M/S Autocomps India Ltd. vs Appellate Authority For ...
2017 Latest Caselaw 5368 Del

$~11
*      IN THE HIGH COURT OF DELHI AT NEW DELHI
+      W.P.(C) 9722/2015
       M/S AUTOCOMPS INDIA LTD.                            ..... Petitioner
                          Through:     Mr. Ashsish Dasgupta, Managing
                                       Director of petitioner.

                          versus

       APPELLATE AUTHORITY FOR INDUSTRIAL & FINANCIAL
       RECONSTRUCTION, NEW DELHI & ORS             ..... Respondent
                    Through: Mr. Ajay K. Jain, Advocate along
                               with Mr. Yash Karan Jain, Advocate
                               for respondent No. 1/Canara Bank.
       CORAM:
       HON'BLE MS. JUSTICE HIMA KOHLI
       HON'BLE MS. JUSTICE DEEPA SHARMA
                    ORDER

% 22.09.2017

1. Mr. Ashish Das Gupta, Managing Director of the petitioner/Company is present. He states that pursuant to the order dated 21.09.2017, he has interacted with his strategic investors and is confident that the petitioners shall be able to deposit a sum of Rs. 75 lakhs with the respondent/Bank i.e. the OTS offer, if given a period of 60 days, reckoned from 31.10.2017.

2. He further states that to show its bona fides, the petitioner/Company had deposited a sum of Rs. 6 lakhs with the respondent No. 3/Bank, which fact is confirmed by the other side.

3. It is stated that 50% of the OTS amount, less the amount already deposited with the respondent No. 3/Bank shall be tendered by the petitioner

to the Bank on or before 31.10.2017 and the remaining 50%, on or before 31.11.2017.

4. Immediately, on receipt of the OTS amount of Rs. 75 lakhs, the respondent No. 3/Bank shall release all the securities and guarantees etc deposited by the petitioner and issue a No Dues Certificate.

5. The petition is disposed of.

HIMA KOHLI, J

DEEPA SHARMA, J SEPTEMBER 22, 2017 ss