M. RAMAKRISHNA REDDY Vs. IFCI LTD

JUDGEMENT

(1.) O.A.No.517 of 2000 on the file of the Debts Recovery Tribunal-I, Hyderabad (for brevity, 'the Tribunal'), was instituted by the IFCI Limited, Hyderabad; the Industrial Development Bank of India Limited, Hyderabad; and the International Asset Reconstruction Company Private Limited, New Delhi and Chennai, against Shri Laxmi Saraswati Papers Limited (in liquidation), Hyderabad, and others for recovery of a sum of Rs.62,31,75,910/- with interest. By order dated 30.11.2018, the Tribunal allowed the O.A. and directed issuance of a recovery certificate for the said sum along with pendente lite and future interest @ 12% per annum and costs. Aggrieved thereby, M.Ramakrishna Reddy, the fourth respondent in the O.A., a guarantor for the loan facilities availed by Shri Laxmi Saraswati Papers Limited, Hyderabad, filed this writ petition.

(2.) By order dated 26.07.2019 passed in I.A.No.1 of 2019, this Court granted interim stay of all further proceedings pursuant to the impugned order dated 30.11.2018 on the ground that the issue of limitation required examination as the finding of the Tribunal on this aspect appeared to be debatable.

(3.) Heard Sri D.Prakash Reddy, learned senior counsel representing Sri K.B.Ramanna Dora, learned counsel for the petitioner, and Sri A.H.Rama Krishna Rao, learned counsel for the IFCI Limited, Hyderabad.