Ms Sri Abhishek Steel and Power Ltd. v. Asset Reconstruction Company Indai Ltd.

IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA Appeal Dy No. 446 of 2019 THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON

21.03.2023

Abhishek Steel & Power Ltd. & Ors.

… Appellant

-VsAsset Reconstruction Co. India Ltd. & Anr.

… Respondents Mr. A. K. Dhandhania, ld. Senior Counsel with Mr. K. Banerjee, ld. Counsel for the appellant.

Mr. Joy Saha, ld. Senior Counsel with Mr. S. Saha, ld. Counsel for the respondent no.1.

Mr. Om N. Rai, ld. Counsel for auction purchaser.

THE APPELLATE TRIBUNAL :

Supplementary affidavit filed by the respondent is taken on record.

Learned senior counsel for the appellant submits that a writ petition is filed before Hon’ble High Court at Telengana challenging the virus of the provision of Section 18(1) of the SARFAESI Act. Learned senior counsel for the respondent placed status report of the writ petition wherein it shows that WPSR 11044 of 2023 was returned. Learned senior counsel further submits that on last two occasions such opportunity was granted to the appellant even then such arguments are being made. Huge amount of Rs.156.00 crores is the debt due as on 28.02.2023. Learned senior counsel for the respondent as well as learned counsel for auction purchaser opposed the prayer made by the learned senior counsel for the appellant.