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The High Court at Calcutta admitted the appeal in the case of Asset Reconstruction Company India Limited versus SREI Equipment Finance Limited. The court directed the appellant to maintain Rs.20 lakhs in a separate account until the appeal is resolved, while the Official Liquidator is prohibited from taking action against the appellant until January 17, 2022. The appeal is scheduled for hearing on February 14, 2022, and other procedural formalities have been waived.

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18 views2 pages

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The High Court at Calcutta admitted the appeal in the case of Asset Reconstruction Company India Limited versus SREI Equipment Finance Limited. The court directed the appellant to maintain Rs.20 lakhs in a separate account until the appeal is resolved, while the Official Liquidator is prohibited from taking action against the appellant until January 17, 2022. The appeal is scheduled for hearing on February 14, 2022, and other procedural formalities have been waived.

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Logan Jenson
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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OD-2

ORDER SHEET

APOT/135/2021
With
EC/135/2019
IA No. GA/1/2021

IN THE HIGH COURT AT CALCUTTA


CIVIL APPELLATE JURISDICTION
ORIGINAL SIDE

ASSET RECONSTRUCTION COMPANY INDIA LIMITED


Versus
SREI EQUIPMENT FINANCE LIMITED AND ORS.

BEFORE:
The Hon'ble JUSTICE I.P.MUKERJI
And
The Hon’ble JUSTICE KAUSIK CHANDA
Date : 5th January, 2022.
(Via Video Conference)

Appearance:
Mr. Rohit Das, Adv.
…for the appellant

Mr. Swatarup Banerjee, Adv.


Mr. Avishek Guha, Adv.
Ms. Akansha Chopra, Adv.
…for the respondents

Mr. Ranajit Chowdhury, Adv.


…for the Official Liquidator

The Court :- We admit the appeal.

The assets in question have been sold.

The purchaser has paid the price to the respondent no.1 and has

taken possession of the assets.

The Official Liquidator, it is submitted, is demanding a little more than

Rs.20 lakhs from the appellant, the secured creditor, of the respondent no.3

which is under liquidation by an order of this Court as reimbursement of

expenses for protecting the said assets which were lying in the premises of

the respondent no.3, Bhoomi Minerals Limited (in liquidation).

As an interim order, we direct the appellant to keep a sum of Rs.20

lakhs in a separate account by 17th January 2022 upon intimation to the

other parties and the official liquidator, till the disposal of this appeal or until

further orders, whichever is earlier.


2

Till 17th January, 2022, the Official Liquidator will not take any steps

against the appellant in terms of the impugned order. Upon compliance with

the above condition, this status quo will continue till disposal of the appeal.

In default, the Official Liquidator may take such steps as may be

available to him in accordance with law.

As the respondents are represented by learned counsel, we dispense

with issuance and service of the notice of appeal.

Other formalities are dispensed with.

We direct advocate on record for the appellant to prepare an informal

paper book and file the same in this court by 28th January, 2022, serving a

copy thereof on the advocate on record for the respondents at least seven

days before the date of hearing of the appeal.

List this appeal for hearing on 14th February, 2022.

The application (IA No.GA/1/2021) is disposed of.

(I.P.MUKERJI, J.)

(KAUSIK CHANDA, J.)

cs.

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