INDERJEET ARYA Vs. ICICI BANK LTD

JUDGEMENT

(1.) The present writ petition is directed against the judgment of the Debt Recovery Appellate Tribunal (in short DRAT) dated 29.08.2011 passed in miscellaneous appeal no. 306/2011in OA No. 118/2009 and the orders dated 30.05.2011 and 03.05.2010 passed by the Debt Recovery Tribunal II, Delhi (in short DRT).

(2.) In so far as the first order of the DRT is concerned, i.e., order dated 03.05.2010, the petitioners are aggrieved by the fact that the DRT has directed sine die adjournment of proceedings only qua the principal debtor, which is, Rajat Pharma Chem Ltd. (in short, RPL) and not extended the said direction in their favour. The petitioners aver that they are the guarantors to the debt owed by the aforementioned principal debtor. Though we must point out here that one of the defences taken before the DRT, by RPL, is that, it is not the principal debtor and that another entity, being State Trading Corporation of India Ltd. (in short, STC) is the principal debtor, given the nature of the transaction. This is an aspect we have touched upon in the latter part of our judgment. We would, however, in our judgment refer to RPL as the principal debtor. Furthermore, it is their case that the DRT's order dated 03.05.2010, which was passed in IA No. 1046/2009, combined the relief to the principal debtor though relief was sought qua the principal debtor as also the guarantors.

(3.) In order to adjudicate upon the present writ petition it is necessary to notice some broad facts, insofar as they, are relevant to the present proceedings.