INDUSIND BANK LTD Vs. DEVA TOOLS AND FORGINGS

JUDGEMENT

(1.) THESE are appeals arising from the orders of the Debts Recovery Tribunal either granting stay of further proceedings to be taken by the Banks/financial institutions concerned, or refusing to slay such proceedings to be taken in pursuance of a notice under Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (hereinafter referred to as "the Securitisation Act').

(2.) M/s. Krisha & Co. and others had filed Miscellaneous Appeal 272/2002 on the file of this Tribunal against Indian Overseas Bank. They had also filed Miscellaneous Application for stay. In that appeal and the application I had permitted the Secretary of the DRAT Bar Association to publish notices in the Notice Boards of the DRAT and DRT Bar Associations, Delhi informing that any Counsel who is desirous of advancing arguments and assisting this Tribunal regarding the questions raised in that appeal, including the question whether the Banks and financial institutions concerned are entitled to take recourse to the provisions of the Securitisation Act in spite of the fact that the proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as 'the Act of 1993') have been taken and decided or are pending, may seek leave of this Tribunal for addressing arguments.

(3.) ACCORDINGLY, I took up these questions for consideration in Miscellaneous Appeal 72/2003 and others appeals referred to in the cause title.