CHHABIRANIAGROINDUSTRIES Vs. SHRI GUBESHWARI SOLVENT PVT LTD

JUDGEMENT

(1.) Heard Mr. N.K.Agrawal, learned counsel for the petitioner. The decree-bolder has appeared through Mr. Uma Shankar Singh who has also argued at length. Having heard learned counsel for the parties, I think this application can be disposed of at this stage itself as all the points involved and necessary for its disposal have been dwelt upon at length by learned counsel for the parties.

(2.) This application is directed against an order dated 4th April, 1989, passed by the Subordinate Judge, Bhabhua in Execution Case No. 6 of 1985. By the impugned order the learned Subordinate judge has rejected the petition filed on behalf of the petitioner for staying Execution Case No. 6/85 up to October,, 1994.

(3.) The petitioner is a Sick Industrial Company within the meaning of Clause (o) of sub-section (1) of Section 3 of Sick Industrial Companies (Special Provisions) Act, 1985 (hereinafter referred to as the Act). There was a decree passed against the petitioner Company which is a private Ltd. Company in favour of the opposite party which is also a private Ltd. Company. The decree was for a sum of Rs. 3,40,966.66 p. in Suit No. 1049 of 1980 before the Calcutta High Court on its original side. The decree has since, it seems, been transferred to the court of Subordinate Judge, Bhabhua for execution. The petitioner filed the application under Section 22 (1) of the aforesaid Act. Section 22 (1) of the Act reads as follows: