Calcutta High Court
L & T Finance Ltd vs Lrcm Sugars Llp And Ors on 6 August, 2025
Author: Shampa Sarkar
Bench: Shampa Sarkar
OC-40
ORDER SHEET
IN THE HIGH COURT AT CALCUTTA
ORIGINAL SIDE
COMMERCIAL DIVISION
AP-COM/544/2025
L & T FINANCE LTD.
VS
LRCM SUGARS LLP AND ORS.
BEFORE:
The Hon'ble JUSTICE SHAMPA SARKAR
Date: 5th August, 2025.
Appearance:
Ms. Shrayashee Das, Adv.
Mr. Rohan Kumar Thakur, Adv.
Mr. Tridibesh Dasgupta, Adv.
.... for the petitioner
The Court: Affidavit of service is taken on record.
The postal endorsement indicates that the postal authorities tried to
serve the respondents on various occasions, but the doors were found
locked in respect of respondent nos. 2 and 3. Intimation was served but the
postal article was not claimed. With regard to the service on the respondent
no.1, it appears that the addressee moved without any instruction. All the
postal articles were addressed to the last known address of each of the
respondents.
As per section 3(1)(b) of the Arbitration & Conciliation Act, 1996,
read with section 27 of the General Clauses Act and the presumption under
Section 114 of the erstwhile Evidence Act, this Court is of the view that
service upon the respondents is deemed to have been effected.
The petitioner is a non-banking financial company. This is an
application for protection of an amount of Rs. 14,33,436.73/- which was
2
extended by the petitioner as a credit faculty, in favour of the respondents.
The respondents defaulted in payment of the said loan. The loan recall
notice was issued and the agreement was terminated. Although, this is an
unsecured loan, but the factum of extension of the loan is available and the
factum of default is also available. The conduct of the respondents does not
inspire the Court. They are avoiding service. There is a risk of alienation of
the assets.
The petitioner has made out a strong, prima facie, case for interim
protection. The bank account of the respondent no.1 maintained with ICICI
Bank, Account NO.399805000120 IFSC Code ICIC0003998, shall not be
operated without keeping a balance of a sum of Rs. 14 lakhs. If such
amount is not available, then the operation of the bank account shall be
stayed.
This interim order will continue for a period of two months. The
petitioner will take steps to invoke arbitration and proceed in accordance
with law.
Fresh service be issued upon the respondents.
The matter will appear on 28th August, 2025 at 10:30 a.m.
The Branch Manager of the concerned Bank will act on the basis of
the server copy of this order, to be communicated either by the petitioner
or the learned Advocate-on-record for the petitioner.
The respondents shall be at liberty to pray for variation, modification
and/or vacation of this order.
(SHAMPA SARKAR, J.)
pa/S.Mandi