O.A. No. 292 of 2003. Case: Abhyudaya Co-op. Bank Ltd. Vs Omjaysai Infraimpex Pvt. Ltd. and Ors.. Nagpur Debt Recovery Tribunals
|Case Number:||O.A. No. 292 of 2003|
|Party Name:||Abhyudaya Co-op. Bank Ltd. Vs Omjaysai Infraimpex Pvt. Ltd. and Ors.|
|Counsel:||For Appellant: B.P. Colabawala, Adv., i/b. Medekar and Co. and For Respondents: Ismail Nasikwala, Adv. for the Defendant Nos. 1 to 3 and 5 and Amit Sale, Adv. for the Defendant No. 6|
|Judges:||K.J. Paratwar, Presiding Officer|
|Issue:||Maharashtra Co-operative Societies Act, 1960; Recovery of Debts Due to Banks and Financial Institutions Act, 1993 - Sections 17 and 18; Multi-State Co-operative Societies Act, 2002|
|Citation:||II (2005) BC 237|
|Judgement Date:||January 04, 2005|
|Court:||Nagpur Debt Recovery Tribunals|
K.J. Paratwar, Presiding Officer
Heard the learned Counsel.
During the course of final arguments, it was pointed out that the question as to whether this Tribunal can hear Original Application in view of the Hon'ble Apex Court Order dated 16.1.2004 in Special Leave to Appeal (Civil) No. 886 of 2004. Greater Bombay Co-op. Bank Ltd. v. United Yarn Tex Pvt. Ltd, staying the operation of the judgment if the Hon'ble Bench (F.B) of parent High Court in the matter between Narendra Kantilal Shah v. Joint Registrar, Co-operative Societies (Appeal) Bombay and Ors. is of vital importance and finding to the same goes to the root of the matter. The F.B. has endorsed the law laid down by Hon'ble Judges of Division Bench (D.B.) in the matter between Shamrao Vithal Co-operative Bank Ltd. v. Star Glass Works and Ors., 2003 (3) Bom. C.R. 374. Considering the significance of the issue, I have thought it expedient to restrict to that question.
Mr. Ismail Nasikwala, learned Defence Counsel has at the outset invited my attention to the question formulated by the F.B. for the consideration which is reproduced below:
Do the Courts and authorities constituted under the Maharashtra Co-operative Societies Act, 1960 (the 1960 Act) and the Multi-State Co-operative Societies Act, 2002 (the 2002 Act) continue to have jurisdiction to entertain applications/disputes submitted before them by the Co-operative Banks incorporated under the 1960 Act and the 2002 Act for an order for recovery of debts due to them, after establishment of a Tribunal under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (the 1993 Act).
The F.B. ruled that on and from the date on which the Debts Recovery Tribunal (D.R.T.) was constituted under R.D.D.B. Act (which was on 16.7.1999 in case of this D.R.T.) the Courts and authorities under Maharashtra Co-operative Societies Act, 1960 and Multi-State Co-operative Societies Act, 2002 would cease to have jurisdiction to entertain the applications submitted by the Co-operative Banks for recovery of their dues in excess of Rs. 10 lacs. The necessary corollary is this Tribunal will have jurisdiction of trying those matters.
Mr. Ismail Nasikwala has then drawn my attention to the order of the Apex Court dated 16.1.2004, referred to above, which runs below:
Pending further orders, there shall be ad interim stay of the operation of the impugned judgment.
Thus, the operation of the F.B. judgment has been stayed by...
To continue readingREQUEST YOUR TRIAL