INDIAN OVERSEAS BANK Vs. INTERIM RESOLUTION PROFESSIONAL

JUDGEMENT

(1.) Regard being had to the similitude in the controversy involved in the present cases, the review petitions were analogously heard and by a common order, they are being disposed of by this Court. Facts of Review Petition No. 215/2019 are narrated hereunder.

(2.) The present Review Petition is arising out of the order passed by this Court on 10/01/2019 in Writ Petition No. 28708 / 2018 (Indian Overseas Bank Vs. The Interim Resolution Professional & Ors.,). The Writ Petition was filed by the Indian Overseas Bank under Article 226 of the Constitution of India stating that the Presiding Officer of the Debts Recovery Tribunal, Jabalpur is on leave. It was stated by the learned counsel that the appeal of M/s. Arka Carbon Fuels Pvt. Ltd., is pending before the Debts Recovery Tribunal and an amount of Rs.47 Crores was being transferred on the basis of an order passed by the Interim Resolution Professional to M/s. Arka Carbon Fuels Pvt. Ltd., The Bank came up with a specific plea stating categorically that the Presiding officer is on leave and in case the amount is paid to M/s. Arka Carbon Fuels Pvt. Ltd., the Bank will not be able to recover its outstanding dues. It was also stated by the learned counsel appearing for the Bank in open Court on 12/12/2018 that the Presiding Officer is on leave for 15 days w.e.f. 10/12/2018 and as there is no Presiding Officer, the Bank is not able to obtain an interim order and, therefore, the Writ Petition be entertained.

(3.) This Court, as there was an urgency to protect the public money trusting the Bank and the Counsel for the Bank on their statement that the Presiding officer is on leave for 12 days, granted a Court Slip for listing the matter and also granted an interim order on 12/12/2018 and it was categorically observed that the amount which M/s. Arka Carbon Fuels Pvt. Ltd., shall be receiving be deposited in Account No. 163613031000 IFSC Code BKDN 0811636 of Dena Bank. The Interim Resolution Professional was also directed not to transfer the amount to M/s. Arka Carbon Fuels Pvt. Ltd., by any other mode except for depositing it in the aforesaid account.