State Bank of India vs Vibha Agro Tech Ltd

Heard Ld. Counsel for the Appellant. He drew our attention towards the Judgement of Hon'ble Supreme Court in the case of Civil Appeal No. 2264 of 2021 'State Bank of India vs. Vibha Agro Tech Ltd.' The Hon'ble Supreme Court in the aforesaid order directs as under:

"we are of the view that subject to the appellant being put to terms, the course adopted by this court in Asset Reconstruction Company (India) ltd.(Supra) should be followed. Accordingly, we allow the appeal and set aside the impugned order. The appeal is remanded back and will be restored back to file.

We permit the appellant to seek amendment of the application under Section 7 so as to incorporate the case based on acknowledgement as contained in the balance sheets allegedly of the respondent.

We leave open all contentions available to the respondent. This benefit will be available to the appellant subject to the appellant paying a sum of Rs. 3 lakhs as costs to the respondent within a period of three weeks from today.

The appeal is allowed as above.

We make it clear that the questions relating to the case set up by the appellant relating to the acknowledgement flowing from MRA date 26.09.2013 and OTS dated 19.06.2015 shall not be revisited."

As per direction of the Hon'ble Supreme the appeal is restored to its original no. Ld. Counsel for the Appellant submits that in compliance of the aforesaid order they have already paid the cost of Rs. 3 lakhs to the Respondent within a specified period however, they will file the compliance affidavit along with application for amendment within two weeks. He is allowed to do so.

Ld.  Counsel  Mr.  M.  Srinivasan  Rao  submits  that  after  deciding  the Appeal he has no instructions in this matter by the Respondents.

Issue notice to party through Speed Post as well as email (Both Mode).  Requisites along with process fee be filed within one week. Appellant to provide email address of the Respondent.

Let the matter be fixed 'For orders' on 21st December, 2021.