S.S. Parkar, Chairperson—This appeal has been filed against the order dated 18.5.2006 passed by the learned Presiding Officer, Debts Recovery Tribunal-III, Mumbai rejecting the interim application filed by the appellant-corporation raising preliminary issues.

2. The respondent Bank has filed Original Application No. 40 of 2006 in the Debts Recovery Tribunal-III, Mumbai against the appellant corporation for the recovery of the amount of ‘debt’ which is pending. In that original application the appellant corporation filed an application for framing two preliminary issues as follows:

(a) Whether this Hon’ble Tribunal (DRT) has jurisdiction to entertain, hear and decide the disputes raised in the original application filed by the applicant?

(b) Whether the original application filed by the applicant is maintainable in the light of the law declared by the Hon’ble Supreme Court?

3. On behalf of the appellants firstly it is contended that the relationship between the respondent Bank and the appellant corporation is not that of a lender and borrower and the amount due to be paid by the appellant corporation is not a ‘debt’ within the meaning of the provisions of the Recovery of Debts