LUMBINI GARDENS LIMITED Vs. DEBT RECOVERY TRIBUNAL

JUDGEMENT

(1.) STATEMENT of objections filed by the 2nd respondent- Bank is taken on record.

(2.) IN this writ petition, petitioners are calling in question the order dated 30-6-2011 passed in S.A. No. 257 of 2011 by the Debts Recovery Tribunal, Bangalore. By the said order, the Tribunal has directed the petitioners to pay a sum of RS.50.00 lakhs towards the loan amount due to the respondent-Bank. The 1st installment of RS.10.00 lakhs was directed to be paid on or before 7-7-2011 and the 2nd installment of RS.40.00 lakhs within a month's time thereafter, that is to say, on or before 8-8-2011. The respondent-Bank was directed to defer all further proceedings till further orders. In the event of default in complying with the conditional order, the Tribunal has made it clear that the interim order granted will stand automatically vacated and it would be open to the respondent-Bank to decide the future course of action as they deemed fit.

(3.) THE respondent-Bank refutes the contention urged by the learned Senior Counsel appearing for the petitioners.