1990 (4) TMI 141

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....espondent. [Order per : S. Kalyanam, Member (J) (Oral)]. - This is an application for modification of the Order of the Tribunal dated 25th Sept. 1989 in SB/S/Order No. 170/89 directing the petitioner to make the pre-deposit of a sum of Rs. 2 lakhs. Shri Anand, the Learned Chartered Accountant, appearing for the petitioner, submits that the petitioner has already deposited a sum of Rs. 25,000....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....twice the paid-up capital of the company and the company is a sick unit. The Learned Consultant further submitted that in respect of a total loan amount of Rs. 148.15 lakhs taken from Karnataka State Financial Corporation, the petitioner has defaulted. Even in respect of the loan due to the bank, it was submitted, that as against the sanctioned limit, the petitioner has already overdrawn. 2. Sh....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....act that the petitioner has overdrawn over and above the sanctioned limit by the bankers and above all, keeping in mind that these factual information have also been confirmed by the Department on verification, we are inclined to think that in the above facts and circumstances, the order of the Tribunal would call for a modification. To a specific query with reference to the offer of the Learned C....