PUNJAB NATIONAL BANK Vs. SANCHAITA INVESTMENT

JUDGEMENT

(1.) In terms of an order dated September 27, 1963, passed by the Supreme Court of India in Writ Petition Nos. 638, 757 to 800 of. 1883 (sm. Chanara Seth & Ors. vs. Union of India & Ors.) we were nominated the Division Bench by the learned Chief Justice of this court for the purpose of adjudicating upon objections to the attachment made by the Commissioner of Sanchaita Investments so appointed by the Supreme Court by the order dated May 41,1983, passed in the said writ petitions, On April 24, 1984, the said Commissioner having attached the 5th floor and the corresponding four covered car parking spaces on the basement in the multiatoreyed building at 113, Park Street, Calcutta, an objection was preferred by the Punjab National Bank. Such an objection was preferred by the Punjab National Bank firstly before the Commissioner and secondly on an application before us filed on June 13, 1884. The Commissioner having forwarded the said objection we have heard the objection on notice to and in the presence of the objector, the Commissioner and Anandi Lal Poddar & Sons Limited. in order to consider the objection it would be necessary to refer to certain facts which may be set out briefly as :follows :

(2.) On May 11, 1981 an agreement was entered into between Anandi Lal Poddar & Sons Limited (hereinafter referred to as the Poddars) as the vendors of the one part and Sanchaita Investments, the purchasers on the other for sale of the 5th floor along with four car parking-spaces on the basement of a multiatoreyed building then under construction for a total consideration of Rs. 26,95,000/- for the 5th floor and Rs. 1,76,000/- for the car parking spaces, The purchaser Sanchaita Investments admittedly advanced the entire price of Rs. 26,95,000/- for the 5th floor as earnest money and it was further agreed that the balance consideration of Rs. .1,76,000/.- would be paid by the purchaser to the vendor. simultaneously with the handing, over of the said floor. The agreement further provided time schedule for completion of the construction and. it was also agreed that the purchaser shall have the right to sell or. grant lease or let out the said floor to as many persons as they think fit but not more than. 4 persons and the vendor agreed to execute the deeds of sale or deeds of assignment as may be required, by the purchaser from time to time in favour of the purchaser or their nominee-

(3.) it is not in dispute that at or about the time such an agreement was entered into and the aforesaid sum of Rs. 26,95,000/- was advanced, the affairs of Sanchaita Investments, had become the subject matter of criminal investigation which led to a writ proceedings in this court and which ended ultimately by an order of the Supreme Court dated February 2, 1982.