IFCI LTD Vs. BHARAT STEEL TUBES LTD

JUDGEMENT

(1.) THE petitioner has challenged the order dated 22nd March, 2011 passed by the Debts Recovery Appellate Tribunal in the Misc. Appeal No. 352-353/2010 titled as IFCI Limited Vs. Bharat Steel Tubes Limited whereby Debts Recovery Appellate Tribunal directed the parties to appear before Debts Recovery Tribunal on 30th March, 2011 for adjudication of disputes between them and also directed the Tribunal to expedite the case and till then ordered status quo.

(2.) DEBTS Recovery Appellate Tribunal had directed the DEBTS Recovery Tribunal to decide whether to continue the interim order or not and also to decide the question of limitation and maintainability of the application.

(3.) ON 7th April, 2011, the counsel for the petitioner on instructions had stated that the matter shall be argued before the Debts Recovery Tribunal on 11th April, 2011. The counsel for the respondent had also not objected to appear on 11th April, 2011 before the Debts Recovery Tribunal and argue the matter in terms of the order of the Debt Recovery Appellate Tribunal. 5. In the circumstances, this Court had directed the Debts Recovery Tribunal to hear the arguments on the pleas and contentions between the parties, which are pending adjudication before Debt Recovery Tribunal in view of the impugned order of the Debt Recovery Appellate Tribunal. This Court had had also directed that the Debts Recovery Tribunal will hear the matter expeditiously and if the arguments are not concluded on 11th April, 2011, the arguments be heard on day to day basis, if convenient, to the Debts Recovery Tribunal.