MARKS CONSOLIDATED BUSINESS LTD Vs. INDUSTRIAL FINANCE CORPORATION OF INDIA LTD

JUDGEMENT

(1.) THIS appeal has been preferred against the order dated 18.9.2003 in LA. 446/2003 in Appeal 21/2003 passed by the learned Presiding Officer of the Debts Recovery Tribunal-1, Delhi (hereinafter referred to as 'the DRT'), by which the learned Presiding Officer declined the request of the appellant herein to refund the sum of Rs. 25 lakhs stated to have been deposited by the appellant with the Recovery Officer.

(2.) By the order dated 4.6.2003 passed in Appeal 21/2003 preferred by the 5th respondent, the Presiding Officer of the DRT set aside the sale in favour of the 8th respondent herein, and while doing so, the learned Presiding Officer of the DRT also directed that the property be re-auctioned, and that the amount deposited not only by the appellant before him (5th respondent herein), but also the amount deposited by any of the respondents before him should be retained by the Recovery Officer till the property is sold in the re-auction.

(3.) AGGRIEVED, the appellant has come forward with this appeal, The 1st respondent-financial institution has filed an affidavit in reply to this appeal opposing the appeal.