MADAN STORES P LTD Vs. CENTRAL BANK OF INDIA

JUDGEMENT

(1.) CENTRAL Bank of India (hereinafter referred to as "the respondent-Bank") has filed O.A. 62/2002 for the recovery of money from appellant-Madan Stores (hereinafter referred to as "the appellant-defendant") and others. The said O.A. is pending before the DRT-III Delhi, (hereinafter referred to as "the DRT").

(2.) Appellant-defendant filed LA. 249/2002 before the DRT with a prayer to adjourn the proceedings awaiting the orders/award of the Arbitral Tribunal in the matter of arbitration between appellant-defendant and Indian Petrochemicals Ltd. (hereinafter referred to as the "IPCL"). This request of the appellant-defendant was declined by the learned Presiding Officer of the DRT observing that if some arbitration proceeding is pending between the appellant-defendant and IPCL relating to some contract, that has nothing to do with this O.A., and, therefore, the adjournment cannot be granted.

(3.) I have heard the Counsels for both the sides and perused the records.