HOUSING DEVELOPMENT FINANCIAL Vs. STAE BANK OF INDIA

JUDGEMENT

(1.) Heard Shri Dhyan Chinnappa, learned Senior advocate for petitioner and Shri S.S.Naganand, learned Senior Advocate for respondents No.1 to 12.

(2.) Petitioner has challenged order dated 27th January 2020, passed by the Debts Recovery Tribunal-II, Bengaluru ('the DRT' for short), in AOR No.4/2019 (Annexure-A), whereby the DRT has directed the petitioner to transfer 50,75,000 shares of United Spirits Limited to the D-Mat account of the Recovery Officer.

(3.) Shri Dhyan submitted that 15,85,154 shares sold to a company called M/s Diageo are subject matter in SLP No.13589/2014 before the Supreme Court of India. In the event the sale is set aside and petitioner suffers any loss, it would be put to great hardship. Therefore, the order passed by the DRT to hand over shares is unsustainable in law.