(J. Chelameswar and Sanjay Kishan Kaul, JJ.)
State Trading Corporation of India Ltd. ________________ Petitioner
v.
M/s. Global Steel Holding Limited & Ors. ____________ Respondent(s)
Petition(s) for Special Leave to Appeal (C) No(s). 14585/2015, decided on May 15, 2018
(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)
The Order of the court was delivered by
Order
1. 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.
2. 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.
3. 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.
4. 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.
5. In view of the aforesaid, further consideration of contempt petitions are deferred.
6. List the matters on 4th July, 2018.
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