Official Liquidator Vs ICICI Bank Limited (DRAT Chennai)
DRAT Chennai held that person aggrieved by an order of the recovery officer can prefer an appeal before Debts Recovery Tribunal. Accordingly, DRAT disposes of this Appeal by sending the appeal to DRT.
Facts- This Appeal is filed as directed by the order passed by Honble High Court of Madras. Notably, the Company Application Nos. 884 to 886/2008 in Company Petition No.57/1998 were filed by the Administrator/Provisional Liquidator of the Appellant Company namely M/s. Max worth Orchards (India) Limited invoking the powers under Sections 125, 450, 457, 441, 446, 537 of the Companies Act, 1956, with a view to annul the sale of the schedule properties belonging to the Appellant that were wrongly and illegally brought to sale by the first Respondent in execution of Recovery Certificate in DRC No.186/ 1999, by Debts Recovery Tribunal (in short DRT), Chennai in OA 1589/1998. 21.75 acres of schedule property owned by Appellant company and balance lands are owned by others like P. Saravanan, R. Subramanian and M/ s. Maxworth Educational Research Development Society.
Conclusion- Held that though Hon’ble High Court directed to file an Appeal before DRAT, on the basis of the submission made by Counsel for Respondents, this Tribunal has to go by the statutory requirements. As per Section 30 of the RDB Act, 1993, any person aggrieved by an order of the Recovery Officer, within 30 days from the date of order issued to him, prefer an Appeal before the Tribunal i.e. (Debts Recovery Tribunal). Appeal lies to DRAT only against the order passed by Debts Recovery Tribunal as provided under Section 20 of the RDB Act, 1993. Therefore, this Tribunal disposes this Appeal by sending this Appeal to DRT-HI, Chennai, (Nandanam jurisdiction) for disposal, as directed by Hon’ble High Court of Madras, in its Company Application Nos. 884 to 886/2008 in Company Petition No. 57/1998, in accordance with law, within a period of three months from the date of receipt of copy of this Order, after affording opportunity of hearing to the parties.
