{"id":268519,"date":"2011-06-30T00:00:00","date_gmt":"2011-06-29T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/ms-maurya-jute-industries-vs-the-bihar-state-credit-inves-on-30-june-2011"},"modified":"2016-06-09T04:49:26","modified_gmt":"2016-06-08T23:19:26","slug":"ms-maurya-jute-industries-vs-the-bihar-state-credit-inves-on-30-june-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/ms-maurya-jute-industries-vs-the-bihar-state-credit-inves-on-30-june-2011","title":{"rendered":"M\/S Maurya Jute Industries &#8230; vs The Bihar State Credit &amp; Inves on 30 June, 2011"},"content":{"rendered":"<div class=\"docsource_main\">Patna High Court &#8211; Orders<\/div>\n<div class=\"doc_title\">M\/S Maurya Jute Industries &#8230; vs The Bihar State Credit &amp; Inves on 30 June, 2011<\/div>\n<pre id=\"pre_1\">                    IN THE HIGH COURT OF JUDICATURE AT PATNA\n                                      CWJC No.10230 of 2011\n                                M\/S Maurya Jute Industries Pvt.Ltd.\n                                                  Versus\n                   The Bihar State Credit &amp; Investment Corporation Ltd. &amp; Ors.\n                                               -----------\n<\/pre>\n<p id=\"p_1\">                   For the petitioner       : Mr. Gautam Kejriwal, Advocate.<\/p>\n<p>                   For respondent nos.1 &amp; 2 : Mr. Nirmal Kumar, Advocate.\n<\/p>\n<p id=\"p_1\">                                                  &#8212;&#8212;&#8212;\n<\/p>\n<p id=\"p_2\">\n02\/   30.06.2011               Heard learned counsel for the petitioner and learned<\/p>\n<p>                   counsel for the Bihar State Credit &amp; Investment Corporation Ltd.<\/p>\n<p>                   and its authority. No one appears on behalf of the State of Bihar<\/p>\n<p>                   and its authorities.\n<\/p>\n<p id=\"p_3\">                               2. This writ petition has been filed by the petitioner<\/p>\n<p>                   challenging the demand notice issued by the Bihar State Credit &amp;<\/p>\n<p>                   Investment Corporation Ltd. (hereinafter referred to as &#8216;the<\/p>\n<p>                   Corporation&#8217; for the sake of brevity) and also challenging notice<\/p>\n<p>                   published by the respondent-Corporation in Newspaper dated<\/p>\n<p>                   10.06.2011 fixing 30.06.2011 as the date of auction sale of the<\/p>\n<p>                   assets mortgaged by the petitioner and for other ancillary reliefs.<\/p>\n<p id=\"p_4\">                               3. Learned counsel for the petitioner submits that<\/p>\n<p>                   petitioner is a company incorporated under the <a href=\"\/doc\/1353758\/\" id=\"a_1\">Companies Act<\/a>,<\/p>\n<p>                   1956 dealing in manufacturing activity for production of jute yarn<\/p>\n<p>                   and on his application a term loan of Rs.70.00 lacs was sanctioned,<\/p>\n<p>                   out of which only Rs.45.00 lacs was paid to the petitioner and the<\/p>\n<p>                   remaining amount is yet to be paid. Learned counsel for the<\/p>\n<p>                   petitioner further submits that due to non payment of the said<\/p>\n<p>                   amount, business of the petitioner could not take off and he was<br \/>\n<span class=\"hidden_text\" id=\"span_1\">                       -2-<\/span><\/p>\n<p>unable to refund the amount. Learned counsel for the petitioner also<\/p>\n<p>avers that according to demand notice a total sum of Rs.1406.45<\/p>\n<p>lacs was demanded, out of which Rs.1350.66 lacs was the interest.<\/p>\n<p>He further contends that possession had already been taken by the<\/p>\n<p>respondent-Corporation as far back as in the year 2002 and hence<\/p>\n<p>the question would arise as to whether during the period of<\/p>\n<p>possession of the Corporation, the interest can be validly levied.<\/p>\n<p id=\"p_5\">           4. On the other hand, learned counsel for the<\/p>\n<p>Corporation submits that since 2002 several notices for one time<\/p>\n<p>settlement has been repeatedly sent by the Corporation to the<\/p>\n<p>petitioner, but the petitioner has not responded and has come before<\/p>\n<p>this court only after the impugned notice has been published in the<\/p>\n<p>newspaper. He further submits that whether the order of the<\/p>\n<p>Certificate Officer of the Corporation dated 13.03.2002 or the<\/p>\n<p>action taken by the Corporation under <a href=\"\/doc\/922514\/\" id=\"a_1\">Section 29<\/a> of the State<\/p>\n<p>Financial Corporation Act, 1951 in the year 2002 still remains<\/p>\n<p>unaffected is the matter for which he has to get instruction from<\/p>\n<p>their client for which he seeks some adjournment.<\/p>\n<p id=\"p_6\">           5. Considering the aforesaid facts and circumstances, it<\/p>\n<p>prima facie appears that learned counsel for the petitioner has been<\/p>\n<p>able to make out a case for consideration by this court in detail after<\/p>\n<p>receipt of the counter affidavit which the respondents may file<\/p>\n<p>expeditiously.\n<\/p>\n<p id=\"p_7\">           6. Learned counsel for the respondents-Corporation<\/p>\n<p>submits that he will file a counter affidavit after seeking<br \/>\n<span class=\"hidden_text\" id=\"span_1\">                              -3-<\/span><\/p>\n<p>        instructions within a week.\n<\/p>\n<p id=\"p_8\">                   7. Put up this case under the heading &#8216;Admission&#8217; at<\/p>\n<p>        10.30 P.M. within top five cases on 07th of July, 2011.<\/p>\n<p id=\"p_9\">                   8. Till further orders, the respondents-Corporation and<\/p>\n<p>        its authority are restrained from effecting any sale of the assets of<\/p>\n<p>        the petitioner-company in the light of the impugned sale notice.<\/p>\n<p id=\"p_10\">                                             (S. N. Hussain, J.)<\/p>\n<p>Sunil\n <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Patna High Court &#8211; Orders M\/S Maurya Jute Industries &#8230; vs The Bihar State Credit &amp; Inves on 30 June, 2011 IN THE HIGH COURT OF JUDICATURE AT PATNA CWJC No.10230 of 2011 M\/S Maurya Jute Industries Pvt.Ltd. Versus The Bihar State Credit &amp; Investment Corporation Ltd. &amp; Ors. &#8212;&#8212;&#8212;&#8211; For the petitioner : Mr. [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8,27],"tags":[],"class_list":["post-268519","post","type-post","status-publish","format-standard","hentry","category-high-court","category-patna-high-court-orders"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>M\/S Maurya Jute Industries ... vs The Bihar State Credit &amp; Inves on 30 June, 2011 - Free Judgements of Supreme Court &amp; High Court | Legal India<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/judgments\/ms-maurya-jute-industries-vs-the-bihar-state-credit-inves-on-30-june-2011\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"M\/S Maurya Jute Industries ... vs The Bihar State Credit &amp; 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