SHALIMAR WIRES INDUSTRIES LIMITED & ANR.Vs STATE BANK OF INDIA & ORS.

Both parties are represented by their authorised representatives and as per the earlier direction of this Court dated April 6, 2018, both the parties have

come up before this Court with a joint affidavit containing the amicable settlement for disbursement and procedure for disbursement of the amount

lying with the State Bank of India. The relevant portions of the settlement are provided below :-

“7. The whole amount more or less Rs.27 crore, after necessary deduction of charges (necessary net of all charges), be transferred to the

Overdraft Account No.6811909341 of the Respondent No.8, Kotak Mahindra Bank Limited at Shyambazar Branch (Branch Code 0328), Kolkata,

IFSC Code No.KKBK0000328.

The petitioners No.1 and 2 herein undertake that any Statutory Liability and payment to Secured Creditors arising to the petitioner No.1 during the

course of its business will be settled from its own resources and the State Bank of India, the respondent No.1 herein in no case would be responsible

or liable for the same. The petitioner No.1 submits necessary Board 2

Resolution and undertaking for the said purpose which is annexed hereto and collectively marked as Annexure ‘A’.â€​

In view of the settlement arrived upon by the parties, the State Bank of India shall make the disbursement as provided hereinabove.

With the above directions, this writ petition is disposed of.

Let the affidavit of compliance jointly affirmed by the authorised representative of petitioner-company and State Bank of India be kept with the

record.