INERLINK STEELS PVT. LTD., A PRIVATE LIMITED COMPANY HAVING REGISTERED UNDER THE COMPANIES ACT 1956 REPRESENTED BY M.D. AND OTHERS Vs. THE ASSISTANT GENERAL MANAGER CORPORATION BANK J.C. ROAD BRANCH AND THE ASSISTANT GENERAL MANGER CORPORATION B

JUDGEMENT

(1.) PETITIONERS have sought for quashing of the order dated 8.12.2010 passed by the Debt Recovery Tribunal in SA. No. 787/2010, by which the Debt Recovery Tribunal has vacated the interim order granted by it.

(2.) THE records reveal that the Petitioners have approached the Debt Recovery Tribunal in SA. No. 787/2010 seeking certain relief. In the said matter, the Debt Recovery Tribunal has granted an order of stay, subject to the Petitioners depositing a sum of Rs. 30,00,000/ - being 20% of the amount mentioned in the sale notice, on or before 7.12.2010. However, for certain reasons, the Petitioners could not deposit the said amount of Rs. 30,00,000/ - with the bank. Petitioners seem to have obtained Demand Drafts for the said amount on 9.12.2010 as is clear from the documents at Annexure -D series. According to the Petitioners, though they went to the bank for depositing the said amount, the bank authorities did not accept the same. The said submission is controverted on behalf of the Respondent -bank by contending that the Petitioners have not approached the bank for paying the said amount.

(3.) THE interim order grated by the Debt Recovery Tribunal on 23.11.2010 will continue to operate till the disposal of SA. No. 787/2010. The Debt Recovery Tribunal shall decide SA. No. 787/2010, at an early date depending on the seniority of the cases.