Disposed

M/s Annai Electrical Co. & Anr. v. Indian Overseas Bank

DRAT8 Jun 2023MISC APPEAL/18/2020

Case brief

AI extract

What is this about?

The Debt Recovery Appellate Tribunal disposed of an interlocutory appeal. Instead of deciding the stay issue, the Bench directed the lower Debt Recovery Tribunal to decide the main substantial appeal within three months while maintaining status quo. The appeal against the stay refusal was disposed of accordingly.

What did the court decide?

The main appeal SA 484/2019 to be decided by the lower Tribunal within three months; status quo to be maintained; impleaded appeal disposed of.

M/s Annai Electrical Co. & Anr. versus Indian Overseas Bank — Banking and Recovery | DRAT (2023)

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MA (SA) 18/2020

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IN THE DEBT RECOVERY APPELLATE TRIBUNAL AT CHENNAI

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Dated the 8^th of June, 2023

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PRESENT: Hon’ble Mr. Justice S. Ravi Kumar

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CHAIRPERSON

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MA (SA) 18/2020

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[IA 2526/2019 in SA 484/2019 on the file of DRT, Coimbatore]

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Between

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M/s. Annai Electrical Company, Rep. by its Proprietor, Mr. B. Lakshmipathiraju, 6/72, N. N. Pettai Street, Dharapuram.

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Mr. C. Balasubramaniam (since deceased) Now represented by Mr. B. Lakshmipathiraju, S/o Late C. Balasubramaniam, 57/1, NPS Road, Dharapuram – 638 656.

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……Appellants

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And

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Indian Overseas Bank, Rep. by its Authorsed Officer, Kolinjvadi, Vinayaka Plaza, 5 Corner, Dharapuram, Tiruppur District – 638 656.

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….. Respondent

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Counsel for Appellants : Mr. R. Sugumaran Counsel for Respondent : M/s. Ananda Gomathy Murugesan

MA (SA) 18/2020

ORDER

This Appeal is preferred against Order dated

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30.09.2019 in IA 2526/2019 in SA 484/2019 of DRT,

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Coimbatore.

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Heard both sides.

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Advocate for Appellants submitted that present Appeal

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is against refusal to grant ad interim stay by Tribunal below. It is further submitted, at the time of filing of this Appeal, in Waiver Application, this Tribunal granted status quo, and the same is still in force.

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It is submitted that main SA is still pending. Admittedly, rights of the parties have to be decided in main SA, and those contentions and rival contentions, cannot be decided in an Interlocutory Application. Since main SA is still pending, which is of the year 2019, instead of deciding this Appeal, I deem it appropriate, to direct the Tribunal

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MA (SA) 18/2020

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below, to take up the main SA, by fixing some time limit, to decide the same, to protect the interest of both the parties.

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Accordingly, it is ordered that, Tribunal below shall decide SA 484/2019 on merits, in accordance with law, within a period of three months from the date of receipt of copy of this Order, without being influenced by any of observations made herein and also any of findings recorded in impugned Order dated 30.09.2019. It is further clarified that both parties shall co-operate with Tribunal below in disposal of SA 484/2019, in giving effect to the above directions, and both parties shall maintain status quo, till disposal of SA 484/2019. Appeal is disposed of accordingly. Both parties shall bear their own costs. All pending IAs, if any, stand closed.

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Dictated to Athistamani, PS, in open court, transcribed by her, corrected and signed by me, this 8^th of June, 2023]

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[ Justice S. Ravi Kumar] CHAIRPERSON

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M/s Annai Electrical Co. & Anr. v. Indian Overseas Bank

Case brief

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M/s Annai Electrical Co. & Anr. v. Indian Overseas Bank

Case brief

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