S P KANUDIA Vs. I F C I LTD
DEBTS RECOVERY APPELLATE TRIBUNAL
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(1.) THIS appeal has been preferred by the above named defendant-appellants against the order dated 8th January, 2004 passed by the learned Presiding Officer, DRT, Allahabad in Original Application No. 122/ 02, whereby and whereunder the prayer of amendment of the original application was allowed at the instance of the respondent No. 1-I.F.C.I. Limited.
(2.) A consortium of financial institution namely the respondent Nos. 1, 2 and 3 filed the above mentioned original application for recovery of a huge sum from the borrower Ganges Fertilizers and Chemicals Ltd. and the guarantors. The original application was filed on 10th April, 2002 and during the pendency of that original application, the respondent No. 1 filed a petition on 10th September, 2003 for amendment of the original application to replace the Managing Director of the borrowing company of the Official Liquidator as appointed by the Hon'ble Allahabad High Court on a company application for winding up of the borrower company. Admittedly, such order of the company Judge of the Hon'ble High Court was passed on 30th October, 2001 before filing of the original application itself and the application for amendment was filed at a belated stage on 10th September, 2003. Objection was raised from the side of the appellants to the effect that such amendment as sought for is barred by limitation and there are technical irregularities and flaws in filing of the amendment petition.
Learned Presiding Officer, DRT, Allahabad after hearing both the parties allowed the amendment petition by the impugned order holding that amendment is of formal nature and does not create any change in the nature of the original application and that limitation does not come to play.
(3.) MR. R.P. Agarwal, learned Advocate appearing for the appellants submitted that the learned Tribunal did not conform to the provisions of Order 1 Rule 10 of CPC in allowing such amendment and that several provisions of the Companies Act have been ignored while allowing such amendment and vital point of limitation has not been considered.;
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