Karvy Stock Broking gets interim relief from Debt Recovery Tribunal plea

In ICICI Bank's DRT plea, Karvy group's chairman and managing director C Parthasarthy, was also listed as one of the respondents

Karvy Stock Broking has got interim relief from the High Court (HC) of Telangana against ICICI Bank’s plea for initiating debt recovery proceedings against the broking house.

In an application dated December 9, ICICI Bank had approached the debt recovery tribunal (DRT) in Hyderabad against Karvy Stock Broking.

The HC in its order last week observed that DRT’s order was ex parte and prejudicial to Karvy Stock Broking and, therefore, the ‘interim suspension’ shall be granted, according to Karvy’s application.

In ICICI Bank’s DRT plea, Karvy Group’s Chairman and Managing Director C Parthasarthy was also listed as one of the