Original Application No. 176 of 2002. Case: Indian Bank Vs Lark Chemicals Ltd.. Mumbai Debt Recovery Tribunals
| Case Number | Original Application No. 176 of 2002 |
| Counsel | For Appellant: Sheetal Chaturvedi, Adv., i/b., M. Dhruv & Co. and For Respondents: Arun Mehta, Adv., i/b., Akshar Laws |
| Judges | K.J. Paratwar, Presiding Officer |
| Issue | Banking Law |
| Citation | 3 (2006) BC 101 |
| Judgement Date | Monday October 10, 2005 |
| Court | Mumbai Debt Recovery Tribunals |
Judgment:
K.J. Paratwar, Presiding Officer
The acceptor of below noted 3 bills (Hundis) issued in this Original Application for recovery of Rs. 26, 43, 289.47 being dues under Bills/Purchase Discounting Facility with interest @ 21% per annum with quarterly rest from the date of filing the Original Application till full realization.
Hundi No. and Date Amount Due Date AVIK/H/254 12th January, 1999 5, 41, 620 26th February, 1999 AVIK/H/255 12th January, 1999 5, 41, 620 3rd March, 1999 AVIK/H/257 12th January, 1999 5, 41, 620 13th March, 1999
The applicant's constituent Avik Pharmaceutical Ltd, had drawn said bills which were accepted for due payment on due dates by the defendant. The Bank discounted the bills and thus became holder in due course. The defendant did not pay the amounts on due dates and even thereafter despite repeated demands. The bills were therefore got notarized after which also the payments were not made. Therefore this Original Application is filed.
The defendant in written statement (Exhibit 9) has admitted to have accepted the bills. The defendant however has come out with a case that the drawer of the bills had itself made the payment thereof in October-November 2000 to the Bank. The contention is that the Bank deliberately suppressed the factum of receipt of the principal amount to the Hundis from the drawer. The defendant has in this connection referred to the correspondence...
Get this document and AI-powered insights with a free trial of vLex and Vincent AI
Get Started for FreeUnlock full access with a free 7-day trial
Transform your legal research with vLex
-
Complete access to the largest collection of common law case law on one platform
-
Generate AI case summaries that instantly highlight key legal issues
-
Advanced search capabilities with precise filtering and sorting options
-
Comprehensive legal content with documents across 100+ jurisdictions
-
Trusted by 2 million professionals including top global firms
-
Access AI-Powered Research with Vincent AI: Natural language queries with verified citations
Unlock full access with a free 7-day trial
Transform your legal research with vLex
-
Complete access to the largest collection of common law case law on one platform
-
Generate AI case summaries that instantly highlight key legal issues
-
Advanced search capabilities with precise filtering and sorting options
-
Comprehensive legal content with documents across 100+ jurisdictions
-
Trusted by 2 million professionals including top global firms
-
Access AI-Powered Research with Vincent AI: Natural language queries with verified citations
Unlock full access with a free 7-day trial
Transform your legal research with vLex
-
Complete access to the largest collection of common law case law on one platform
-
Generate AI case summaries that instantly highlight key legal issues
-
Advanced search capabilities with precise filtering and sorting options
-
Comprehensive legal content with documents across 100+ jurisdictions
-
Trusted by 2 million professionals including top global firms
-
Access AI-Powered Research with Vincent AI: Natural language queries with verified citations
Unlock full access with a free 7-day trial
Transform your legal research with vLex
-
Complete access to the largest collection of common law case law on one platform
-
Generate AI case summaries that instantly highlight key legal issues
-
Advanced search capabilities with precise filtering and sorting options
-
Comprehensive legal content with documents across 100+ jurisdictions
-
Trusted by 2 million professionals including top global firms
-
Access AI-Powered Research with Vincent AI: Natural language queries with verified citations
Unlock full access with a free 7-day trial
Transform your legal research with vLex
-
Complete access to the largest collection of common law case law on one platform
-
Generate AI case summaries that instantly highlight key legal issues
-
Advanced search capabilities with precise filtering and sorting options
-
Comprehensive legal content with documents across 100+ jurisdictions
-
Trusted by 2 million professionals including top global firms
-
Access AI-Powered Research with Vincent AI: Natural language queries with verified citations