STATE 0F MAHARASHTRA Vs. ICICI BANK LTD

JUDGEMENT

(1.) HEARD Ms. A. Kalyanram, the learned A. G. P. for the appellant and Mr. J. B. Chinai, the learned senior counsel for the respondent No. 2.

(2.) ON 3rd August, 2004, we passed the following order:-

(3.) THE first respondent viz. ICICI Bank Ltd. filed a suit before this court in the month of november, 1997 for recovery of an aggregate sum of rs. 101. 29 crores and for other reliefs against the respondent No. 2 herein ('the first defendant' ). The notice of motion was taken out for appointment of Court Receiver as receiver of the properties of the first defendant, details of which were given in exhibits A1 to A5, Exhibits B1 to B7 and Exhibit C to the plaint. By the order dated 7th January, 1998, the Court Receiver, High Court, Bombay was appointed as the Court Receiver in respect of the suit properties and the first defendant was appointed as an agent of the Court Receiver. The Court Receiver fixed an ad-hoc royalty of rs. 50,00,000/- per month for 2 cement plants in respect of which the first defendant was appointed as an agent. It is the case of the first, defendant that they had regularly deposited the royalty at the rate of Rs. 50,00,000/- per month from 7th january, 1998 and upto 31st December, 2002 and in all had deposited royalty in the sum of Rs. 31,23,99,998/ -. The Court Receiver invested the royalty amount deposited toy the first defendant in fixed deposits from time to time. Somewhere in the year 2001, upon The Recovery of Debts Due to Banks and Financial Institution Act, 1993 having been made applicable in the State of Maharashtra, the suit filed by ICICI Ltd. was transferred the debts Recovery Tribunal, Mumbai. The Court receiver, High Court, Bombay was discharged and one seven Star Securities India Pvt. Ltd. was appointed as private receiver. The Court Receiver, High court, Bombay for the period it continued as the court Receiver, debited a sum of Rs. 1 ,69,03,000/-as commission on the royalty deposited by the first defendant and also as commission on interest earned by the investment of funds in the custody of Court receiver.