ALKA INDUSTRIES Vs. SPECIAL RECOVERY OFFICER

JUDGEMENT

(1.) HEARD learned advocate Mr.A.M.Mehta for the petitioners.

(2.) IT is submitted by learned advocate Mr.Mehta that before the tribunal on basis of the compromise purshis Exh.21 filed by the parties in Appeal No.146 of 1997, the appellate court has passed the order and disposed of the appeal. As per the compromise purshis Exh.21 the petitioner has deposited Rs.7,000/- with the bank. IT is also submitted that the petitioner has deposited total amount of Rs.37,000/-. Thereupon after four months the bank had submitted application to the effect that against the guidelines of the RBI, the bank cannot enter into settlement and so requested the Court to set aside the order passed below compromise purshis Exh.21. The appellate court has quashed and set aside the order of the tribunal and hence the present petition. 2. IT is to be noted that once the tribunal passed the order below compromise purshis Exh.21, the respondents now cannot contend that the authorised person of the bank has not signed on the said purshis.

(3.) IN view of the above, prima facie this Court is satisfied that the tribunal has committed an error in passing the order by quashing the compromise purshis arrived at between the parties.