M S CARBIDE AND CHEMICALS LTD Vs. STATE

JUDGEMENT

(1.) A. A. Desai, C. J. Heard Sri V. K. S. Chaudhary, Vikram Nath and Dr. Udyog Shukla for the Bharat Associates, Sri Sharad Sharma for the I. F. C. I. and Sri S. K. Saxena, Official Liquidator, U. P. and Uttaranchal.

(2.) M/s Bharat Associates, auction purchaser has applied for modification of the order dated 27-4-2000, whereunder they were granted instalments to pay the total amount of Rs. 7,00,00,000 (Rupees Seven Crores ).

(3.) I heard Mr. S. K. Saxena, Official Liquidator and Sri Sharad Sharma, learned Counsel for the I. F. C. I. They have no serious objection or they are not disputing the offer as made and also agreed that the earlier order dated 27-4-2000 may be modified in terms of the statement as indicated above. I, therefore, modify the earlier order dated 27-4-2000 and direct M/s Bharat Associates to deposit Rs. 3,00,00,000 (Rupees Three Crores) with Official Liquidator and furnish bank guarantee to the sum of Rs. 4,00,00,000 (Rupees Four Crores only) to the satisfaction of the Official Liquidator within a period of thirty days from today and shall repay the amount covered by the bank guarantee within a period of six months from the date they furnish bank guarantee. In case of failure the Official Liquidator is at liberty to invoke bank guarantee as furnished.