V K SESHASAYEE Vs. DEBTS RECOVERY APPELLATE TRIBUNAL

JUDGEMENT

(1.) THIS writ petition has been preferred by the petitioner/guarantor against the interim conditional order dated 29th October, 2008 passed by the Debt Recovery Appellate Tribunal, Chennai in I.A.No.308 of 2008 in M.A.No.244 of 2008. By the said order, the Debt Recovery Appellate Tribunal directed the petitioner to deposit a sum of Rs.1 crore with the first respondent/UCO Bank therein in two equal instalments each at Rs.50 lakhs and on such deposit, the bank has been directed to keep the said amount in an interest earning no-lien account and granted interim stay till 01.12.2008.

(2.) AS the case can be disposed of on a short point, it is not necessary to discuss all the facts, expect the relevant one.

(3.) AT this stage, learned counsel appearing on behalf of the petitioner submitted that the petitioner do not want to press the interim application i.e., I.A.No.308 of 2008, which was preferred by the petitioner before the Debt Recovery Appellate Tribunal, Chennai in M.A.No.244 of 2008. It is submitted that if the petitioner do not press the application for interim stay, the question of payment of conditional amount will not arise. An endorsement has also been made by the learned counsel appearing on behalf of the petitioner.