ATMA TUBE LIMITED Vs. STATE BANK OF INDIA
DEBTS RECOVERY APPELLATE TRIBUNAL
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K.S. Kumaran, (J.) Chairperson -
(1.) THIS appeal is directed against the impugned order dated 6.1.2003 passed by the learned Presiding Officer of the DRT in O.A. 919/2000. The learned Presiding Officer of the DRT by this order, while granting three weeks' time to the defendants to settle the matter under the One Time Settlement scheme, observed that no further time will be granted for arguments, unless the defendants established their bona fides by depositing 25% of the amount of One Time Settlement proposal as per the Reserve Bank of India's Guidelines. He gave liberty to the defendants to quantify the amounts as per the Reserve Bank of India's Guidelines and deposit the same with respondent-Bank. The learned Presiding Officer of the DRT also observed that all Miscellaneous Applications including the application for discovery and production of documents will be heard and decided at the time of final judgment and that if at the time of the final arguments these documents are required for the just and correct adjudication of the case, they shall be summoned.
(2.) Aggrieved by this order, the 1st defendant (hereinafter referred to as "the appellant-defendant") has preferred this appeal. The respondent-State Bank of India (hereinafter referred to as "the respondent-Bank") has filed a suitable reply opposing this appeal. The appellant-defendant has filed a rejoinder to the reply.
The appellant-defendant has also filed Miscellaneous Application 456/2003 for placing on record certain documents to which the respondent-Bank has filed a reply. The appellant-defendant has filed a rejoinder.
(3.) I have heard the Counsels for both sides and perused the records.;
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