JUDGMENT :

1. There are four characters in the dramatis personae of the present litigation. The first is M/s. Etibar Investment Pvt. Ltd. (for short, “Etibar”), the writ petitioner in WPO 2291 of 2022. The second is M/s. TRACO Enterprises (in brief, “TRACO”), a creditor of Etibar. Etibar’s bank is the Central Bank of India (CBI) and TRACO’s bank is the ICICI Bank, respectively the third and fourth characters.

2. Etibar paid two cheques to TRACO to meet its debts towards the latter. TRACO presented those to its Bank, the ICICI, and the amounts were duly credited to the account of TRACO. In the meantime, however, the CBI intimated the petitioner that the cheque could not be honoured due to insufficient funds in the account of Etibar with the CBI. Similar communication was also made to ICICI from the CBI but due to glitches in the inter-banking virtual communication system, the communication did not reached ICICI Bank in due time, for which the amount was credited by the ICICI in favour of TRACO.

3. Subsequently, the CBI has claimed the said amount from Etibar and, pursuant to the claim, has marked a lien on the account of Etibar for a particular sum and has deducted the rest of the clai