SOVA SOLAR LIMITED Vs. STATE OF WEST BENGAL

JUDGEMENT

(1.) The petitioners have challenged an order dated March 26, 2019, passed by the West Bengal Industrial Development Corporation (WBIDC), being respondent no.2 herein, whereby the petitioners' request for release of a sum of Rs.2.96 crore under the West Bengal State Support for Industry Scheme, 2008 (WBSSIS - 2008) was turned down.

(2.) The petitioners claimed such sum under three different heads, namely, Fixed Capital Investment Subsidy, Interest Subsidy and Electricity Duty.

(3.) Learned counsel for the petitioners argues that the petitioner no.1 is entitled to all the incentives as claimed under the said Scheme. Previously, the petitioners had availed of credit facilities from respondent no.2, the latter having acted as a Financial Institution as contemplated in Clause 3.2.1 of the said Scheme. Respondent no.2 subsequently restructured the term loan given to the petitioner no.1 upon such request being made by the petitioners. Ultimately, an OneTime Settlement (OTS) Scheme was offered for a sum of Rs.10,98,72,913.25p, with Rs.8,48,00,000/- as principal and Rs.2,50,72,913.25p as interest. Such scheme was accepted by the petitioners and respondent no.2 issued a 'No Dues' Certificate on December 1, 2017, upon payment of the total sum to the petitioners, certifying that payment obligations of the petitioners had been fulfilled with regard to the term loan.