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IN THE HIGH COURT OF DELHI AT NEW DELHI

Decided on : 28.01.2015

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W.P.(C) 5857/2014

IDBI BANK LIMITED

………………Petitioner

Through : Sh. Sanjay Bhatt, Advocate.

Versus

ESSLON SYNTHETICS LTD. AND ORS.……………..Respondents

Through : Sh. Rajiv Kapur and Ms. Aparna Iyer,

Advocates, for Respondent No.6.

Ms. Praveena Gautam, Advocate, for Respondent No.8.

CORAM:

HON'BLE MR. JUSTICE S. RAVINDRA BHAT

HON'BLE MR. JUSTICE R.K. GAUBA

MR. JUSTICE S. RAVINDRA BHAT (OPEN COURT)

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1.

The Writ Petitioner (hereafter "IDBI") is aggrieved by and impugns

an order dated 19.02.2014, of the Debts Recovery Appellate Tribunal

(“DRAT”) in M.A. No. 161/2010 (“impugned order”).

2.

IDBI is a banking company within the meaning of Section 5 of the

Banking Regulation Act, 1949. The first Respondent (“Esslon”) is an

incorporated company currently under liquidation proceedings before the

Allahabad High Court. The third Respondent are Public Financial

Institutions under Section 4A of the Companies Act, 1956, which extended

independent financial assistance to the first respondent. Respondent Nos. 6

to 9 are banks that have extended independent financial assistance to the