Court : DRAT Allahabad
Reported in : IV(2005)BC177
..... which were hypothecated with the respondent-bank got converted into a pledge. according to him when the upfc took over the appellant-first defendant-company under section 29 of the upfc act, the respondent-bank had taken possession of all the raw materials, etc., but had not taken steps to sell them nor has it accounted for ..... -finished and finished goods, raw materials and goods in process. the appellants-defendants claim that the appellant-first defendant-company was surreptitiously taken possession under section 29 of the upfc act and was sold, and at that time the respondent-bank took over the unfixed assets, which were pledged and hypothecated with the respondent-bank. the ..... of the bank and the uttar pradesh financial corporation (hereinafter referred to as "upfc") resulted in an acute crisis. the company was taken over under section 29 of the upfc act and was sold away for a throw away price. at the time of the aforesaid seizure, the respondent-bank took over the entire unfixed assets, .....
Tag this Judgment!Court : DRAT Allahabad
Reported in : II(2003)BC122
..... requirement to deposit "determined" amount while filing the appeal could arise only in appeal against the final orders and not in other appeals against order under section 19(6) of the act. mr. murari submitted that this judgment throws light on this subject. he further cited a decision of debt recovery appellate tribunal, mumbai in anil ..... parte final order if such defendants/defendant move an application for setting aside of such ex parte final order. there is no scope for application of section 21 of the act on such applications there. if the applicants succeed, the matter is over. but if they are not successful and their applications for review of the ..... is rejected and if against that order of rejection, the defendants/defendant may file appeal before the appellate tribunal. in my considered view, the provisions of section 21 of the act cannot be interpreted in such manner as are being contended by the respondent banks.17. in the instant case, as the appellant has deleted the relief- .....
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