IDBI BANK LTD vs P D GUPTA AND COMPANY

Judgment text excerpt

$~ * IN THE HIGH COURT OF DELHI AT NEW DELHI % Judgment reserved on: 29.07.2025 Judgment pronounced on: 14.08.2025 + CO.APP.26/2023 & CM APPL.56799/2023 (for stay) IDBI BANK LTD .....Appellant Through: Mr. Praful Jindal and Mr. Sidhartha Barua, Advocates versus P D GUPTA AND COMPANY .....Respondent Through: Mr. Vivek Gupta, Mr. Ankit Verma and Mr. Govind Gupta, Advocates CORAM: HON'BLE MR. JUSTICE ANIL KSHETARPAL HON'BLE MR. JUSTICE HARISH VAIDYANATHAN SHANKAR JUDGMENT HARISH VAIDYANATHAN SHANKAR, J. 1. The present Company Appeal has been preferred under Section 483 of the Companies Act, 19561, read with Rule 9 of the Companies (Court) Rules, 1959, challenging the Order dated 21.07.20232 passed by the learned Single Judge of this Court in Co. Appl. 1004 of 2014 titled as “IDBI vs. P.D. Gupta & Company” in Co. Pet. 72 of 1997. 2. By the Order impugned herein, the learned Single Judge has directed the Appellant to refund a sum of Rs. 1 Crore along with simple interest at the rate of 7% from the date of deposit till the date 1 Companies Act 2 Impugned Order Signature Not Verified Digitally Signed By:HARVINDER KAUR BHATIA CO.APP.26/2023 Page 1 of 9 Signing Date:14.08.2025 17:19:02 of its payment, to the Respondent herein. It has also been directed that the said payment be made by the Appellant herein within a period of two months. The relevant portion of the Impugned Order reads as follows: “CO.APPL. 1004/2014 (for impleadment and permission) 2. This is an application where the Applicant-P.D Gupta & Company is seeking refund of the amount of Rs.1 crore which was deposited with IDBI along with interest. The Applicant also prays for impleadment as a Respondent, and permission to participate in the present petition. 3. Ld. Counsel for the Applicant relies upon a similar order