M/S NAGAVENI ENTERPRISES Vs. KARNATAKA STATE INDUSTRIAL

JUDGEMENT

(1.) The appellants have filed the above application seeking stay of the operation of the order in Miscellaneous Case No.28/2010 dated 9.9.2016 passed by the Principal District Judge, Udupi.

(2.) By the impugned order, the learned District Judge allowed the petition of the respondent - Corporation under sections 31(1)(a)(aa) and 32 of the State Financial Corporations Act, 1951 (Hereinafter referred to as the ' SFC Act ', for brevity) and ordered to issue Recovery Certificate against the appellants for recovery of Rs.8,61,70,531.

(3.) Shri S.Shaker Shetty, learned Counsel for the appellants contends that appellants are entitled to interim stay since the impugned order suffers apparent illegality for the following reasons.