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Friday, March 13, 2015

"Considering the amount of deposit which the appellants want to withdraw, and the company's indebtness to its various creditors and the quantum of its liability, coupled with the facts that even the workers have not been paid their dues, we do not feel it safe to allow a particular group of shareholders, who are described as interloper by the creditors, to withdraw the money deposited with the Registrar, Original Side of this Court without deciding the said issue finally particularly when we find that the appellant/applicant themselves have filed an application being C.A. No.957 of 2010 praying for permanent stay of the company petition No.2 of 1987 which is yet to be decided finally. In the aforesaid context, we do not find any illegality in the impugned order passed by the learned Company Court proposing to dispose of all the pending applications simultaneously."

                                                            'NON-REPORTABLE'

                        IN THE SUPREME COURT OF INDIA
                        CIVIL APPELLATE JURISDICTION


                    CIVIL APPEAL NO(s). 2814-2815 OF 2015
    (arising out of Special Leave Petition (Civil) Nos.33342-43 of 2014)


BARANAGORE JUTE FACTORY PLC.                 ...Appellant (s)

                                  versus

SHREEKISHAN OMPRAKASH
AND ANOTHER                                      ...Respondent(s)

                                    WITH


                       CIVIL APPEAL NO(s).2816 OF 2015
      (arising out of Special Leave Petition (Civil) No.24871 of 2014)


YASHDEEP TREXIM PRIVATE LTD.                 ...Appellant (s)

                                  versus

BARANAGORE JUTE FACTORY PLC.
(IN LIQUIDATION) AND OTHERS             ...Respondent(s)




                                  JUDGMENT


M.Y. Eqbal, J.:

      Leave granted.

2.    These appeals by Special Leave have been filed  against  the  impugned
order dated 14.8.2014 passed by the Division  Bench  of  the  Calcutta  High
Court in ACO No.38 of 2014 and APOT No. 230 of 2014 in  CP.  No.2  of  1987.
By  the  impugned  order,  the  Division  Bench  affirmed  the  order  dated
20.2.2014 passed by the Company  Judge  in  T.A.  No.  125  of  2012  on  an
application filed by the appellant praying for a direction to make over  the
money deposited with the Registrar,  Original  Side  of  the  Calcutta  High
Court in terms of earlier order dated 23.2.2011 together with  the  interest
to the appellant.



3.    A perusal of the order dated  20th  February,  2014  would  show  that
there are nine applications including one made by a  Judges'  Summons  taken
out by M/s. L.P. Agrawalla & Co. praying for directions to make over to  the
applicant the money lying  deposited  in  terms  of  the  order  dated  23rd
February, 2011.  The Company Judge noticed that  the  application  in  which
the order dated 23rd February, 2011 was passed  is  still  pending  and  the
application to obtain an order of refund is  seriously  under  challenge  in
one of the pending nine applications.  The Company Judge, therefore, was  of
the view that the proper course would be to dispose of all the  applications
in the facts and circumstances of the case.



4.    The Division bench while affirming the order  passed  by  the  Company
Judge observed as under:-

"Considering the amount of deposit which the appellants  want  to  withdraw,
and the company's indebtness to its various creditors  and  the  quantum  of
its liability, coupled with the facts that even the workers  have  not  been
paid their dues, we do not feel it safe  to  allow  a  particular  group  of
shareholders, who are described as interloper by the creditors, to  withdraw
the money deposited with the Registrar, Original Side of this Court  without
deciding  the  said  issue  finally  particularly  when  we  find  that  the
appellant/applicant themselves have filed an application being  C.A.  No.957
of 2010 praying for permanent stay of the  company  petition  No.2  of  1987
which is yet to be decided finally. In the  aforesaid  context,  we  do  not
find any illegality in the impugned order  passed  by  the  learned  Company
Court proposing to dispose of all the pending applications simultaneously."



5.    We have heard Mr. Harish N.  Salve  and  Mr.  Dushyant  Dave,  learned
senior counsel appearing for the respective appellant.  We have  also  heard
Mr. Krishnan Venugopal, Mr. Ajit Kumar Sinha,  Mr.  Sanjeev  Sen,  Mr.  Amit
Sibal and Mr. Huzefa  Ahmadi,  learned  senior  counsel  appearing  for  the
respondents/intervenors.



6.    It has been brought to  our  notice  that  the  impugned  order  dated
14.8.2014 was earlier challenged in SLP (C)  No.29330  of  2014  (@  SLP  CC
No.16278/2014).  The said Special Leave Petition was dismissed as  withdrawn
on 27.10.2014 by passing the following order.

"Mr. Ajit Kumar Sinha, learned senior counsel appearing for the  petitioner,
seeks permission to withdraw this  petition  with  a  liberty  to  move  the
Company Judge  to  dispose  of  the  pending  matters  as  expeditiously  as
possible. Therefore, in view of the fair  submission  made  by  the  learned
senior counsel, we dismiss this special leave petition as withdrawn  with  a
request  to  the  Company  Judge  to  dispose  of  the  pending  matters  as
expeditiously as possible preferably within a period of  three  months  from
today."



7.    In the facts and circumstances of the case,  we  are  of  the  opinion
that the Company Judge before  whom  all  applications  are  pending  should
dispose of the same as expeditiously as possible  within  a  period  of  two
months from today.



8.    With the aforesaid direction, appeals are disposed of with  no  orders
as  to  costs.    All  interlocutory  applications   including   impleadment
petitions also stand disposed of.



                                        ..................................J.
                                                              [ M.Y. Eqbal ]



                                         ..................................J
                                                               [Amitava Roy]
New Delhi
March 12, 2015

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