The Petitioner along with Central Bank of India had made an application in O.A. No. 496 of 2016 before the Debts Recovery Tribunal-II, Chennai ('DRT' in short) under Section 19 of the Recovery of Debts and Bankruptcy Act, 1993 ('RDB Act' in short) for the recovery of the debt due from the Respondents under the term loan and other credit facilities that had been availed. A final order dated July 29, 2019 came to be passed in O.A. No. 496 of 2016 holding that the Petitioner and Central Bank of India are entitled to recover a sum of Rs. 79.95 crores and Rs. 55.58 crores respectively from the Respondents. Though O.A. No. 496 of 2016 had been disposed, an application for appointment of receiver in I.A. No. 287 of 2018 filed under Section 19(18)(a) of the RDB Act continued to be on file even thereafter. The Respondents had sought to invoke Section 19(25) of the RDB Act in M.A. No. 203 of 2019 in I.A. No. 287 of 2018 for a direction to Central Bank of India to transfer a sum of Rs. 3.41 crores received from certain other banks from the account of the Respondents and utilize them for the purpose of running their educational institutions, which was granted by order dated June 19, 2020 passed by the DRT. In the appeal in M.A. No. 6 of 2020 preferred by the Petitioner against that order before the Debt Recovery Appellate Tribunal, Chennai ('DRAT' in short) under Section 20 of the RDB Act, it was accepted in the order dated March 3, 2021 that the Petitioner does not have any obligation to advance any further amount to the borrowers, but it was however concluded that a sum of Rs. 42.50 lakhs had to be transferred to 85 beneficiaries named by the Respondents as onetime help. The instant Writ Petition assails the aforesaid orders passed by the DRT and the DRAT.
