KOTAK MAHINDRA BANKING LIMITED Vs. INDUSTRIAL DEVELOPMENT BANK OF INDIA
HIGH COURT OF DELHI
KOTAK MAHINDRA BANKING LIMITED
INDUSTRIAL DEVELOPMENT BANK OF INDIA
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MANMOHAN SARIN, J. -
(1.) Petitioner by this writ petition assails the impugned order dated 6.2.2007 passed by the Debt Recovery Appellate Tribunal whereby it stayed the proceedings pending before the Debt Recovery Tribunal, Delhi. The order passed by the Debt Recovery Appellate Tribunal is a short one and is reproduced for facility of reference as under:-
"Present: Mr.Virendra Gainda with Mr.O.P.Mathur for the appellant. Ms.Deiksha Asija, counsel for the 1st respondent and Mr.Mukul Chandra, counsel for the 2nd respondent. In the miscellaneous appeal, a ticklish issue is involved whether a bank which originally lent the money to the borrower can assign its debts to another agency which is to be examined by this Tribunal. The Bar Members are requested to assist on this aspect so as to enable the Tribunal to take an appropriate view. Let this matter come up final decision on 5.4.2007. Pending a decision in this appeal, there shall be stay of all further proceedings in OA No.445/1998 on the file of DRT-1, Delhi."
(2.) Shorn of unnecessary details, Respondent No.1 IDBI had instituted proceedings by an OA for recovery against respondent No.3, before the Debt Recovery Tribunal. These proceedings have been going on for the last 9 years but had been stayed by the impugned order. The O.A. before the Debt Recovery Tribunal had been filed on 22.12.1998 seeking to recover Rs.6.19,93,815/- as on 30.11.1998 together with interest. Sometime in the month of March, 2006 M/s. I.D.B.I. assigned the debt to the petitioner. Petitioner thereupon moved for substitution before the Debt Recovery Tribunal. The application for substitution was allowed despite objection of the respondent vide order dated 12.12.2005.
(3.) The respondent, aggrieved by the order dated 12.12.2006, filed appeal wherein impugned order was passed.;
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