Case Law Details
SPS Steels Rolling Mills Limited and Ors. Vs Asansol Durgapur Development Authority and Anr. (Calcutta High Court)
Learned Single Judge by the impugned order has reached to the conclusion that the transfer fee was exempted under the resolution plan sanctioned by the National Company Law Tribunal and has found that the demand of the respondent No. 1 for transfer fee was unsustainable and the receipt of payment of such unsustainable demand was vitiated. Accordingly, learned Single Judge directed the respondent No.1 to refund the sum received as transfer fee within six weeks.
The order of the learned Single Judge has been challenged by the respondent No. 1 in FMA 152 of 2022 on the ground that respondent No. 1 was entitled to recover the transfer fee whereas the writ petitioner has challenged the order of the learned Single Judge in FMA 1262 of 2022 claiming the interest on the amount directed to be refunded.
Having heard learned Counsel for the parties and on perusal of the record, we find that so far as FMA 152 of 2022 filed by the respondent No.1 questioning the direction of the learned Single Judge to refund the amount recovered towards transfer fee is concerned, undisputedly in the insolvency proceedings resolution plan dated 9th of May, 2019 was approved by the National Company Law Tribunal, Kolkata. The resolution plant contains the following clause:
“(xv) The Company and the Resolution Applicant shall be granted an exemption from all taxes, levies, fees, transfer charges, transfer premiums, and surcharges that arise from or relate to implementation of the Resolution Plan.”
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