SOCIETY FOR CONSUMER AWARENESS REDRESSAL AND EDUCATION Vs. MANAGING DIRECTOR JANPRIYA FINANCE AND INDUSTRIAL INVESTMENT I LTD

JUDGEMENT

(1.) MR . Deepak Gupta, Advocate, files Vakalatnama on behalf of Mr. Tara Prakash Bhattacharjee, the Managing Director of the Opposite Party, M/s. Janpriya Finance & Industrial Investment (I) Ltd. It is submitted by Mr. Deepak Gupta that Mr. Bhattacharjee has been hospitalised with a heart-problem and hence he is unable to be present before this Commission today. We accept his explanation and excuse him for his inability to comply with our order dated the 1st February, 1994. In addition to Mr. Deepak Gupta, Mr. A.V. Chaudhary, Advocate and Legal Advisor of the Company was also sent to represent the matters before this Commission today. From the submissions made on the side of the opposite party by Mr. Deepak Gupta and Mr. A.V. Chaudhary, it is seen that the High Court has taken charge of the affairs of the Company"M/s. janpriya Finance Industrial Investment (I) Ltd."and a Committee of Board of Directors headed by Mr. Bhattacharjee has been nominated by the High Court and placed in charge with a clear direction to evolve a scheme for payment of all the depositors to whom amounts are due by the Company. The High Court appears to have passed orders dated 23.3.1993, 11.6.1993 and 10.1.1994 debarring the creditors of the Company from instituting any action against the Company for recovery of the amount due to them and issued directions as to how the scheme of payment to the creditors should be worked out. In these circumstances, we consider that it will not be proper for this Commission to pass any orders at present on the claim put forward by the complainant before us as against the Company. We would direct the complainants to furnish to the Counsel for the opposite parties, Mr. Deepak Gupta within one month from today copies of the claim petitions which have already been lodged by the complainants with the Company for repayment of the amounts due to them. It is stated by Ch. J. Satyananda Kumar, Representative of the Consumer Association who has brought this action on behalf of the creditors that the original deposit receipts have already been filed with the Company and all that the depositors have with them at present are only the receipts issued by the Company. In these circumstances, they will be not required to produce before Mr. Gupta the originals of the deposit receipts or copies thereof. On receipt of the copies of claim petitions Mr. Gupta undertakes to take urgent action to see that the claims of the creditors represented by the complainant are got scrutinised by the auditors and placed before the High Court for appropriate orders as to disbursement of the amounts due to them. Post this case after three months.