Punjab State Indust. Dev. Corp. Ltd vs. Debt Recovery Appellate Tribunal
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1 Apr 2008
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îITEM NO.26 & 67 COURT NO.6 SECTION IVB SUPREME COURT OF INDIA RECORD OF PROCEEDINGS Petition(s) for Special Leave to Appeal (Civil) No(s).8569/2008 (From the judgement and order dated 29/10/2007 in CWP No.16383/2005 of the HIGH COURT OF PUNJAB & HARYANA AT CHANDIGARH) PUNJAB STATE INDUST.DEV.CORP.LTD. Petitioner(s) VERSUS DEBT RECOVERY APPELLATE TRIBUNAL & ORS. Respondent(s) (With office report) WITH S.L.P.(C) NO.8639 OF 2008 (With prayer for interim relief and office report) Date: 15/04/2008 These Petitions were called on for hearing today. CORAM : HON'BLE MR. JUSTICE S.H. KAPADIA HON'BLE MR. JUSTICE B. SUDERSHAN REDDY For Petitioner(s) Mr. Arun Jaitley, Sr.Adv. Mr. Ravindra Kumar, Adv. Mr. B.S. Walia, Adv. Mr. Arun Walia, Adv. For Respondent(s) No.1: Mr. Ajay Choudhary, Adv. Mr. K.L.Mishra, Adv. Mr. Mullapudi Ram Babu, Adv. UPON hearing counsel the Court made the following ORDER Mr. Ajay Choudhary, Advocate, appears for respondent No.1. Punjab State Industrial Development Corporation Ltd. (Petitioner herein) took over the assets of M/s.Northland Sugar Complex Ltd., respondent No.5. That Company had borrowed from State Bank of India and two other banks (consortium). ...2/- SLP(C) 8569/2008....contd...
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The Appellate Tribunal under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, has directed the petitioner, i.e., SFC to deposit an amount of Rupees Five Crores as pre-deposit.
Prima facie, petitioner is not a borrower. However, to protect the claim of the consortium, we direct the petitioner to maintain and not to disturb the surplus amount in their books of
accounts to the credit of M/s. Northland Sugar Complex Ltd. till the hearing and final disposal of Appeals Inward Nos.281/2002, 282/2002 and 283/2002.
We also request the Appellate Tribunal to expeditiously hear and dispose of the said Appeals preferably within a period of nine months from today on merits.
Accordingly, Special Leave Petitions stand disposed of.
(N. ANNAPURNA) (MADHU SAXENA)
COURT MASTER COURT MASTER