ASHIS KUMAR CHAKRABORTY,J. - (1.) In application, A.P. No.1242 of 2018 under Section 9 of the Arbitration and Conciliation Act, 1996, as amended by Act 3 of 2016 (in short, "the Act of 1996") this Court passed an order on May 3, 2018 directing the Receiver to take possession of the hypothecated asset from the concerned respondent. In the said order this Court recorded that according to the petitioner the respondents had defaulted to pay the monthly instalments towards repayment of the dues on account of the hypothecated asset under the agreement dated November 15, 2016. It was further recorded that according to the petitioner as on October 25, 2017 Rs. 1,18,33,639/- remained due by the respondent no.1 and/or its partners to the petitioner. In terms of the said order dated May 3, 2018, the Receiver appointed by this Court took possession of the hypothecated asset. Thereafter, one of the partners of the respondent no.1 partnership firm filed an application, GA No.1242 of 2018 praying for recalling of the said order dated May 3, 2018.
(2.) On June 8, 2018 when the said application, GA No.1242 of 2018 was taken up for hearing, learned counsel for the applicant submitted that in fact as on that date Rs. 79,00,000/- remained due and payable by the respondent no.1 to the petitioner. It was further submitted by the present respondent no.1 out of the said sum of Rs. 79,00,000/- the respondent no.1 firm and/or its partners they had already caused deposit of Rs. 30,00,000/- to the petitioner's bank account and the balance amount of Rs. 49,00,000/- would be paid within fifteen days.
(3.) There is no dispute that the said sum of Rs. 79,00,000/- has already been paid by the respondent no.1 to the petitioner. However, it is now contended on behalf of the respondent no.1 that with the payment of the said sum of Rs. 79,00,000/- it is not liable to pay any money to the petitioner and, as such, the Receiver appointed by this Court on May 3, 2018 should be directed to return possession of the hypothecated asset to the respondent no.1.;