LAWS(ALL)-2011-8-123

LCL JEWELLERY LTD Vs. DEBTS RECOVERY TRIBUNAL

Decided On August 02, 2011
LCL JEWELLERY LTD Appellant
V/S
DEBTS RECOVERY TRIBUNAL Respondents

JUDGEMENT

(1.) Heard Sri S.M.H. Qazmi, Senior Advocate, assisted by Sri Shalabh Singh, learned Counsel for the Petitioner and Sri Anil Tewari, Senior Advocate, assisted by Sri Amit Jaiswal for Respondent No. 8 and Mr. N.K. Seth, Senior Advocate, assisted by Sri Sachin Garg, for Respondent Nos. 5 and 6 and Sri G.S. Misra for Respondent No. 4.

(2.) The instant writ petition is illustrative of how a defaulting borrower can use the Court process for frustrating the action initiated by a Bank under Recovery Debts Due to Banks & Financial Institutions Act, 1993.

(3.) By means of instant writ petition under Article 226 of the Constitution of India, the Petitioner has assailed the order dated 16.9.2010 passed by Respondent No. 2-Debts Recovery Appellate Tribunal, Allahabad [hereinafter referred to as 'DRAT'], whereby the ad interim order dated 8.12.2009 and 13.4.2010 against confirmation of sale passed by the Respondent No. 1-Debts Recovery Tribunal, Lucknow [hereinafter referred to as 'DRT'], have been vacated. Further, it has been prayed that the DRT may be directed to dispose of the Appeal No. 12 of 2009 and pending miscellaneous applications made therein.