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EMPIRE HOTEL AND RESORTS LIMITED Versus GUJARAT INDUSTRIAL INVESTMENT CORPORATION LIMITED AND 7

2016 (3) TMI 424 - GUJARAT HIGH COURT

One Time Settlement in respect of the dues of the applicant - Held that:- The opponent No.5-IDBI Bank has accepted One Time Settlement in respect of the dues of the applicant agreeing to accept crystalised amount of ₹ 66.38 lakhs, following directions are issued.

(i) Applicant and opponent No.5-Industrial Development Bank of India Limited are permitted to give effect to their One Time Settlement of dues as above;

(ii) Registry of this Court shall issue a cheque after .....

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opponent No.5-IDBI Bank shall issue No Due Certificate to the applicant within two week;

(v) Balance amount shall remain invested in the Fixed Deposit. - MISC. CIVIL APPLICATION (FOR DIRECTION) NO. 759 of 2016 In SPECIAL CIVIL APPLICATION NO. 11524 of 2002 - Dated:- 11-3-2016 - MR.N.V.ANJARIA, J. FOR THE APPELLANT : MR AS VAKIL, ADVOCATE FOR THE OPPONENT : MR TIRTHRAJ PANDYA, AGP, MR BH BHAGAT, ADVOCATE, MR DHARMESH V SHAH, ADVOCATE, MR PM LAKHANI, ADVOCATE, MR RD DAVE, ADVOCATE, NOTI .....

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ocate Mr.Jaydeepsinh Rajput appears on his behalf stating that he has authority and instructions to appear for and in place of learned advocate Mr.Dharmesh Shah today. 2. In view of that and in view or urgency being shown, application is taken up for part hearing. Amongst the other prayers made in paragraph 4 of the application, learned advocate for the applicant pressed prayer 4(B) for a direction upon Registry of this Court to issue a cheque for a sum of ₹ 66.38 lakhs in favour of Indust .....

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sed amount of ₹ 66.38 lakhs to be paid by the applicant herein by 15th March, 2016. 3. It appears from the facts available from the record that the applicant company had availed financial assistance from opponent No.1-Gujarat Industrial Investment Corporation Limited, opponent No.4-Industrial Financial Corporation of India, opponent No.5-Industrial Development Bank of India, opponent No.6-Assets Reconstruction Co. (India) Limited as well as opponent No.7- Charotar Nagrik Sahakari Bank Limi .....

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public at large for disposal of the mortgaged property. It appears that GIIC filed Special Civil Application No.11524 of 2002 before this Court invoking Section 29 of the State Financial Corporation Act. 3.2 This Court passed order dated 15th January, 2009 in the said Special Civil Application of GIIC issuing following direction. 23. In view of the aforesaid, following consequences:- (i) The impugned action of respondent No.2 for publication of the notification dated 30th September, 2002 Annexur .....

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g with this Court, the following amount as per the table hereunder minus the amount as ordered to be recovered by way of penalty vide order dated 31.03.2008 passed by this Court (Coram :C.K. Buch, J.) in Civil Application No.12417/07 in Special Civil Application No.11524/02 with Civil Application No.1585/08 read with the order dated 29.12.2008 passed by the Division Bench of this Court (Coram : K.S. Radhakrishnan, C.J. & Akil Kureshi, J.) in Letters Patent Appeal No. 753/08 in Civil Applicat .....

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e, from respondent No.6 Company and also on condition that the concerned Financial Institutions and respondent No.2 file undertaking before this Court to the effect that in the event it is found by appropriate forum/concerned authority that no amount is recoverable by such financial institutions or the Government Authority, as the case may be, the amount received by it shall be returned to respondent No.6 company with interest at the rate of 8% p.a. within two months from the decision of such fo .....

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.82 (iii) The claim of the workers/employees, if any, can be considered on pari passu basis with the secured creditors. However, as the quantification is not finalized by any appropriate forum, nor are the details thereof placed on record, the disbursement of the amount to the workers/employees shall await till the final adjudication by the concerned forum, if any. Hence, the order for disbursement to the workers/ employees is not passed at this stage, but upon the quantification of the amount b .....

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n accordance with law, unless such decision of appropriate forum/concerned authority is stayed, modified or reversed by higher forum known to law. (vi) It will also be open to respondent No.6 company to move this Court for refund of the amount in the event, out of the decision of the adjudication process by appropriate forum/concerned authority, no further amount is payable by respondent No.6 company to the concerned Financial Institutions, unless such decision is stayed, modified or reversed by .....

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