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SCA/12400/2010 2/ 2 ORDER
IN
THE HIGH COURT OF GUJARAT AT AHMEDABAD
SPECIAL
CIVIL APPLICATION No. 12400 of 2010
With
SECOND
APPEAL No. 5 of 2009
=================================================
KOTAK
MAHINDRA BANK LTD
Versus
MANAGING
DIRECTOR
M/S
BALRAM CEMENTS LTD & OTHERS
=================================================
Appearance :
MR
NAVIN K PAHWA for the Petitioner
MR PAVAN S GODIAWALA for
Respondent(s) : 1,
NOTICE SERVED BY DS for Respondent(s) : 2,4 -
6.
None for Respondent(s) : 3,7 -
8.
=================================================
CORAM
:
HONOURABLE
THE CHIEF JUSTICE MR. S.J. MUKHOPADHAYA
and
HONOURABLE
MR.JUSTICE J.B.PARDIWALA
Date
: 21/06/2011
ORAL
ORDER
(Per
: HONOURABLE THE CHIEF JUSTICE MR. S.J. MUKHOPADHAYA)
Heard
in part.
It
is brought to our notice that during the pendency of the case, in
Reference Case No.52 of 1994, pending before the Board for Industrial
and Financial Reconstruction (BIFR), BIFR has passed an order dated
31st December 2010
holding that the petitioner – Kotak Mahindra Bank Limited is
not holding 75% or more secured debt of the company and therefore
their prayer for abatement of the Company’s Reference has been
rejected and Misc. Application No.67 has been disposed of.
In
the present writ petition as the same issue has been raised as to
whether Reference Case No.52 of 1994 stands abated in view of the
third proviso to subsection (1) of Section 15 of the Sick Industrial
Companies (Special Provisions) Act, 1985 read with Section 41 of the
Securitisation
and Reconstruction of Financial Assets and Enforcement of Security
Interest Act, 2002 and item No.3
of the Schedule enclosed thereto and such issue, as appears to have
been decided by the BIFR in the Misc. Petition, filed in the
Reference Case, learned counsel for the petitioner prays for and is
allowed a week’s time to file amendment petition challenging the
aforesaid petition passed in Misc. Application No.67 in Reference
Case No.52 of 1994.
As
requested by the learned counsel appearing on behalf of the appellant
in the second appeal, the appellant of the said appeal is also
allowed to file an application if it intends to move an appeal under
Section 17 of the Securitisation and Reconstruction of Financial
Assets and Enforcement of Security Interest Act, 2002. Post the
matters for further hearing on 28th
June 2011 at 2.30 PM on the top of the list.
(S.J. Mukhopadhaya, CJ.)
(J.B.Pardiwala, J.)
*mohd
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