Soumen Sen, J.:— The Court: In a proceeding arising out of the company petition No. 287 of 2001, the defendant company was directed to furnish a Bank Guarantee for a sum of Rs. 25 lakhs within a period of eight weeks from the date of the order i.e, on 27th June, 2002 passed in the said company proceeding by the Hon'ble Justice Girish Chandra Gupta. Pursuant to the said direction, it appears that a reference was held being reference no. 32 of 2002 in which the terms and conditions of the said Bank Guarantee was settled by the Registrar-in-Insolvency. One of the terms and conditions of the said Bank Guarantee furnished by UCO Bank on behalf of the defendant company is as follows:-
“ROVIDED FURTHER, that in case the Company fails to renew this Guarantee Bond within 14 (fourteen) days before the date of its expiry and/or fails to renew any subsequent renewal thereof then and in that event the bank shall forthwith and of its own accord deposit with the Registrar, High Court, Original Side, Calcutta, the said guaranteed sum of Rs. 25,00,000/- (Rupees Twenty Five Lakhs) only being the amount secured under this Guarantee Bond together with a sum of Rs. 25,000/- (Rupees Twenty Five Thousand) only being the amount of commission payable on the said sum of Rs. 25,00,000/- (Rupees Twenty Five Lakhs) only to the Registrar, High Court, Original Side, Calcutta, under this rules of this Hon'ble High Court at Calcutta, Original Side, totalling to the said sum of Rs. 25,25,000/- (Rupees Twenty Five Lakhs and Twenty Five Thousand) only.”
Mr. Abhrajit Mitra, learned Counsel appearing on behalf of the plaintiff submits that defendant did not renew the said Bank Guarantee as would appear from the communication received from the Registrar-in-Insolvency, Original Side on 10 January, 2013 and a certificate issued by the Registrar-in-Insolvency certifying that the said company did not renew a Bank Guarantee beyond 10 September, 2012. The Registrar-in-Insolvency is directed to file a report as to the steps taken by the department concerned for realisation of the amount guaranteed from the bank which gave the guarantee on behalf of the company.
It appears from the Bank Guarantee that UCO Bank was the guarantor for the company for the said sum of Rs. 25 lakhs.
The Registrar-in-Insolvency is also directed to immediately take up the matter with of the UCO Bank Brabourne Road Branch. The detailed report shall be filed before this Court on or before 30 July, 2013.
A copy of the Bank Guarantee and the certificate issued by the Registrar-in-Insolvency, Original Side are kept with the record.
The Registrar-in-Insolvency, the concerned department, Manager of UCO Bank, Brabourne Road Branch and all parties concerned are to act on a signed copy of the minutes of this order on the usual undertakings.
The suit is adjourned till 30 July, 2013.
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