Wed. Nov 25th, 2020

Spentex Industries Limited vs State Bank Of India & Anr. on 4 May, 2018

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1. The Petitioner/Company, who is a manufacturer of various
qualities of cotton spun yarn and blended yarn, has preferred the
present petition under Articles 226 and 227 of the Constitution of
India inter alia seeking setting aside of an order dated 23.03.2018
passed by the Debt Recovery Appellate Tribunal (hereinafter referred
to as the “DRAT”) in Miscellaneous Appeal No. 132/2018 (hereinafter
referred to as the “Impugned Order”) to the extent it directs the

W.P.(C) 3474/2018 Page 1 of 21
Petitioner to deposit 25% of the total amount of $24,74,41,773/-
claimed by the Respondent No. 1, as a pre-condition for stay of
proceedings before the Debt Recovery Tribunal-I (hereinafter referred
to as the „DRT‟). The Petitioner, besides seeking a waiver of the
condition of pre-deposit and a consequential direction to the DRAT to
entertain and adjudicate the Petitioner’s Appeal without insisting on
the said deposit, is also seeking a stay of the proceedings pending
before the DRT in Original Application No. 823/2017 preferred by the
Respondent No. 1 (hereinafter referred to as the “OA”).

Source: Indian Kanoon

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