B G PHARMACEUTICALS Vs. STATE BANK OF INDIA
DEBTS RECOVERY APPELLATE TRIBUNAL
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Arunabha Barua, -
(1.) 1. The matter relates to an application under proviso of Section 21 of the RDDBFI Act, 1993 (51 of 1993), read with Rule 9 of the Rules.
(2.) The appellants have filed the instant appeal challenging the order dated 14th February, 2005, passed by the learned Presiding Officer, D.R.T., Cuttack, Orissa, in Original Application No. 130 of 2002, with the allegation that the said order is arbitrary, mala fide and in violation of the principles of natural justice, so far as the appellants are concerned.
The appellants contend that they have a strong prima facie case and have every chance of success in the appeal, that the appellant No. 1, Gyanaranjan Dash, has been suffering from serious financial crisis, that several attempts have been made for revival of the sick unit of the appellant No. 1, but those failed, that the appellant No. 1, however, is desperately trying to get the unit revived by organising private finance, that the super-cyclone in Orissa added to the misery in financial loss and fund crunch.
(3.) IN the aforesaid facts and circumstances, the appellants taking resort to the proviso of Section 21 of the RDDBFI Act, 1993, prays for complete waiver of the pre-deposit of 75% of the amount of debt due as mandated under Section 21.;
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