M/S BHARAT STEEL TUBES LTD. vs IFCI LIMITED

The Supreme Court addressed the contempt petition regarding the violation of its stay order dated 8th October 2010, which halted the auction process of the petitioner's property. The Court emphasized that the Debts Recovery Tribunal's order under Section 17 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, was to be respected, and any actions contrary to the stay order constituted contempt. The Court held that the alleged contemnors were indeed in contempt for proceeding with the auction despite the stay, thereby reinforcing the authority of the Court's orders.