CP/219/1973
2026 Latest Caselaw 2031 Cal/2

Calcutta High Court

CP/219/1973 on 18 March, 2026

Author: Ravi Krishan Kapur

Bench: Ravi Krishan Kapur

OD-35
                                                                              2005:CHC-OS:6
                    IN THE HIGH COURT AT CALCUTTA
                             ORIGINAL SIDE
                           Original Jurisdiction


                               CP/219/1973

                         SARUGOAN TEA CO. LTD.


  BEFORE:
  The Hon'ble JUSTICE RAVI KRISHAN KAPUR

Date : 18th March, 2026 Appearance:

Mr. Debashis Saha, Adv.

Ms. Sucheta Pal, Adv.

Mr. J. Sarkar, Adv.

...for State Bank of India.

Mr. Ayan Dutta, Adv.

Mr. Pradip Kumar Sarawagi, Adv.

....for intending purchaser.

Mr. Ranajit Chowdhury, Adv.

...for O/l.

The Court: It is submitted on behalf of the Official Liquidator that the

equity shares i.e. 3400 shares of the Tirrihannah Company Limited and

3800 equity shares of Teloijan Tea Company Limited are the only movable

assets of the company (in liquidation) which remain to be sold.

There are serious issues insofar as the valuation of the above shares

are concerned. In fact, at an earlier stage a valuer who had been appointed

by the Official Liquidator had filed a Report was unable to value the shares

in the light of the inadequate materials which had been provided to them.

On behalf of the alleged workers, it is submitted that they are ready

and willing to purchase the above shares to the Teloijan Tea Company

Limited.

In view of the above and the fact that prima facie no irreversible

situation has arisen warranting of this retaining proceeding before this

2005:CHC-OS:6

Court, the parties are directed to make submissions on the aspect of

transfer of this proceeding to the NCLT.

Let this matter appear on 24 March, 2026.

The Official Liquidator is directed to serve a copy of the Status Report

dated 21 August, 2023 on the Advocates appearing on behalf of the

Chartered Accountant.

(RAVI KRISHAN KAPUR, J.) SK.