The DRAT dismissed the appeal filed by the Indian Overseas Bank. The Tribunal held that since the appellant had already returned the original title deeds to the respondent company, there was no substantive ground remaining for the appeal, rendering it devoid of force.
This page shows the compact analysis of this judgement. The full analysis — procedural history, issue-by-issue holdings with ratio and obiter, advocates, and paragraph-level evidence for every claim — is being added to the record in batches and will appear here when this judgement has been through it.
Appeal No. 214 of 2017-DRAT-Kolkata
IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA
Appeal No. 214 of 2017
(Arising out of O.A. 406 of 2011 in DRT-I, Kolkata)
THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA CHAIRPERSON
Indian Overseas Bank, a Body Corporate constituted Under the Banking Companies (Acquisition & Transfer of Undertakings) Act, 1970 having their head Office at 763, Anna Salai, Chennai - 600 002 and carrying on business from its International Business Branch at 2, Wood Street, P.S. Park Street Kolkata - 700 016.
… Appellant
-Versus-
2
… Respondents
JUDGMENT : 19th December, 2022
THE APPELLATE TRIBUNAL :
The instant appeal arises against an order dated 12th June, 2015 passed by Learned Presiding Officer, Debts Recovery Tribunal-I, Kolkata whereby the name of the Defendant No. 8 (M/s. Digital Avenues Limited) was expunged from the proceedings as party Defendant.
2. Feeling aggrieved, Appellant Bank preferred the instant appeal. 3. It appears that Defendant No. 8, M/s. Digital Avenues Limited, was made a Defendant in O.A. proceedings, being O.A. 406 of 2011 (Indian Overseas Bank -vs- Prime Pulses Limited & Others). In this proceedings an order dated 5th June, 2013 was passed by Learned DRT in favour of Defendant No. 8 and it was held that no valid mortgage has been created in favour of the Appellant Bank.
4. An appeal was preferred against the said order which was disposed of on the ground of limitation by DRAT, Kolkata. The order dated 6th January, 2014, passed by DRAT, Kolkata was challenged before the Hon’ble High Court at Calcutta and the Hon’ble High Court remanded the matter for rehearing the appeal. The order of the Hon’ble High Court was challenged before the Hon’ble Supreme Court by filing an SLP but there was no stay order of the order dated 5th June, 2013.. Learned DRT in its order dated 12th June, 2015 mentioned that vide letter dated 4th February, 2011, the guarantor has been discharged, hence Respondent No. 1 (Defendant No. 8 in the O.A. proceedings) cannot be proceeded with in the O.A. as guarantor.
3
Appeal No. 214 of 2017-DRAT-Kolkata Accordingly, Learned DRT expunged the name of Defendant No. 8, M/s. Digital Avenues Limited, from the array of parties as Defendant.
5. During the course of hearing, Ms. Aparajita Ghosh, Learned Counsel for Appellant Bank, submits that the Bank has already released the title deeds of Respondent No. 1, M/s. Digital Avenues Limited, on 3rd September, 2018. Copy of the resolution as well as the letter dated 31st August, 2018 by the Bank to M/s. Digital Avenues Limited are annexed at page 40 of the reply filed by Respondent No. 1. Further, Learned DRT on 16th April, 2019 passed an order wherein Learned Counsel for Appellant Bank submitted that the matter has already been disposed of and the original title deeds have been returned to the concerned Respondent. Accordingly, the matter was disposed of.
6. Learned Counsel for the Appellant submits that since Bank has already returned the title deeds, nothing remains in the appeal.
7. On the basis of the direction made by the Learned Counsel for the Appellant as well as on the ground that the original title deeds have already been returned by the Bank, I do not find any force in the appeal. Accordingly the appeal is dismissed.
O R D E R
The appeal is dismissed.
Copy of the order be supplied to Appellant and the Respondents and a copy be also forwarded to the concerned DRT.
File be consigned to Record room.
Order dictated, signed, dated and pronounced in open Court.
Copy of the Judgment/Final Order be uploaded in the Tribunal’s Website.
(Anil Kumar Srivastava,J) Chairperson
Dated: 19th December, 2022 09/ac
1 issue framed by the court
Whether the appeal should be dismissed given that the appellant bank has already returned the title deeds to the respondent.
Indian Overseas Bank
M/s. Digital Avenues Limited
Prime Pulses Limited
Ranjit Singh Kothari
Anand Kothari
Vineet Kothari
Anil Kumar Srivastava
As recorded by the court registry
4 orders share this CNR
Judgements on the same questions, provisions and authorities, from every court
