JENSON & NICHOLSON INDIA LTD Vs. INDUSTRIAL INVESTMENT BANK OF INDIA AND 4 ORS

JUDGEMENT

(1.) THIS appeal has been filed by the appellant against the order dated 27.11.2001 passed by the learned Presiding Officer of Debts Recovery Tribunal No. 1. Calcutta, in original application No. 51 of 2001, Industrial Investment Bank of India v. Jenson and Nicholson (India) Ltd. and Ors.

(2.) The brief facts of the case giving rise to present appeal as is apparent from the paper book and the judgments filed with paper book are the Industrial Investment Bank of India, a company within the meaning of Companies Act, 1956 having its Registered Office at 9, Netaji Subhash Road, Calcutta, hereinafter referred as ICCIB only, filed an application under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, hereinafter referred as Act only against Jenson and Nicholson (India) Ltd. a Company within the meaning of Companies Act, 1956 having its registered office at 225, A.J.C. Bose Road, Calcutta, 700 020 hereinafter referred as a company only and others for recovery of a sum of Rs. 14,33,07,066/- only.

(3.) ON 18.10.2001 learned Presiding Officer of Debts Recovery Tribunal-1 passed an ex pane order appointing Shri P.K. Pal Chowdhury, an Advocate as Receiver on the assets and properties mentioned in the Schedule A & B of the original application filed by the Bank and directed him to take symbolic possession of the aforesaid properties and also to prepare inventory thereof, it was also directed that the business of the company will be rununder the supervision and monitoring of the learned Receiver. The Receiver was also given power to inspect all the books of accounts, Bank's statements and other documents which will be complied by the Bank. It was also observed by the learned Presiding Officer that if necessary for safeguarding the interest of the Bank Receiver can give direction to the Bank which will be complied by them. By this order, the learned Presiding Officer also passed injunction order restraining the defendant Nos. 1 and 2 from transferring, alienating and otherwise dealing with, except the normal course of business, the property and assets mentioned in Schedule A & B attached with the original application of the Bank. The learned Presiding Officer also fixed 10.1.2002 for hearing of the Misc. Application filed by the Bank and the learned Counsel for the Bank was directed to communicate the order to the defendants. The defendants appeared and filed application to recall the order dated 18.10.2001. The matter was heard and after hearing the parties, the learned Presiding Officer by the order dated 27. 11.2001 passed order under challenge.