M/S. VAIKASH EXIMS Vs. AUTHORIZED OFFICER

JUDGEMENT

(1.) Challenging the order passed in I.A.No.2066 of 2017 in S.A.No.408 of 2017 on the file of the Debts Recovery Tribunal, Madurai, the petitioners have filed the above Civil Revision Petition under Article 227 of the Constitution of India.

(2.) By order dated 20.12.2017, the Debts Recovery Tribunal, Madurai, granted an order of interim stay on condition that the petitioners shall make payment of a sum of Rs. 6,03,000/- (Rupees Six Lakhs and Three Thousand only) in two equal installments. Further, the Debts Recovery Tribunal had clarified that in the event of the petitioners failing to comply with the conditional order, the interim stay granted by the Tribunal shall stand vacated automatically. Challenging the said order, the petitioners have filed the above Civil Revision Petition.

(3.) The learned Counsel for the petitioners made his submission with regard to the merits of the proceedings pending before the Debts Recovery Tribunal.