nature of Mandamus directing the respondents and/or each of them, their men or agents or subordinates to i) furnish the draft Deed of Conveyance to the petitioners for sale of the assets of the said M/s. S. P. Cycles Ltd. ; ii) on approval of the draft Deed to execute and register necessary conveyance in favour of the petitioners and/or its nominees; iii) to hand over possession of the assets of M/s. S. P. Cycles Ltd. to the petitioners simultaneously with the execution and registration of conveyance for the said assets; iv) to furnish all original deeds and documents with regard to the assets of said M/s. S. P. Cycles Ltd. to the petitioners; v) to furnish a list of arrear dues with regard to the assets of M/s. S. P. Cycles Ltd. ; vi) to make settlement with WBIDC about its claim before the execution of conveyance and/or to obtain No Objection Certificate from WBIDC before sale; vii) to accept the balance payment of Rs. 4,12,50,000/-; b) Declaration that the petitioner no. 1 and/or its nominees is entitled to obtain conveyance in respect of the assets of M/s. S. P. Cycles Ltd. and also entitled for possession of the said assets; c) A writ of and/or writs in the nature of Prohibition restraining the said corporation and/or its agents and subordinates from dealing with and/or disposing of the assets of M/s. S. P. Cycles Ltd. except with the petitioner no. 1;
(3.) THE writ petition was moved on 11. 1. 08 before this Court. Learned Counsel for WBFC submitted that there was no refusal on its part to accept the draft prepared by the petitioners. The Court directed learned counsel for WBFC to accept the draft and WBFC was also granted liberty to encash it and to take follow up action for the purpose of handing over of the said assets in favour of the petitioners.;