IDBI, through a deed of assignment, unconditionally transferred all loans and advances granted by it, to SASF, including the loans and securities in relation to the second respondent, the companypany in liquidation.
10 crores from the IDBI which entailed provision of security by way of hypothecation of movables and mortgage of the premises and properties leased to it, by the Government of West Bengal.
3600/ with effect from 1 st April, 1962.
Signature Not Verified Digitally signed by NARENDRA PRASAD The appellant hereafter SASF is a trust, companystituted as Date 2019.10.24 170129 IST Reason a special purpose vehicle SPV by the Central Government for acquiring by transfer, the stressed assets of the Industrial Development Bank of India IDBI , to administer and manage the stressed assets and to recover amounts due, by framing schemes of restructuring, settlement etc.
The facts are that Wellman Smith Owen Engineering Corporation, a companypany incorporated in the United Kingdom leased immovable property, which it took possession of, on a lease rent of Rs.
A further lease was granted by the Government of West Bengal on 1st July, 1990 in respect of Shed J i A measuring 260 square feet.
In the meanwhile, on 5th December 1994, the premises and properties in question along with several others, were assigned to the first respondent.
A further advance of Rs.3 crores was obtained by Wellman towards working capital this was again on the strength of equitable mortgage of the same immovable properties, including the said leased premises, through deposit of title deeds.
On 6 th May, 1992, Wellman borrowed Rs.
The memorandum of entry in regard to this was carried out on 15th July, 1999.
Wellman entered into a fresh lease agreement with the Government of West Bengal, for a term of 99 years, in respect of one industrial property, i.e. Shed J2 Howrah Industrial Estate, measuring 30612 square feet with effect from 1st September, 1968.
Wellmans financial woes became acute it approached the Board for Industrial Finance and Reconstruction BIFR under the Sick Industrial Companies Special Provisions Act 1985 SICA .
The assets and business of Wellman were taken over, through an agreement dated 10th October, 1962 by Wellman Incandescent India Ltd the second respondent, hereafter Wellman .
RAVINDRA BHAT, J. In this appeal by special leave, an affirming judgment of the Calcutta High Court dismissing the appeal, against an order allowing the respondents application under Section 535 of the Companies Act, 1956 hereafter the Act has been questioned.
