Back
2000 Supreme(SC) 2133
SUPREME COURT OF INDIA
M. JAGANNADHA RAO, U.C. BANERJEE, JJ.
Delhi Development Authority – Petitioner
Versus
Skipper Construction Co. (P) Ltd. and Another – Respondents
I.A. No. 76 in S.L.P. (C) No. 21000 of 1993
Decided On : 07-01-2000
The court has the authority to stay further proceedings based on regulatory findings pending further orders.
Headnote:
Stay - Banking Regulations - The court stayed further proceedings based on the finding of the Reserve Bank of India communicated in a letter, pending further orders.
Fact of the Case:
The court heard counsel for Canara Bank and the Reserve Bank of India, and the Amicus Curiae, and decided to stay further proceedings based on the finding of the Reserve Bank of India communicated in a letter.
Finding of the Court:
The court found it appropriate to stay further proceedings pending further orders.
Issues:
Ratio Decidendi: The court's decision to stay further proceedings was influenced by the finding of the Reserve Bank of India communicated in a letter.
Final Decision: The court ordered that further proceedings based on the finding of the Reserve Bank of India will remain stayed pending further orders. The matter was listed for a future date.
JUDGMENT :
1. After hearing learned counsel for the Canara Bank and the Reserve Bank of India and the learned Amicus Curiae, we are of the view that further proceedings pursuant to the finding of the Reserve Bank of India communicated along with the letter of the Reserve Bank of India, dated nil (December 1999) will remain stayed pending further orders.
2. This I.A. be listed on 18.1.2000.
