Bhaskar Bhattacharya, J. - (1.) This revisional application under Article 227 of the Constitution of India is at the instance of a defendant in proceedings before the Debt Recovery Tribunal and is directed against Order No. 10, dated August 30, 2000, passed by the Tribunal thereby rejecting an application filed by the petitioner for dismissal of the proceedings for initiating the same without taking leave of the High-powered Committee constituted pursuant to the direction of the apex court.
(2.) In the proceedings before the Tribunal, the State Bank of India claimed recovery of Rs. 5,31,47,672.76 with interest at the rate of 15.81 per cent. per annum. One Tea Trading Corporation of India was the borrower while the State Trading Corporation of India, the present petitioner was the guarantor. Thus, both were made defendants.
(3.) There is no dispute that in response to the leave prayed for by the State Bank of India, the High-powered Committee observed as follows : "The Committee noted that the liquidation proceedings of Tea Trading Corporation had since been initiated and are pending before the High Court and, therefore, the claim of creditors of the company would be subjected to the decision of the High Court. The Committee, therefore, directed State Bank of India to await the ruling of the High Court.";