IDBI BANK Vs. P.D.GUPTA

JUDGEMENT

(1.) The present Company Appeal has been preferred under Sec. 483 of the Companies Act, 1956,[Companies Act] read with Rule 9 of the Companies (Court) Rules, 1959, challenging the Order dtd. 21/7/2023,[Impugned Order] passed by the learned Single Judge of this Court in Co. Appl. 1004 of 2014 titled as "IDBI vs. P.D. Gupta and Company" in Co. Pet. 72 of 1997.

(2.) By the Order impugned herein, the learned Single Judge has directed the Appellant to refund a sum of Rs.1.00 Crore along with simple interest at the rate of 7% from the date of deposit till the date of its payment, to the Respondent herein. It has also been directed that the said payment be made by the Appellant herein within a period of two months. The relevant portion of the Impugned Order reads as follows:

(3.) Learned counsel for the Appellant apprised this Court of the entire historical background of the dealings between the Appellant-Bank and one Moradabad Syntex Limited,[MSL]. Following the recommendation of the Board for Industrial and Financial Reconstruction under Sec. 20(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, for winding up MSL, a company petition bearing Company Petition No. 72/1997 (from which the present appeal arises) was registered before this Court.