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SCA/10291/2008 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
SPECIAL
CIVIL APPLICATION No. 10291 of 2008
==========================================
LALCHANDBHAI
BABULAL SOMANI MANAGING DIRECTOR AND - Petitioner(s)
Versus
MANAGING
DIRECTOR - GUJARAT INDUSTRIAL INVESTMENT CORP LTD - Respondent(s)
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Appearance
:
MRS NASRIN N SHAIKH for
Petitioner:1
MR RD DAVE for
Respondent:1
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CORAM
:
HONOURABLE
MR.JUSTICE RAVI R.TRIPATHI
Date
: 01/09/2008
ORAL ORDER
Mr.R.D.Dave, learned
Advocate appearing for respondent,- Corporation apprises the Court
that on and above cheque worth Rs.46 lacs and cheque of Rs.14 lacs
paid to the respondent Corporation on 28th August, 2008 is
realised. The Corporation is in receipt of amount of Rs.60 lacs that
being so the payment of 30% of OTS amount (Rs.1.99 Crores) is
received by the respondent Corporation. He further submitted that as
per terms and conditions applicable to the auction bidder, the
remaining amount of Rs.1.39 crores will be required to be paid by the
petitioner within 30 days. This period will be extendable for a
further period of 30 days on a condition of payment of interest @ 18%
on unpaid amount.
Mr.Dave,
learned Advocate for respondent Corporation also apprises the Court
that in case the entire OTS amount with interest is not paid within
60 days (the outer limit), then the offer of One Time Settlement
scheme will stand cancelled without any further communication and as
by way of indulgence the amount paid by the petitioner will stand
adjusted against actual outstanding dues.
Mr.
Dave, learned Advocate for corporation further apprises the Court
that the possession of the industrial unit will be handed over to
the petitioner only after receipt of full OTS amount with interest.
Mr.Nasrin
Sheikh, learned Advocate for the petitioner submits that the
Corporation shall issue necessary No Due Certificate to the
petitioner after the aforesaid amount (Rs.1.39 crores) is paid with
interest.
It
goes without saying that once the entire amount is paid, the
Corporation shall issue No Due Certificate and shall hand over the
possession of the unit to the petitioner as expeditiously as
possible without any further delay.
However,
at the request of the learned Advocate Ms.Sheikh appearing for the
petitioner liberty is reserved in favour of the petitioner and also
in favour of the respondent to approach this Court in case of
difficulty.
The
petition is disposed of accordingly with above directions.
(RAVI
R.TRIPATHI, J.)
Amit/-
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