TaxTMI 
TaxTMI 
2003 (5) TMI 421
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....as rejected their prayer to declare the defendant company as a sick company. Hence an appeal has been filed by the defendant before the AAIFR, which is pending. Therefore, no proceeding can be initiated and/or continued in this Hon'ble Court until the matter is disposed of by the said AAIFR. 3. Mr. P.K. Das, learned senior counsel appearing on behalf of the petitioner contended that the plaintiff instituted a suit against the defendant for a declaration that the plaintiff is the owner of the equipments mentioned in the Hire Purchase Agreement (hereinafter referred to as the said agreement) and further a decree that the plaintiff is the owner of the said equipments. According to him, no suit can be proceeded at this stage. 4. Receiver ....
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....ment. 6. In the instant case, the plant and machinery was purchased by the defendant, and there is no question to call the agreement entered into between the parties as the Hire Purchase Agreement. He further con-tended that the essence of sale of a property would mean that the property is transferred from the seller to the buyer for a consideration, whether paid at a time or later in instalments. The said agreement has two aspects, the first aspect is bailment of the goods subject to the said agreement and there is next an element of sale which (sic - fructifies) fractifies when the option to purchase is exercised by the intending purchaser. Thus the intending purchaser is known as the hirer so long as the option to purchase is not exer....
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....ce of the terms of that agreement. 9. He further relied upon a judgment in Patheja Bros. Forging & Stamping v. ICICI Ltd. [2000] 6 SCC 545 and submitted that the Hon'ble Supreme Court has held that no suit can be proceeded with/without the leave from BIFR when the matter is pending before the BIFR. 10. Mr. Pratap Chatterjee, learned senior counsel appearing on behalf of the plaintiff/respondent contended that by the said agreement, the petitioner herein specifically been described as the hirer and after perusal of the clauses mentioned in the said Hire Purchase Agreement, there is an option to purchase. He also drew my attention to clause 8 of the agreement which deals with transfer of property and submitted that until full payment is....
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....as has no application in the facts and circumstances of this case. 13. After analysing the facts and circumstances of this case and the judgments cited before me by the parties it appears to me that the plaintiff has claimed a decree in the suit for declaration that the plaintiff is the owner of all the equipments mentioned in each of the Hire Purchase Agreement. Admittedly, the suit is still pending and the decree has not yet been passed in favour of the plaintiff, declaring as the owner of the property in question. Therefore, in my opinion, apart from the facts stated before me, it would not be proper for me to construe the said Hire Purchase Agreement at this stage since that has to be decided at the time of the hearing of the suit in....