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PETITIONER: SITA RAM SINGHANIA

       Vs.

RESPONDENT: BANK OF TOKYO-MITSUBISHI LTD. & ORS

DATE OF JUDGMENT:       11/05/1999

BENCH: S.L.Goyal

JUDGMENT:

DER         We see no reason why the High Courts in such matters filed by the defendants in suits  instituted  by  the  banks before  the  Debt Recovery Tribunal should more or less as a matter of  course  grant  stay  of  proceedings  before  the Tribunals.   The  very  purpose  of setting up the Tribunals will be lost  by  granting  stay  merely  because  there  is challenge to the notification constitution the Tribunal.  In the  present  case,  the  High Court has rightly come to the conclusion that as the proceedings  were  initiated  in  the State  of  Madhya  Pradesh,  the Allahabad High Court had no jurisdiction.