Bank vs M/s Devi Ispat Ltd. - 2010 Supreme(Online)(SC) 101

Judicial Analysis Court Copy Headnote Facts Arguments Court observation

2010 Supreme(Online)(SC) 101

SUPREME COURT
*P. Sathasivam, Anil R. Dave, JJ.
Bank – Appellant
Versus
M/s Devi Ispat Ltd. – Respondent

Advocates:
For the Appellants/Petitioners: Mr. Mukul Rohtagi
For the Respondents: Mr. C. A. Sundaram

Table of Content
1. background facts on the financial relationship (Para 2 , 3)
2. competing arguments for appeal (Para 4 , 5)
3. court's assessment of the parties' claims (Para 6 , 7)
4. entitlement of respondent to return of title deeds (Para 8)
5. writ jurisdiction applicability in contractual matters (Para 9 , 10 , 11 , 12)
6. constitutional equilibrium in contractual disputes (Para 13 , 14 , 15 , 16)

1. Leave granted.

3. Brief facts:
a) Respondent No. 1 is a Company incorporated under the name and style of M/s Devi Ispat Ltd. The Respondent - Company carries on the business of manufacturing and trading in ingots and various other types of steel and for the said purpose requires financial support from the financial institutions like the appellant - Bank. Since the very inception of the respondent - Company, it has been banking with the appellant - Bank and availing various credit facilities like Term Loan, Working Capital Demand Loan, Cash Credit and Letter of Credit facility. On 16.10.2006, the respondent - Company wrote a letter to the appellant - Bank requesting it to review and enhance its credit facilities. On 15.12.2006, the appellant - Bank intimated the respondent - Company o