2017 (4) TMI 1403 - HC - Companies Law

Corporate insolvency process - Held that - The claim of the petitioner bank arises out of money lent and advanced to the respondent company. As on 24th April, 2014 there was due and payable a sum of ₹ 20,28,76,254/- from the respondent to the bank. As on 28th January, 2015 a sum of ₹ 22,83,99,894.56 was due and payable. The respondent company did not reply to the statutory notice. No affidavit in opposition has been filed. This court is of the prima facie view that the petitioner is entitled to ₹ 22,83,99,894.56 as on 28th January, 2015 together with further interest. I direct the petitioner to publish advertisement once in The Telegraph and once in Bartaman by 19th May, 2017. Considering the submissions made by learned counsel for the company that his client might settle the matter with the petitioner, let no advertisement be published till 13th April, 2017 or until further orders, whichever is earlier.

Summary

The Calcutta High Court judgment (2017) stated that a bank was owed over Rs. 22 crore by a company, with no response to the notice. The bank was granted the amount plus interest, and instructed to publish ads in 'The Telegraph' and 'Bartaman' by a certain date. Further actions were postponed pending possible settlement discussions, with a review set for June 26, 2017.