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D. K. SINGH
Geevarghese P. John, Son Of Late P. P. John – Appellant
Versus
Federal Bank Ltd. , Nedumbassery Branch, Represented By Chief Manager, Asset Recovery Branch, Marine Drive, Ernakulam – Respondent
JUDGMENT :
“C.R.”
[OP (DRT) Nos.446/2023, 394/2022, 517/2023 W.P.(C) Nos.3943/2023, 9592/2021, 6793/2018]
Heard Mr George Thomas Mevada (Sr) assisted by Mr Amal Geroge, Mr E K Nanda Kumar (Sr) assisted by Ms Ramola N, Mr George Poonthottam (Sr) assisted by Mr R Sunilkumar, Mr Manu Ramachandran, Mr Peer Mohamed Khan, learned Counsel for the petitioners, and Mr Jawahar Jose, Mr Varghese Cherian, Mr Sunil Sankar, Mr P Chandrasekhar, Sri Madhu Radhakrishnan learned Counsel for the respondents.
2. The common question that arises for consideration in these petitions is whether the provisions of Rule 68B of the Second Schedule to the Income Tax Act 1961 have been made applicable to proceedings for recovery of amounts determined as payable to a Bank/Financial Institution under the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (for short, ‘RDDB Act’) prohibits the proceedings from continuing beyond the period prescribed in that Rule. 2.1 Almost common questions of law and facts are involved in these petitions. Therefore, these petitions are being decided by this common judgment. The brief facts of each case are stated hereunder:
Facts:
W.P.(C) No.6793/2018
3
Rule 68B of the Income Tax Act does not apply to recovery proceedings under the RDDB Act; the limitation period for such recoveries is governed by the Limitation Act.
The statutory limitations under Rule 68B of the Income Tax Act are not applicable to recovery proceedings under the RDDB Act, affirming that such sales are valid and within legal parameters.
Recovery Officers cannot adjudicate unadjudicated claims during execution proceedings under the RDDB Act.
The main legal point established in the judgment is that the right to appeal under Section 30 of the RDDBFI Act is not contingent upon invoking Rules 60 and 61 of the Income Tax Act. Additionally, th....
The court established that compliance with pre-deposit requirements is mandatory for challenging sales under the Recovery of Debts Due to Banks and Financial Institutions Act and related rules.
The judgment emphasizes the duty of the Recovery Officer to accurately specify the amount due in the sale proclamation and the valuable right of the judgment debtor to save his property under Rule 60....
Time for computing limitation period for filing application under Section 7 of IBC would be guided by Article 137 of Limitation Act.
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