Morarjee Textiles Ltd. filed a writ petition challenging an award passed against them under the MSME Act. The High Court directed the petitioners to deposit 75% of the awarded amount as a condition for stay. This order was challenged in the Supreme Court.
Morarjee Textiles Ltd. (formerly Brembana Limited) received a work order from respondent no.3 for weaving fabrics.
A dispute arose between the parties, leading respondent no.3 to file a claim against petitioner no.1 under the MSME Act.
Respondent no.2 passed an award dated 20/3/2012 allowing respondent no.3's claim and directing petitioner no.1 to pay Rs.13,44,32,898/-.
The High Court directed the petitioners to deposit 75% of Rs.13,40,00,000/- as a condition for stay of the impugned award.
The Supreme Court stayed the High Court's order to the extent of directing petitioners to deposit 75% and directed to deposit 60% of the principal amount by way of bank draft or bank guarantee.
Axis Bank Limited initiated CIRP against Morarjee Textiles Ltd. under Section 7 of the IBC.
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Respondent no.2 passed the impugned award…
The Court directed the petitioners to deposit…
Morarjee Textiles Ltd. filed a writ petition challenging an award passed against them under the MSME Act. The High Court directed the petitioners to deposit 75% of the awarded amount as a condition for stay. This order was challenged in the Supreme Court.
Morarjee Textiles Ltd. (formerly Brembana Limited) received a work order from respondent no.3 for weaving fabrics.
A dispute arose between the parties, leading respondent no.3 to file a claim against petitioner no.1 under the MSME Act.
Respondent no.2 passed an award dated 20/3/2012 allowing respondent no.3's claim and directing petitioner no.1 to pay Rs.13,44,32,898/-.
The High Court directed the petitioners to deposit 75% of Rs.13,40,00,000/- as a condition for stay of the impugned award.
The Supreme Court stayed the High Court's order to the extent of directing petitioners to deposit 75% and directed to deposit 60% of the principal amount by way of bank draft or bank guarantee.
Axis Bank Limited initiated CIRP against Morarjee Textiles Ltd. under Section 7 of the IBC.
…Respondent no.2 passed the impugned award…
The Court directed the petitioners to deposit…