Case Law Details
Brahm (Alloys) Ltd. & Anr. Vs West Bengal Financial Corporation & Ors. (Culcutta High Court)
HC held that Counsel for the respondents is justified in arguing that recovery of public money cannot wait indefinitely to suit the convenience of a particular borrower. In the present case, even the latest offer given by the concerned ARC, with whom the petitioners are negotiating, is patently conditional. As such, there is no final proposal, even at this stage, coming from the ARC at the behest of the petitioners for repayment of the loan.
In such circumstances, the respondent no.1 was fully justified in proceeding with the sale of the assets of the borrower, particularly in view of the previous conduct of the petitioners. A fresh lease of life cannot now be granted to the petitioners, since such opportunity was previously given to them but the petitioners miserably failed to avail of the same. Recovery of public money cannot wait indefinitely.
Accordingly, the WPA 9084 of 2020 is dismissed on contest without any order as to costs. However, respondent no.1 shall, after receiving adequate offers on the latest sale notice from prospective buyers, give reasonable opportunity to the petitioners to meet the highest offer. In the event the petitioners can give a concrete counter offer equal to or more than the highest offer, it will be open to the respondent no.1 to permit the petitioners to purchase back the property. However, on failure of the petitioners to do so, the respondents shall proceed with the sale in favour of the highest bidder.
FULL TEXT OF THE JUDGMENT/ORDER OF CALCUTTA HIGH COURT
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