2003 (1) TMI 737 - HC - Indian Laws

Summary

The High Court of Madras quashed an order directing the petitioner to pay Rs. 19,83,176 to a defaulter, Sivananda Steels Ltd. The court ruled that the amount payable by the petitioner to the defaulter should be adjusted against the amount the defaulter owes, and the petitioner cannot be directed to pay the full amount demanded by the respondents. The impugned order was set aside, and the respondents were given liberty to proceed against the money if they can prove the petitioner owes it to the defaulter.