ANJANIA CONSULTANCY Vs. STATE OF JHARKHAND

JUDGEMENT

(1.) Having heard counsel for both the sides and looking to the contentious issues raised in these writ petitions about the allotment of the industrial plot no. 35, Large Sector, Adityapur Industrial Area, Jamshedpur, which was originally alloted to Indo Deutsche Metallo Chimique Ltd. (hereinafter to be referred as "IDMCL" for the the sake of brevity), was on lease for the period of thirty years. The lesser is Adityapur Industrial Area Development Authority and the original lessee is IDMCL. The lease was executed in the year, 1995 on the basis of promise that industry will be started. Never such effective industry was started on the aforesaid industrial plot and therefore, it appears that as per Section 6(2a) of the Bihar Industrial Area Development Authority Act, 1974, the lease was cancelled on 10th May, 2006, but, during this intervening period from 1995 to 2005, it appears that a letter was written by the Adityapur Industrial Area Development Authority that the lease hold land can be put as a security and loan can be obtained from a financial institution.

(2.) This letter is on record which is dated 8th January, 1998. Counsels for both the sides have read and reread Clauses of this letter including paragraph nos. 3 and 4 thereof. On the basis of the aforesaid letter original allottee i.e. IDMCL applied for a loan from Dena Bank and a sizeable amount was obtained towards loan by the original allottee. The loan was obtained of Rs. 5700 lakhs. The Dena Bank thereafter in pursuance of Section 5(1b) of the Secularization and Reconstruction of Financial Assets and Enforcement of Security Banks Act, 2002 transfered such financial assets to the Asset Reconstruction Company (India) Limited, which is a petitioner of W.P.(C) No. 894 of 2011. Thus, the Asset Reconstruction Company (India) Limited is stepping in the shoes of the Dena Bank. The aforesaid company i.e. Asset Reconstruction Company in pursuance of Section 9(b) of the Act, 2002 to be read with the Secularization Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003 and the Master Circular on direction/instruction issued to the Secularization Companies/Reconstruction Companies bearing reference no. RBI/20082009/ 13 DNBS (PD) CC No. 11/SCRC/0.30.000/2008-2009 dated July 01, 2008 issued by the Reserve Bank of India in terms of paragraph 7(2) of the Secularization Companies and Reconstruction Companies (Reserve Bank) Guidelines and Directions, 2003 advertised in newspapers for fetching the highest price for giving sub lease for remaining period of the aforesaid industrial plot at Aditypur Industrial Area.

(3.) In exercise of the aforesaid powers by the Asset Reconstruction Company (India) Limited (petitioner of W.P.(C) No. 894 of 2011), Adhunik Power & Natural Resources Limited offered Rs. 806 lakhs which has been accepted by the Asset Reconstruction Company Limited and the interest in the aforesaid industrial plot was assigned to Adhunik Power & Natural Resources Limited.