DEV SPINNERS LTD. Vs. CORPORATION BANK

JUDGEMENT

(1.) THE instant application has been filed by the appellants under Section 22(2)(e) of the RDDBFI Act for the review of order dated 29.6.2011 passed by this Tribunal on the waiver application (I.A. 418/2011). The relevant facts, in brief, are that O.A. No. 98/2010 (Old No. 379/2002), filed by the Bank was allowed by the DRT, vide order dated 25.3.2011, and the defendants were directed to pay Rs. 4,43,58,964.14 along with pendente lite and future interest @ 12% per annum and partly allowing the counter -claim of the defendants, directed for the adjustment of Rs. 69,49,618/ -. The defendants filed an appeal against that order along with an application (I.A. No. 418/2011) for waiver of the deposit of amount required under Section 21 of the RDDBFI Act for the entertainment of the appeal. This Tribunal disposed of that application by directing the appellants to deposit 50% of Rs. 4,47,58,964.14 minus the amount of Rs. 69,49,618/ - within the given time, by order dated 29.6.2011. The instant application has been filed by the appellants for the review of the said order.

(2.) I have heard Mr. Pallav Saxena, the learned Counsel for the appellants, Ms. Ananya Dutta Majumdar, the learned Counsel for the 1st respondent Bank and Mr. R.P. Aggarwal, the learned Counsel for IFCI Ltd., the respondent No. 4.

(3.) MS . Majumdar, however, submitted that the waiver application was disposed of by this Tribunal after duly considering all the pleas raised by the appellant applicants and the relevant documents filed by the parties. Pointing out to paragraphs 7 and 12 of the order, she has contended that this Tribunal had considered the pleas relating to the counter -claim also.