9911796707
TMI Blog2001 (8) TMI 1250X X X X Extracts X X X X X X X X Extracts X X X X ..... , Mango Lane, Calcutta and the nominal shareholders' capital is Rs. 7 lakhs and the paid up capital is Rs. 5,35,670. It was averred in the said Company Petition No. 321 of 1987 that between 30-11-1984 and 30-11-1985 at the request of the company, said Shri Ashit Roy from time to time lent and advanced various sums of money aggregating to a sum of Rs. 66,105 repayable on demand with interest thereon at the rate of 18 per cent per annum. 5. The said loans were advanced by Shri Ashit Roy to the company for the purpose of the company's business and was a commercial loan. It was also averred in the said petition in order to secure due repayment and/or as security therefor executed four several demand Promissory Notes dated 30-11-1984, 18-1-1985, 22-2-1985 and 30-11-1985 executed by the Manager and/or Director for and on behalf of the said company in favour of the petitioner, and the aggregate sum of Rs. 66,105 was covered in the said four promissory notes. 6. It was further stated in the said company petition that the company has failed and neglected to pay the said sum of Rs. 66,105 till date and the petitioner claimed Rs. 88,240.35 from the company being the amount Rs. 66,105 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd application of the petitioner is ready for hearing. Mr. Kar reminds the court that he sought the removal of the Special Officers, whereupon the Court did not accedes to his prayer and directed that affidavit be filed before the Court with necessary averments so that the court could entertain such a plea. Now that the application is before the court for hearing the same can be heard and disposed of expeditiously. In view however of the heavy list before the court and in view of the fact that there is hardly three weeks left before the Ensuring Vacation commence, it may not be possible for the court to take up the matter before the holidays. The Court in these views in the interest of the company certain directions are required to be given to the Joint Special Officers for the purpose of running the tea gardens and as such, the court passed the order which reads as under : ( a )The Joint Special Officers will take all steps to arrange funds by way of loans from any financial institution. If no loan is forthcoming from any financial institution, the Special Officers will seek loan from the petitioner to run the garden, which loan will be repaid by the Joint Special Officers out o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Special Officers a statement indicating the particulars at time of such sales. ( j )The Joint Special Officers will prepare a statement of the past liabilities of the company including the wages and salary of the workers and out of the sale of the crops realized make suitable provision for payment of the wages and salary to the workers and staff of the company who will have liberty to place their lawful demands before the Joint Special Officers for necessary scrutiny and payment of the same. ( k )The Joint Special Officers will have general power to deal with any matter concerning the company and its affairs till such times as they continue to act as such Special Officers. ( l )Prior to taking any further loan as indicated hereinabove from financial institution, the Special Officers will meet up the current liabilities in respect of the loans taken from the petitioner as mentioned in the report of the Special Officers dated 20-8-1987 wherein it appears a total sum of Rs. 2,81,560.80 between 14-6-1987 and 14-8-1987 on account of wages, salary, excise duty, ration, fuel, carrier, insurance, maintenance and running of the factory at the garden has been advanced by the petit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f any outstanding as of date. 18. The Special Officers are directed to file their accounts within a period of 2 weeks in the department with copies thereof to the company and the petitioning creditor. Each of the parties will be at liberty to take step or steps in accordance with law on the filing of such accounts. As regards the dues of the petitioning creditor on account of loan and advance I said to have been given to the Special Officers, leave is given to the petitioning creditor to mention the matter before this Court after 4 weeks upon notice to the company. 19. The company will be at liberty to carry on business in the usual course without the assistance of the Special Officers. The Joint Special Officers are directed to act forthwith on a signed copy of the operative portion of this dictated order. 20. Save as above all interim orders are vacated. 21. This matter will appear in the list four weeks, hence, as 'For Orders'. 22. Mr. Mukherjee appearing for the petitioning creditors prays for stay of operation of this order but considering the facts and circumstances of the matter in issue such a prayer for stay is refused. 23. No appeal was preferred a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said application the applicant company stated inter alia that 'by order 4th June, 1987 the Joint Special Officers were directed to initiate and make an inventory of the assets and properties of the applicant company and also its statutory books and to take possession of the sale including Salim Hill Tea Estate and to supervise over the tea crops and to sell the same and no authority was given to the Joint Special Officer to borrow money from any where'. In the said company application it was also averred by the applicant company that the Joint Special Officer without any order from this Hon'ble Court borrowed money from the petitioner petitioning creditor not authorized to lend any money to the Joint Special Officer. The Joint Special Officer submitted the report on 20-8-1987 and it appears from the report that the Joint Special Officer wanted to take loan from the petitioning creditor and wanted to repay the same out of the sale proceeds as tea crops and also wanted to direct management and control of the affairs of the company and to carry on business as such. 31. In the said application the applicant company also averred that no document is forthwith coming to show that l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cation. It also appears that the applicant company has made certain reckless and serious allegations against the Joint Special Officers without ascertaining in any manner the allegations made against the said Joint Special Officers, the Officers of Court." 34. Challenging the said order dated 19-7-1992 passed by the Hon'ble Justice P.K. Mazumdar in Company Application No. 163 of 1990 filed in Company Petition No. 321 of 1987 the Peerless Tea Industries Ltd. preferred appeal on 29-7-1992 being Appeal No. 587 of 1992 (one of the three appeals mentioned hereinabove). 35. When disposing of the Company Petition No. 321 of 1987 by Hon'ble Mr. Justice U.C. Banerjee on 26-2-1990 it was submitted on behalf of the company that the company is desirous of making payment of the dues of the petitioning creditor so far as the principal is concerned. As regards payment of interest Mr. Mitter on behalf of the company left it to the court for fixation of the rate of interest and submitted that the company is also willing to pay the interest to be fixed by the court so that the matter can be disposed of at the concluding pass an order which is inter alia as follows: "On these state of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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