1 IN IN IN THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY THE HIGH COURT OF JUDICATURE AT BOMBAY ORDINARY ORDINARY ORDINARY ORIGINAL ORIGINAL ORIGINAL CIVIL JURISDICTION CIVIL JURISDICTION CIVIL JURISDICTION MISC.PETITION MISC.PETITION MISC.PETITION NO.5 NO.5 NO.5 of 2007 of 2007 of 2007 SICOM SICOM SICOM Limited Limited Limited ...... Petitioner Petitioner Petitioner vs vs vs M/s M/s M/s Jai Jai Jai Electronic Industries Electronic Industries Electronic Industries Limited Limited Limited ...... Respondent Respondent Respondent Ms.M.M.Malhar Ms.M.M.Malhar Ms.M.M.Malhar i/b i/b i/b Ms.Rekha Rajgopal for Ms.Rekha Rajgopal for Ms.Rekha Rajgopal for Petitioner Petitioner Petitioner CORAM CORAM CORAM : : : S.J.Vazifdar, J S.J.Vazifdar, J S.J.Vazifdar, J DATED DATED DATED : : : 28th February, 2008 28th February, 2008 28th February, 2008 P.C. P.C. P.C. 1.1.1. This is a petition under the State Financial This is a petition under the State Financial This is a petition under the State Financial Corporation Corporation Corporation Act, 1951 to recover a sum of about Act, 1951 to recover a sum of about Act, 1951 to recover a sum of about Rs.7,43,01,397/-from Rs.7,43,01,397/-from Rs.7,43,01,397/-from respondent nos. 1 and 2. respondent nos. 1 and 2. respondent nos. 1 and 2. Respondent Respondent Respondent no.3 is a public company limited by no.3 is a public company limited by no.3 is a public company limited by shares. shares. shares. In paragraph 2 of the petition, it is In paragraph 2 of the petition, it is In paragraph 2 of the petition, it is stated stated stated that the petition is filed only to recover that the petition is filed only to recover that the petition is filed only to recover the the the amounts against respondent nos. 1 and 2 and amounts against respondent nos. 1 and 2 and amounts against respondent nos. 1 and 2 and that that that respondent no. 3 is impleaded only as formal respondent no. 3 is impleaded only as formal respondent no. 3 is impleaded only as formal party party party and no reliefs are claimed against respondent and no reliefs are claimed against respondent and no reliefs are claimed against respondent no.3. no.3. no.3. 2.2.2. The respondent nos. 1 and 2 are the guarantors The respondent nos. 1 and 2 are the guarantors The respondent nos. 1 and 2 are the guarantors who who who have executed the guarantee for securing the have executed the guarantee for securing the have executed the guarantee for securing the re-payment re-payment re-payment of the loans advanced by the petitioner of the loans advanced by the petitioner of the loans advanced by the petitioner toto to the respondent no.3. The liability arises in the respondent no.3. The liability arises in the respondent no.3. The liability arises in respect respect respect of respondent no.1 and 2 having guaranteed of respondent no.1 and 2 having guaranteed of respondent no.1 and 2 having guaranteed the the the re-payment of the two term loans in the sum of re-payment of the two term loans in the sum of re-payment of the two term loans in the sum of Rs.1,26,00,000/- Rs.1,26,00,000/- Rs.1,26,00,000/- and Rs.4,50,00,000/- and interest and Rs.4,50,00,000/- and interest and Rs.4,50,00,000/- and interest thereon. thereon. thereon. 2 3.3.3. The respondents are absent despite notice. The respondents are absent despite notice. The respondents are absent despite notice. Both Both Both the guarantees are dated 3rd March, 2000 in the guarantees are dated 3rd March, 2000 in the guarantees are dated 3rd March, 2000 in respect respect respect of first term loan. Both guarantees are of first term loan. Both guarantees are of first term loan. Both guarantees are dated dated dated 14th December, 2002 in respect of the 2nd 14th December, 2002 in respect of the 2nd 14th December, 2002 in respect of the 2nd term term term loan. loan. loan. 4.4.4. Despite repeated demands, the loans have not Despite repeated demands, the loans have not Despite repeated demands, the loans have not been been been repaid. repaid. repaid. The guarantors are therefore, clearly The guarantors are therefore, clearly The guarantors are therefore, clearly liable. liable. liable. There is no affidavit in reply. There is There is no affidavit in reply. There is There is no affidavit in reply. There is nothing nothing nothing on record that militates against the claim on record that militates against the claim on record that militates against the claim inin in the petition. the petition. the petition. 5.5.5. In the circumstances, the Petition is made In the circumstances, the Petition is made In the circumstances, the Petition is made absolute absolute absolute in terms of prayer clauses (a) and (c). in terms of prayer clauses (a) and (c). in terms of prayer clauses (a) and (c). Prayer Prayer Prayer clause (b) shall be complied with within clause (b) shall be complied with within clause (b) shall be complied with within four four four weeks from today. weeks from today. weeks from today.