State Trading Corporation Of India Ltd vs. Global Steel Holding Limited

ITEM NO.53 COURT NO.2 SECTION XIV

S U P R E M E C O U R T O F I N D I A RECORD OF PROCEEDINGS

Petition(s) for Special Leave to Appeal (C) No(s). 14585/2015

(Arising out of impugned final judgment and order dated 09-03-2015 in EP No. 337/2014 passed by the High Court Of Delhi At New Delhi)

STATE TRADING CORPORATION OF INDIA LTD. Petitioner(s)

VERSUS

M/S GLOBAL STEEL HOLDING LIMITED & ORS. Respondent(s)

(IA No.91339/2017-PERMISSION TO FILE ADDITIONAL DOCUMENTS AND IA NO.64420/2018) WITH

CONMT.PET.(C) No. 1058/2018 in SLP(C) No. 14585/2015 (XIV)

CONMT.PET.(C) No. 747/2017 In SLP(C) No. 14585/2015 (XIV)

Date : 15-05-2018 These matters were called on for hearing today.

CORAM :

HON'BLE MR. JUSTICE J. CHELAMESWAR HON'BLE MR. JUSTICE SANJAY KISHAN KAUL

For Petitioner(s)	Mr. K.K. Venugopal,A.G.<br>Mr. Uday Gupta,Adv.<br>Ms. Shivani Lal,Adv.<br>Mr. Tarkeshwr Nath,Adv.<br>Mr. Hiren Dasan,Adv.<br>Mr. M.K. Tripathi,Adv.<br>Mr. Chand Qureshi,Adv.<br>Ms. Binu Tamta,Adv.<br>Mr. Shiv Mangal Shrma,Adv.<br>Mrs. Anil Katiyar,Adv.<br>Mrs. Sarla Chandra, AOR
For Respondent(s)	Mr. Kapil Sibal,Sr.Adv.<br>Mr. Salman Khurshid,Sr.Adv.<br>Ms. Kamini Jaiswal,Adv.<br>Mr. Nalin Kohli,Adv.<br>Mr. Gautam Mitra,Adv.<br>Mr. Pankaj,Adv.<br>Mr. Rishad Mehra,Adv.<br>Mr. Nimisha Menon,Adv.<br>Mr. Gautam Talukdar,Adv.<br>Mr. Ankit Roy,Adv.<br>Ms. Deepali Dwivedi,Adv.

Ms. Liz Mathew, AOR

UPON hearing the counsel the Court made the following O R D E R

It is clear that the undertaking given to this Court on 22.3.2018 has not been complied with and the petitioner is in breach of the same.

Mr. Kapil Sibal, learned senior counsel for the respondent(s) has handed over three cheques in favour of the petitioner-State Trading Corporation (Cheque No.042444 dated 27.4.2018 for Rs.10,00,00,000/-, Cheque No.042445 dated 27.04.2018 for Rs.10,00,00,000/- and Cheque No.042446 dated 27.04.2018 for Rs.5,00,00,000/- drawn on Bank of Maharashtra) in part satisfaction of the undertaking of the amount given to the court. It is undertaken to this Court that these cheques are good for payment even though they are issued by third party entity, and the respondents are responsible for it.

In IA No.6402/2018, leave is sought in prayer (iv) to sell the shares of two companies viz. Navoday Consultants Limited and Dankuni Investments Ltd to raise the amount of Rs.35 crores, for payment to the petitioner once again in furtherance of the aforesaid undertaking. To achieve this objective, it is agreed that the letter dated 30.10.2017 would not stand in the way as apparently the letter has been issued on account of the liability of the respondent to the petitioner.

It is undertaken that the shares will be sold and the amount of Rs.35 crores shall be brought before this Court on the next date.

2

In view of the aforesaid, further consideration of contempt petitions are deferred.

List the matters on 4th July, 2018.

(OM PARKASH SHARMA) (RAJINDER KAUR) AR CUM PS BRANCH OFFICER