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Huge set back for Sujana Chowdary!
By: Tupaki Desk | 1 Sep 2015 1:05 PM GMT
Union Minister Sujana Chowdary is in trouble after Supreme Court dismissed the petition filed by Sujana Universal Industries Ltd seeking the quash of order issued by High Court to liquidate his assets.
Reportedly, Mauritius Commercial Bank Ltd approached Hyd High Court seeking permission to liquidate Sujana Universal Industries Ltd of Union Minister Sujana Chowdary on grounds that the firm defaulted Rs 92 crore loan it obtained through its subsidiary. Single Judge Court granted permission for the foreign bank to liquidate the assets of Sujana Universal Industries Ltd in April this year.
Then, Sujana Universal Industries moved Supreme Court challenging the decision of a Single Judge Court in favour of the Mauritius Commercial Bank Ltd and sought to quash the High Court's order. However, Everything didn't go as per the plan of Union Minister. The Apex Court on Tuesday quashed the petition filed of Sujana Chowdary's firm.
Reportedly, Mauritius Commercial Bank Ltd approached Hyd High Court seeking permission to liquidate Sujana Universal Industries Ltd of Union Minister Sujana Chowdary on grounds that the firm defaulted Rs 92 crore loan it obtained through its subsidiary. Single Judge Court granted permission for the foreign bank to liquidate the assets of Sujana Universal Industries Ltd in April this year.
Then, Sujana Universal Industries moved Supreme Court challenging the decision of a Single Judge Court in favour of the Mauritius Commercial Bank Ltd and sought to quash the High Court's order. However, Everything didn't go as per the plan of Union Minister. The Apex Court on Tuesday quashed the petition filed of Sujana Chowdary's firm.
