SIVAKUMAR TEXTILES Vs. DEBT RECOVERY APPELLATE TRIBUNAL

JUDGEMENT

(1.) The petitioners, viz., Sivakumar Textiles and its sole proprietor, have come up before this Court assailing the order of the Debts Recovery Appellate Tribunal, the first respondent herein, passed in I.A.No.1188 of 2011 in AIR (SA) No.796 of 2011 dated 04.10.2011.

(2.) The facts in nutshell are as follows :

(3.) By an interim order dated 01.11.2010, the petitioners were directed to pay a sum of Rs. 25,00,000/- and the same was complied with. Again, by order dated 27.04.2011, the petitioners were directed to pay further sum of 25% to the third respondent, which was challenged before the Debts Recovery Appellate Tribunal under Section 18 of the Act. In compliance of the order of the Debts Recovery Appellate Tribunal, a further sum of Rs. 60,00,000/- was deposited with the 2nd respondent.