Reserve Bank Of India vs M/S. Global Finance Corpn. Ltd
2025 Latest Caselaw 1125 Cal/2

Calcutta High Court

Reserve Bank Of India vs M/S. Global Finance Corpn. Ltd on 5 February, 2025

Author: Sugato Majumdar

Bench: Sugato Majumdar

OD 24
                       IN THE HIGH COURT AT CALCUTTA
                            ORIGINAL JURISDICTION
                                 ORIGINAL SIDE
                               IA NO. CA/5/2023
                                In CP/381/2005

                           RESERVE BANK OF INDIA
                                     Vs
                      M/S. GLOBAL FINANCE CORPN. LTD.


  BEFORE:
  The Hon'ble JUSTICE SUGATO MAJUMDAR

Date : 5th February, 2025.

APPEARANCE:

Mr. Aniruddha Mitra,Sr. Adv.

Mr. Anirban Ghosh,Adv.

...for the Company.

Mr. D.K.Kundu,Adv.

Mr. Arjun Basu,Adv.

...for RBI.

The Court:- CA 5 of 2023 is filed by the Company concerned praying for

necessary direction to the Special Officer to disburse the available fund of Rs.

56 lakhs for payment to the depositors above Rs. 25,000/-, who satisfactorily

lodged their claim and whose names are included in annexure H herein, within

a time-frame for disbursement and other orders.

Affidavit-in-opposition as well as affidavit-in-reply against the application

are filed.

The Division Bench in terms of Order dated 28 th February, 2013, while

disposing of APO No. 436 of 2007, directed, inter alia, that after payment to

small depositors, if any money is still left, the Special Officer would invest with

the Reserve Bank of India with suitable security; the Special Officer shall be

discharged after disbursement of the claim to small depositors, subject to any

further order or orders to be passed by the Company Judge.

It is admitted position that about 231 number of small depositors had

been paid, in disbursement of a total sum of Rs. 25,61,000/-. 52 small

depositors could not be paid either because of death or closure or mismatch of

bank details. At present, about 177 number of depositors are there above Rs.

25,000/-.

When there is an order of the Division Bench in clear phraseology, the

Special Officer is now left with no option but to invest the surplus with the RBI

in suitable security. Accordingly, the Learned Special Officer is to carry out the

direction passed by the Division Bench (at page 23 paragraph 4 of the

judgment dated 20th February, 2013). A report is also expected from the

Learned Special Officer in this regard on or before the returnable date.

Let the matter appear in the list for further order 20 th March, 2025.

(SUGATO MAJUMDAR, J.)

s.chandra