IN THE HIGH COURT OF JUDICATURE AT PATNA LPA No.884 of 2000 M/S PAPER AND BOARD INDUSTRIES (Bihar) Pvt. Ltd. a company registered under Companies Act, 1956 and having its registered office at A/1, Industrial Area, P.S. Patliputra, Town & District Patna. ……………………………Appellant. Versus 1. BIHAR STATE FINANCIAL CORPORATION, a body corporate formed under State Financial Corporation Act, 1951 and having its Head Office at Frazer Road, P.S. Kotwali, Town and District Patna, through its Managing Director. 2. The Managing Director, Bihar State Financial Corporation, H.O. Frazer Road, Patna. 3. The Manager ( Finance and Accounts), Bihar State Financial Corporation, H.O. Frazer Road, Patna. 4. M/S Hindustan Coca- Cola Beverages Pvt. Ltd. a company incorporated under the Companies Act, 1956 having its registered office at 13, Abul Fazal Road, Bengali Market New Delhi- 110001, having its one of the bottling plant at E-1, Industrial Area, Patliputra, Patna-13. ………………………Respondents. ----------- 18 22.06.2011 This matter was also listed on 21.6.2011 but as no one had appeared on that date this case is listed today under the heading ‘For orders’ and after hearing the parties this matter is being disposed of on merits. This appeal has been filed against the order dated 27.4.2000 passed in C.W.J.C. No.1011 of 1998. The main contention of the appellant before the learned Single Judge was that he may be allowed the unit which he was holding and also prays to quash the action taken by the respondent under section 29 and 30 of the S.F.C Act. However, learned counsel appearing on behalf of the Bihar State Financial Corporation submits that for entertaining the application for one time settlement the appellant has to pay 10% interest on the total amount which on calculation comes to total 2 amount of Rs. 61,58,098=50 paise and subsequently it has been enhanced to Rs. 93,81,512=23 paise. After hearing counsel for the parties the learned Single Judge directed the appellant to deposit 10% of the balance outstanding amount so that his application is duly considered by the Corporation. Being aggrieved by the said order this appeal has been filed. Learned counsel appearing on behalf of the appellant has contended that interest has to be calculated as per terms of the agreement but ignoring the terms of the agreement the calculation of Financial Corporation on 15.7.1997 with regard to total outstanding amount was Rs. 61,58,098=50 paise and within a period of three months it was enhanced to Rs.93,81,512=23 paise which is illegal. After having heard counsel for the parties, we are of the opinion that in absence of any material placed before the learned Single Judge or before this Court it cannot be determined as to how the total outstanding dues of Rs.61,58,098=50 paise could be enhanced up to Rs.93,81,512=23 paise merely within a period of three months. We are of the opinion that such outstanding dues is very excessive in nature and also without any material. Under the above circumstances, we set aside the order of the learned Single Judge with a direction to the respondent- Corporation to quantify the outstanding dues of the appellant 3 afresh taking note of terms of the agreement made between the appellant and the Corporation and allow the application of the appellant for one time settlement. With the above observation this appeal is disposed of. Abhay Kumar ( T. Meena Kumari, J.) (Akhilesh Chandra, J.)