Drat Madras Court February 2005 Judgments
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Asset Reconstruction Company Vs. Kumar Metallurgical Corporation
Court: DRAT Madras
Decided on: Feb-28-2005
Reported in: IV(2005)BC117
1. Both these appeals can be disposed of by this Common Order.Appellants in Regular Appeal RA No. 10/2005 are Asset Reconstruction Company (India) Limited (for the sake of brevity hereinafter referred to as ARCIL), while the other Regular Appeal being RA No. 11/2005, is filed by the Custodian appointed by the ARCIL. Both these appeals are arising out of the impugned Order dated 7.2.2005, passed by the learned PO of DRT, Hyderabad, in Securitisation Appeal SA No. 15/2005. By the impugned Order the learned PO allowed the application made by the applicant/defendants M/s. Kumar Metallurgical Corporation Ltd, and set aside the proceedings taken out by respondent No. 1 ARCIL under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (for the sake of brevity hereinafter referred to as SARFAESI Act). The respondent No. 1 Company had availed credit facilities from ICICI Ltd. (subsequently merged with ICICI Bank Ltd.), Industrial Development B...
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