PARASRAMPURIA POLYMIDES LTD Vs. CANARA BANK

JUDGEMENT

(1.) THIS Misc. Appeal is filed by the appellants/original defendant Nos. 1 to 4 being aggrieved by the order dated 20.8.2002 passed by the learned Presiding Officer of Debts Recovery Tribunal, Nagpur on Interlocutory Application No. 387/2002 in Original Application No. 203/2001. By the impugned order, the learned Presiding Officer dismissed stay application made by the appellants for staying proceedings in Original Application till final decision is taken by the B.I.F.R. in case No. 160/2002.

(2.) Few facts which are required to be stated are as follow:

(3.) THE learned Presiding Officer after hearing both the sides and after going through the proceedings and material placed before him, dismissed the interlocutory application made by the said Mr. Bandu Nakhate and also directed that, all the defendant Nos. 1 to 4, Mr. S.N. Khetan and Mr. Bandu Nakhate be prosecuted under Sections 177 and 181 of I.P.C. and other appropriate provisions of I.P.C. in accordance with law. He observed that the defendants had not come up with clean hands and had played fraud on the Tribunal and were not entitled for any relief. Also taking note of the changing of name of the -Company, the learned Presi-ding Officer directed the applicant Bank to take necessary steps to amend the original application for impleading M/s. Bhupen Electronics Limited as one of the defendants. It is this order, which is being challenged by the appellants before this Appellate Forum.