{"id":47295,"date":"2011-03-17T00:00:00","date_gmt":"2011-03-16T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/industrial-development-bank-of-vs-thapar-agro-mills-ltd-on-17-march-2011"},"modified":"2016-09-25T14:26:21","modified_gmt":"2016-09-25T08:56:21","slug":"industrial-development-bank-of-vs-thapar-agro-mills-ltd-on-17-march-2011","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/industrial-development-bank-of-vs-thapar-agro-mills-ltd-on-17-march-2011","title":{"rendered":"Industrial Development Bank Of … vs Thapar Agro Mills Ltd. on 17 March, 2011"},"content":{"rendered":"
Delhi High Court<\/div>\n
Industrial Development Bank Of … vs Thapar Agro Mills Ltd. on 17 March, 2011<\/div>\n
Author: Manmohan<\/div>\n
                                                                                   #2\n$~\n* IN THE HIGH COURT OF DELHI AT NEW DELHI\n\n+       CO. A. (SB) 47\/2006\n\nINDUSTRIAL DEVELOPMENT\nBANK OF INDIA                                     ..... Appellant\n                 Through                          Mr. Sangram Patnaik,\n                                                  Advocate with Ms. Renu\n                                                  Nanda, Advocate.\n                         Versus\n\nTHAPAR AGRO MILLS LTD.                            ..... Respondent\n                 Through                          Mr. Mayank Goel, Advocate\n                                                  for Official Liquidator.\n                                                  Mr. Arvind Kumar Singh,\n                                                  Advocate for IFCI.\n\n%                                           Date of Decision: 17th March, 2011\n\nCORAM:\nHON'BLE MR. JUSTICE MANMOHAN\n\n1. Whether the Reporters of local papers may be allowed to see the judgment?\n2. To be referred to the Reporter or not?                                        Yes.\n3. Whether the judgment should be reported in the Digest?                        Yes.\n\n\n\n                                  JUDGMENT\n<\/pre>\n
MANMOHAN, J : (Oral)<\/p>\n
1.      Present appeal has been filed under Section 460(6) of the<\/p>\n
Companies Act, 1956 read with Rules 6, 9, 164 and 165 of the<\/p>\n
Co. A(SB) 47\/2006                                                        Page 1 of 9<\/span>
\n Companies (Court) Rules, 1959 for directing the Official Liquidator<\/p>\n
to consider IDBI as secured creditor.\n<\/p>\n
2.     The relevant facts of the present case are that appellant had<\/p>\n
advanced loan of Rs. 200 lacs to the company in liquidation vide<\/p>\n
Subscription Agreement dated 04th August, 1992. In accordance<\/p>\n
with the said agreement, the company in liquidation was to allot Non<\/p>\n
Convertible Debentures (in short “NCDs”) after complying with the<\/p>\n
SEBI guidelines and other pre-requisites like appointment of<\/p>\n
trustees, creation of security etc.<\/p>\n
3.     However, despite various reminders, the company in<\/p>\n
liquidation neither issued NCDs to the appellant nor paid interest or<\/p>\n
other charges in accordance with the agreement. The company also<\/p>\n
failed to create security as required.\n<\/p>\n
4.     Consequently, the appellant filed an application under Section<\/p>\n
19 of the Recovery of Debts Due to Banks and Financial Institutions<\/p>\n
Act, 1993 for recovery of Rs.2,96,22,963.00 along with pendente lite<\/p>\n
and future interest and costs of litigation.<\/p>\n
5.     The Debts Recovery Tribunal, Chandigarh passed a decree<\/p>\n
dated 15th July, 2003 wherein it passed the following order:-<\/p>\n
Co. A(SB) 47\/2006                                          Page 2 of 9<\/span>\n<\/p>\n
               “The application for recovery of Rs.2,96,22,563.00
\n              against the defendants company and it is ordered to
\n              pay:\n<\/p><\/blockquote>\n
                     (i)     a sum of Rs.2,96,22,563.00 along
\n                             with pendent lite and future interest
\n                             @ 15% p.a. with quarterly rests
\n                             from the date of filing of the
\n                             applicant till its realization.\n<\/p><\/blockquote>\n
                     (ii)    The cost of litigation;\n<\/p><\/blockquote>\n
                     (iii)   The aforesaid amount within 30
\n                             days from the date of receipt of this
\n                             order.\n<\/p><\/blockquote>\n
               2.    In the event of failure of the part of defendants
\n               to pay the aforesaid amount within the stipulated
\n               period, the applicant bank shall be entitled to
\n               recover the amount by sale of assets of the defendant
\n               company.”\n<\/p><\/blockquote>\n
6.     However, the Official Liquidator vide order dated 06 th May,<\/p>\n
2005 rejected the appellant’s claim as secured creditor on the ground<\/p>\n
that the appellant’s charge was not registered under Section 125 of<\/p>\n
the Companies Act, 1956.\n<\/p>\n
7.     Mr. Sangram Patnaik, learned counsel for IDBI submitted that<\/p>\n
in the present case a charge had been created in favour of the<\/p>\n
appellant by virtue of the decree passed by the DRT, Chandigarh<\/p>\n
read with Section 100 of the Transfer of Property Act, 1882. Section<\/p>\n
100 of the Transfer of Property Act, 1882 reads as under:-<\/p>\n
              “100.Charges.–Where immoveable property of one<\/p>\n
Co. A(SB) 47\/2006                                                Page 3 of 9<\/span>
\n               person is by act of parties or operation of law made
\n              security for the payment of money to another, and the
\n              transaction does not amount to a mortgage, the latter
\n              person is said to have a charge on the property; and
\n              all the provisions hereinbefore contained [which
\n              apply to a simple mortgage shall, so far as may be,
\n              apply to such charge].\n<\/p><\/blockquote>\n
              Nothing in this section applies to the charge of a
\n              trustee on the trust-property for expenses properly
\n              incurred in the execution of his trust, [and, save as
\n              otherwise expressly provided by any law for the time
\n              being in force, no charge shall be enforced against
\n              any property in the hands of a person to whom such
\n              property has been transferred for consideration and
\n              without notice of the charge].”\n<\/p><\/blockquote>\n
8.     In this connection, Mr. Patnaik, learned counsel relied upon<\/p>\n
the following judgments:-\n<\/p>\n
(i)    Smt. Bela Dibya Vs. Ramkisore Mohanty, AIR 1969 Orissa<\/p>\n
       114 wherein it has been held as under:-\n<\/p>\n
              “….The latest decision in support of Mr. Pal’s
\n              contention is AIR 1968 Pat 238, Shyam Narain V.
\n              Khublal Mahto. In (1965) 31 Cut LT 932 Diwan
\n              Chitra Bahnu Singh Rai Vs. Balmukund Singh Rai,
\n              this Court held that the charge created by a decree
\n              of Court even after contest was by operation and
\n              would come within Section 100 of the Act [page
\n              116].\n<\/p><\/blockquote>\n
(ii)   Abdul Ghaffar Khan Vs. Ishtiaq Ali & Anr., AIR (30) 1943<\/p>\n
       Oudh 354 wherein it has been held as under:-<\/p>\n
              “The expression “operation of law” in S. 100 only<\/p>\n
Co. A(SB) 47\/2006                                              Page 4 of 9<\/span>
\n               means working of the law and is not restricted in its
\n              application to such cases as fall under S.55 or S.77
\n              of the Act. Section 100 assumes that charges can
\n              be created only by act of parties or by operation of
\n              law and the second paragraph which was added in
\n              1929 refers to charges generally. A charge created
\n              by a decree of Court based upon an award made
\n              upon an agreement out of Court or otherwise is a
\n              charge created by operation of law and comes
\n              within Section 100.” [pg 354]<\/p>\n
              ….. I see no reason why a charge created by a
\n              decree should not be considered to come within the
\n              purview of S.100. “Operation of law” only means
\n              working of the law and I do not see why the
\n              expression should be restricted in its application to
\n              such case as fall under S.55 or S.73.” [pg 359].\n<\/p><\/blockquote>\n
(iii)   Indian Bank Vs. Official Liquidator, Chemmeens Exports<\/p>\n
        (P) Ltd. (1998) 5 SCC 401 wherein it has been held as<\/p>\n
        under:-\n<\/p>\n<\/p>\n
              “Though as a consequence of non-registration of
\n              charge under Part V of the Act, a creditor may not
\n              be able to enforce the charge against the properties
\n              of the company as a secured creditor in the event of
\n              liquidation of the company as the charge becomes
\n              void against the liquidator and the creditor, yet he
\n              will be entitled to recover the debt due by the
\n              company on par with other unsecured creditors. It
\n              is also evident that Section 125 applies to every
\n              charge created by the company on or after the 1st
\n              day of April, 1914. But where the charge is by
\n              operation of law or is created by an order or
\n              decree of the Court, Section 125 has no
\n              application”\n<\/p><\/blockquote>\n
              …. Reverting to the facts of this case, on the<\/p>\n
Co. A(SB) 47\/2006                                               Page 5 of 9<\/span>
\n               construction of the decree we have already held
\n              that the charge was kept alive till 28th August, 1982
\n              and thereafter in default of payment of decree
\n              amount, the sale order would take effect. In this
\n              case, admittedly the decree amount was not paid
\n              before 28th August, 1982, as such the matter had
\n              passed from the domain of contract to the realm of
\n              the judgment.      The Official Liquidator filed
\n              application 21st March, 1983 seeking to declare the
\n              decree as void. By that date what was operative in
\n              the decree was not a mere unregistered charge but
\n              an order for sale of mortgaged property for
\n              realization of decree amount. The preliminary
\n              decree cannot, therefore, be said to be void and
\n              inoperative.”\n<\/p><\/blockquote>\n
(iv)   Praga Tools Ltd. Vs. Official Liquidator of Bengal Engg.<\/p>\n
       Co. (P) Ltd. 1984 (56) Comp Cases 214 wherein it has been<\/p>\n
       held as under:-\n<\/p>\n
              “If a charge is created by an order of the Court, it
\n              will not require registration under Section 125 of
\n              the Companies Act, 1956”.\n<\/p><\/blockquote>\n
              “That the benefit of the security was entirely the
\n              creature of the order of the Court. It was not a
\n              charge created by the company and did not require
\n              registration.”\n<\/p><\/blockquote>\n
9.     Having heard Mr. Sangram Patnaik, learned counsel for<\/p>\n
appellant, I am of the opinion that the submissions of the appellant<\/p>\n
are misconceived on facts. Admittedly, no charge was ever created<\/p>\n
in favour of the appellant by the company in liquidation as no charge<\/p>\n
was registered with the Registrar of Companies under Section 125 of<\/p>\n
Co. A(SB) 47\/2006                                               Page 6 of 9<\/span>
\n the Companies Act, 1956.\n<\/p>\n
10.    In my view, a mere money decree passed by a Court of law<\/p>\n
does not entitle an unsecured creditor to be treated as a secured<\/p>\n
creditor. The Supreme Court in Textile Labour Association & Anr.<\/p>\n
Vs. Official Liquidator and Anr., (2004) 9 SCC 741 has held as<\/p>\n
under:-\n<\/p>\n
       “8……Under Section 529-A the dues of the workers and
\n       debts due to the secured creditors are to be treated pari
\n       passu and have to be treated as prior to all other dues.\n<\/p><\/blockquote>\n
       9. Therefore, the law is clear on the matter as held in
\n       UCO Bank case [(1994) 5 SCC 1] that Section 529-A will
\n       override all other claims of other creditors even where a
\n       decree has been passed by a court.”\n<\/p><\/blockquote>\n
                                            (emphasis supplied)<\/p>\n<\/blockquote>\n
11.    From the judgments cited by Mr. Patnaik, it is apparent that to<\/p>\n
claim the status of a secured creditor, either the charge is to be<\/p>\n
created by the parties or the charge has to be created by operation of<\/p>\n
law or by decree of the Court.\n<\/p><\/blockquote>\n
12.    In the present case, neither a charge was created by the<\/p>\n
company in liquidation nor by operation of any law or by the decree<\/p>\n
of the DRT.\n<\/p>\n
Co. A(SB) 47\/2006                                            Page 7 of 9<\/span>\n<\/p>\n
 13.    The order of the DRT, Chandigarh amply proves that no NCD<\/p>\n
was ever issued and hence no charge\/security was created by the<\/p>\n
company.       The DRT did not declare petitioner to be a secured<\/p>\n
creditor.\n<\/p>\n
14.    In fact, paragraph 2 of the operative portion of the order<\/p>\n
passed by the DRT, Chandigarh, only states that in the event of<\/p>\n
failure to pay the decretal amount, appellant would be entitled to<\/p>\n
recover the amount from the sale of assets of the company in<\/p>\n
liquidation.\n<\/p>\n
15.    But merely because appellant is in possession of a decree for<\/p>\n
recovery, does not mean that appellant becomes a secured creditor.<\/p>\n
In fact, every decree holder is entitled to seek sale of assets of the<\/p>\n
defendant, in the event the decree is not satisfied. In my opinion, if<\/p>\n
Mr. Patnaik’s submissions were to be accepted, then every<\/p>\n
sundry\/unsecured creditor after obtaining a decree from the Civil<\/p>\n
Court would have to be treated as a secured creditor – which is<\/p>\n
untenable in law.\n<\/p>\n
16.    Consequently, as there is no charge in favour of the appellant,<\/p>\n
the appellant cannot be considered as a secured creditor.<\/p>\n
Co. A(SB) 47\/2006                                           Page 8 of 9<\/span>\n<\/p>\n
 17.    Accordingly, present appeal being bereft of merits, is<\/p>\n
dismissed but with no orders as to costs.\n<\/p>\n<\/p>\n
                                             MANMOHAN,J
\nMARCH 17, 2011
\njs\/rn<\/p>\n
Co. A(SB) 47\/2006                                   Page 9 of 9<\/span>\n <\/p>\n","protected":false},"excerpt":{"rendered":"
Delhi High Court Industrial Development Bank Of … vs Thapar Agro Mills Ltd. on 17 March, 2011 Author: Manmohan #2 $~ * IN THE HIGH COURT OF DELHI AT NEW DELHI + CO. A. (SB) 47\/2006 INDUSTRIAL DEVELOPMENT BANK OF INDIA ….. Appellant Through Mr. Sangram Patnaik, Advocate with Ms. Renu Nanda, Advocate. Versus THAPAR […]<\/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":[14,8],"tags":[],"class_list":["post-47295","post","type-post","status-publish","format-standard","hentry","category-delhi-high-court","category-high-court"],"yoast_head":"\nIndustrial Development Bank Of ... vs Thapar Agro Mills Ltd. on 17 March, 2011 - Free Judgements of Supreme Court & 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\/industrial-development-bank-of-vs-thapar-agro-mills-ltd-on-17-march-2011\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Industrial Development Bank Of ... vs Thapar Agro Mills Ltd. on 17 March, 2011 - 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