Home | Members Login | Members Sign up | Tell a Friend | Contact Us | Lawyers Login
 
REQUEST A LAWYERREQUEST ONLINE LEGAL HELP
(Click, for online assistance)
(10:00 AM to 5:00 PM)
(In your area for your legal help) (On your legal issue by one of our experts)
News Home       New Delhi-Mumbai-Bangalore-Chennai-Ahmedabad-Pune-Hyderabad-Vodorada-Coimbetore-Kolkata etc.

Archives

News 2007
News 2006

             Home

  Gateway to India
  Global Connections
  Consultation
  
New Laws
  Legal Helpline
  Drafts & Deeds
  Bare Acts
  Indian Law Made Easy

Indian Law Made Easy

Business/Commercial Law
Consumer Rights
Property & Real Estate
Criminal Law
Tax Laws
Marriage & Divorce
Corporate Law
Inheritance
Intellectual Property
Environmental Law
Labour Law
Adoption

INDIA BUSINESS WORLD - JULY 2004
THE MONTH THAT WAS

DRT ALLOWS ICICI BANK TO ACT AGAINST MARDIA CHEM

The Debt Recovery Tribunal (DRT), Ahmedabad has vacated the stay against ICICI Bank to proceed against the city-based Mardia Chemicals under the provisions of the Securitisation Act. However, the tribunal extended the stay earlier granted to the debt-ridden company till July 13 to enable it to file an appeal against the DRT order.

The company had challenged the notices issued by ICICI Bank and taking over of the possession its properties in Ahmedabad and Surendranagar, under the Securitisation Act. Rasik Mardia, chairman Mardia Chemicals, said the company will file an appeal against the DRT order at the Debt Recovery Appellate Tribunal (DRAT), Mumbai.

The DRT Ahmedabad held that the appellant company has failed to make out a prima-facie case that notice given by the bank was illegal and contrary to law. Although, the tribunal said that the company's plea was maintainable, it set aside the earlier stay granted to Mardia in the matter.

ICICI Bank had alleged that the company abused the provisions of SICA by filing references before BIFR and the counter-suit filed by Mardia Chemicals was aimed at stalling the proceedings instituted by the bank to recover the debts. The property, called 'Mardia Nagar', is spread across 465 acres, valued at Rs 1,000 crore and houses 17 plants.

ICICI Bank had issued a 60-day notice to Mardia Chemicals on July 16, '02 under the Securitisation Act, which was then newly enacted.

Several cases related to the Maradia-ICICI stand-off are pending in different courts. An appeal against the recent order of DRT Ahmedabad at DRAT Mumbai may take the judicial battle to a new front.

 

 


Identify your Lawyer/ Advocate for legal services in India

Ahmedabad, Amritsar, Bangalore, Baroda, Chandigarh, Chennai, Coimbatore, Cochin, Delhi, Goa, Hyderabad, Jaipur, Gaziabad, Noida, Gurgaon, Faridabad, Jalandhar, Kanpur, Kochi, Kolkata, Lucknow, Mumbai, Pune, Trivandrum/ Thiruvananthapuram

Lawyers Directory // Consultation Chamber // Legal Helpline // Live Help // Drafts & Deeds // Bare Acts // Virtual Office // Gateway to India // Global Connections // New Laws // Indian Law-Made Easy //Join as Partner // Member Sign up // Recommend to Friends // Link Exchange // About Us // Contact Us

© copyright 2000-2003, Helplinelaw.com
About Helplinelaw.com     Terms of USE

This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Persons accessing this site are encouraged to seek independent counsel for advice regarding their individual legal issues or consult one of the experts online.

Member Indianet Services
Helplinelaw.com Legal solutions in 46 cities across India Indastro.com Vedic astrology website
Indianastrology2000.com Indian / Hindu astrology website Indianetconsultants.com Indian law, Bare acts website
Website.helplinelaw.com New website package for lawyers & law firms Vedic.indastro.com Vedic astrology website
Astrology.indastro.com Daily, monthly, annual horoscope Babynames.indastro.com Baby Names
News.helplinelaw.com legal, business, economic news updates indian astrology astrology, horoscope, forecast etc.