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HC directs Enbee to deposit Rs 12.25 lakh

MP HIGH Court has directed Enbee Plantation Limited, Bhopal to deposit Rs 12.25 lakh with the Court?s registry by April 28, to facilitate payment to debenture holders.

india Updated: Apr 11, 2006 14:14 IST

MP HIGH Court has directed Enbee Plantation Limited, Bhopal to deposit Rs 12.25 lakh with the Court’s registry by April 28, to facilitate payment to debenture holders.

The Court said if the amount was not deposited within stipulated time, an official liquidator would be appointed to attach the Company’s property.

After receiving the amount, the court would take further action to disburse it in installments to debenture holders against funds amounting to Rs 4028.40 lakh collected by the Company.

Justice Dipak Misra allowed the plea of company counsel Ajay Gupta seeking permission for more time to deposit the amount. Advocates Sandeep Agrawal and Manish Jain submitted a list of creditors in whose favour the Consumer Forum had passed awards on their complaints against the company over non-payment of their amount.

In this regard, the Court directed the advocate committee monitoring disbursement of amount to the debenture holders to pay by bank drafts 40 per cent of the amount to those debenture holders in whose favour the Consumer Forums had passed the awards.

The Company had deposited around Rs 2 crore through various installments in the court since December 2003.

First Published: Apr 11, 2006 14:14 IST