MARKS CONSOLIDATED BUSINESS LTD Vs. INDUSTRIAL FINANCE CORPORATION OF INDIA LTD
LAWS(DR)-2004-6-9
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on June 30,2004

Appellant
VERSUS
Respondents

JUDGEMENT

K.S. Kumaran, (J.) Chairperson - (1.) THIS appeal has been preferred against the order dated 18.9.2003 in LA. 446/2003 in Appeal 21/2003 passed by the learned Presiding Officer of the Debts Recovery Tribunal-1, Delhi (hereinafter referred to as 'the DRT'), by which the learned Presiding Officer declined the request of the appellant herein to refund the sum of Rs. 25 lakhs stated to have been deposited by the appellant with the Recovery Officer.
(2.) By the order dated 4.6.2003 passed in Appeal 21/2003 preferred by the 5th respondent, the Presiding Officer of the DRT set aside the sale in favour of the 8th respondent herein, and while doing so, the learned Presiding Officer of the DRT also directed that the property be re-auctioned, and that the amount deposited not only by the appellant before him (5th respondent herein), but also the amount deposited by any of the respondents before him should be retained by the Recovery Officer till the property is sold in the re-auction. The appellant herein, through Basant Bansal, was the 8th respondent in the appeal filed before the DRT by the 5th respondent herein. But, Basant Bansal had also filed an objection petition before the Recovery Officer to set aside the sale in favour of the 8th respondent herein, and had also deposited Rs. 25 lakhs to demonstrate the bona fides. The Recovery Officer rejected the objection petition filed by Basant Bansal also by his order dated 17.4.2003, and also directed to refund of the sum of Rs. 25 lakhs. But, in the Appeal 21/2003 preferred by the 5th respondent herein against the order of the Recovery Officer rejecting the objection filed by the 5th respondent herein, the learned Presiding Officer had passed the above said order. The appellant herein did not file any appeal against the order passed by the learned Presiding Officer of the DRT in the above said Appeal 21/2003. But, he filed I.A. 446/2003 in Appeal 21/2003 before the DRT seeking refund of the sum of Rs. 25 lakhs deposited by him before the Recovery Officer. But, the learned Presiding Officer of the DRT, by the impugned order dated 18.9,2003, dismissed the said application filed by the appellant herein. He observed that the amount cannot be returned to the appellant till the auction takes place in view of the order passed by the learned Presiding Officer of the DRT (in Appeal 21/2003).
(3.) AGGRIEVED, the appellant has come forward with this appeal, The 1st respondent-financial institution has filed an affidavit in reply to this appeal opposing the appeal.;


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