Drat Madras Court March 2002 Judgments
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Mafatlal Gagalbhai Textiles Ltd. Vs. Canara Bank and ors.
Court: DRAT Madras
Decided on: Mar-08-2002
Reported in: II(2003)BC66
1. This miscellaneous appeal is directed as against the order passed by the learned Presiding Officer, Debts Recovery Tribunal (DRT), Bangalore, in dismissing the petition in impleading another party as 3rd defendant in the Original Application (OA).2. The petition to implead M/s. Shamanur Estates, Bangalore, as defendant No. 3 was filed by the 2nd defendant. The 2nd defendant contends that the shares of the defendant were agreed to be sold for a nominal price to M/s. Shamanur Estates, which is to clear the debts due to the Bank and M/s. Shamanur Estates has also paid a sum of Rs. 9.95 crores to the Bank and the Bank has accepted the amount and so M/s.Shamanur Estates has to be impleaded as party 3rd defendant in the OA.The Bank filed objections contending that the proposed 3rd defendant is not a debtor and there is no privity of contract between the Bank and the proposed 3rd defendant. It further contends that the Bank is not a party to any of the lease agreements and M/s. Shamanur E...
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