Icici Bank VS. Shanti Devi Sharma & Ors

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Icici Bank VS. Shanti Devi Sharma & Ors

The Judgement Information System IN THE SUPREME COURT OF INDIA

CIVIL APPELLATE JURISDICTION

CIVIL APPEAL NO. OF 2008

[Arising out of S.L.P.(C) No.7744 of 2006]

Bank of India Appellant Versus Ketan Parekh & Ors J U D G M E N T

A.K. MATHUR, J.

1. Leave granted.

2. This appeal is directed against the order dated 17.1.2006 passed by the Division Bench of the Bombay High Court whereby the Division Bench has held that since the property of the respondent No.1 has been seized under the Special Courts( Trial of Offences Relating to Transactions in Securities) Act,1992 (hereinafter to be referred to as the Act of 1992), the Debts Recovery Tribunal had no jurisdiction to grant a declaration that the properties of a notified person stand charged and the certificate against such properties cannot be executed by the Recovery Officer under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter to be referred to as the Act of 1993) and the financial institution would have to move the Special Court in respect of the property attached.

3. Brief facts which are necessary for disposal of this appeal are that the respondent No.1 was declared as a notified party on 6.10.2001. Pursuant to the said notification, considering section 3(3) of the Act of 1992, all properties, movable and immovable stood attached simultaneously. The Custodian confirmed the attachment on 1.11.2001. The respondent No.2 - Oriental Bank of Commerce (hereinafter to be referred to as the Bank) filed an application being Original Application No.233 of 2002 against the respondent No.1. The respondent No.1 too...

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