In Brief
APJ Laboratories Pvt. Ltd sought to stay auction proceedings for property seized due to defaulted bank dues. The Supreme Court initially granted stay on condition the company deposit 75% of dues in two instalments within specified timeframes. When the company failed to remit the first 50% instalment within the required six-week period, the Court dismissed the petition in terms of its earlier conditional order. However, the dismissal did not bar the company from pursuing any available one-time settlement scheme with the bank.
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