SupremeToday Landscape Ad
Back
Next
Judicial Analysis Court Copy Headnote Facts Arguments Court observation
Listen Audio Icon Pause Audio Icon
judgment-img

D.P.WADHWA, S.SAGHIR AHMAD
INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF INDIA LTD. – Appellant
Versus
GRAPCO INDUSTRIES LTD. – Respondent


Advocates:
Counsels :
Harish N. Salve, Sr. Adv., Ms. Purnima Singh, Suman Jyoti Khaitan, Advs. with him—For the Appellants.
Rajiv K. Garg, Atul Sharma, N.D. Garg, Sanjay Kapur, Rajinder Mathur, Advs.—For the Respondents.

JUDGMENT

D.P. Wadhwa, J. : Leave granted.

Question of law that arises for consideration in these appeals is : if the Debts Recovery Tribunal constituted under section 3(1) of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (for short the `Act') has jurisdiction to grant ad interim ex parte order of injunction or stay against the defendant on an application or stay against the defendant on an application filed by the bank or financial institution for recovery of debt as defined under clause (g) of Section 2 of the Act. Tribunal under clause (o) of Section of the Act means the Tribunal established under sub-section (1) of Section 3 of the Act. These appeals are from the judgments of the Calcutta High Court given on petitions filed under Article 227 of the Constitution holding that the Tribunal has no jurisdiction to grant ex parte orders under the Act. It is further held on merit as well that the Tribunal was wrong in granting an ex parte order of injunction.

2. When we see Preamble to the Act, it provides for the establishment of Tribunals for expeditious adjudication and recovery of debts due to banks and financial institutions and for matters connected ther






























































Click Here to Read the rest of this document

1
2
3
4
5
6
7
8
9
10
11
SupremeToday Portrait Ad
supreme today icon
logo-black

An indispensable Tool for Legal Professionals, Endorsed by Various High Court and Judicial Officers

Please visit our Training & Support
Center or Contact Us for assistance

qr

Scan Me!

India’s Legal research and Law Firm App, Download now!

For Daily Legal Updates, Join us on :

whatsapp-icon telegram-icon
whatsapp-icon Back to top