BANGLADESH SHILPA RIN SANGSTHA Vs. AZIR UDDIN CHOWDHURY

JUDGEMENT

(1.) This appeal following leave, at the instance of Bangladesh Shilpa Rin Sangstha appellant is against the judgment and order dated 27-2-97 passed by a Division Bench of the High Court Division in First Miscellaneous Appeal No. 23 of 1996 dismissing the appeal, thereby affirming Order No. 27 dated 7-10-96 passed by the Subordinate Judge, First Court, Moulvibazar granting temporary injunction under Order 39 rules 1 and 2 read with section 151 of the Civil Procedure Code in favour of the plaintiff-respondent restraining the appellant from taking over the management and administration of the plaintiff- respondent company and selling it under Article 34 of the BSRS Order, 1972 read with BSRS (Direct Sale of Mortgaged Property) Rules, 1981 till disposal of Money Suit No. 5 of 1994.

(2.) The short facts necessary for disposal of the appeal is that, defendant-appellant Bangladesh Shilpa Rin Sangstha (hereinafter referred to as BSRS) is a Sangstha established by the BSRS Order, 1971 (Presidents Order No.128 of 1972) to provide credit facilities and other assistance to industrial concerns and encourage and broaden the base of investment in Bangladesh.

(3.) The respondent is the Managing Director of Al-Helal Rice Mills Limited, which is financed by BSRS. BSRS sanctioned and disbursed loan in favour of the Rice Mills under different terms and conditions of loan agreement. Under the terms and conditions of the loan agreement dated 27th April, 1978 executed between the appellant and the respondent, loan of US $ 133,000.00 (equivalent to Taka 2,060 million) and Taka 6 lac in local currency was sanctioned to the respondent-company. The respondent, it is alleged, despite repeated requests and reminders did not liquidate the dues/overdue amounting to Taka 25,567 million.