AJOY BHUSAN DEB Vs. STATE OF TRIPURA AND ORS

JUDGEMENT

(1.) Heard learned counsel for the respective parties.

(2.) The present writ petition has come to be filed by the petitioners inter alia challenging an order of attachment dtd. 16/3/2017 passed by the Government of Tripura in exercise of power conferred by sub-sec. 1(ii) of Sec. 4 of Tripura Protection of Interests of Depositors (In Financial Establishments) Act 2000 (hereinafter to be referred to as "the Act"). By virtue of the said order various properties belonging to defaulting financial institution namely Cosmic Negotiators Ltd. have come to be attached.

(3.) The State has filed counter-affidavit and in Para - 11, they have stated as follows :