USHA INDIA LTD Vs. SIDBI

JUDGEMENT

(1.) THIS Misc. Appeal is filed by appellant/ original defendant No. 5 Usha (India) Ltd., being aggrieved by order dated 3.9.2003 passed by the learned Presiding Officer of the Debts Recovery Tribunal, Pune on Exhibit No. 49 in Original Application No. 117/2002. By the impugned order, the learned Presiding Officer rejected application made by appellant/original defendant No. 5 praying for stay of the proceedings which are initiated by respondent No. 1-Small Industries Development Bank of India (for the sake of brevity hereinafter to be referred to as 'SIDBI') on the ground that the appellant company is before BIFR and hence, they are logically entitled to protection under Section 22(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 (for the sake of brevity hereinafter to be referred to is 'SICA').

(2.) I have heard Mr. Raut for the appellants and Mr. Sanjay Krishna for the respondent No. 1 Bank. I have gone through the proceedings so also relevant provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 and in my view, there is no infirmity in the impugned order and the learned Presiding Officer has arrived at a correct conclusion.

(3.) PROVISIONS of Section 22(1) of the SICA can be reproduced below for the sake of convenience: