Dismissed

Oriental Exports and Oth v. Central Bank of India and Anr.

DRT24 Apr 2026MA/9/2026

Case brief

AI extract

What is this about?

The tribunal dismissed an application by the Central Bank of India to expunge its name from the case. It held the Bank must return shares to the applicant and cannot absolve responsibility if it failed to assign shares as required.

What did the court decide?

Dismissal of IA/2252/2024; A direction to the Registrar to register the main application and issue notice for service; Listing for further orders.

Case No. ND
IN OA/189/2

Order Sheet (continuation)
N/ 700/2024(MA)
009
SCHEFIELDS LTD AND ORS
Vs.

PRUDENT ASSET RECONSTRUCTION COMPANY

LTD.

Date of
the Order

Order with Signature

Office action
with date and
dated
Signature of
Parties when
necessary

24/04/202

Ld. Counsel Mr. Nimesh Mishra and Mr. R. Poddar appeared
for the NDN Applicant.

Ld. Counsel S. Pal Chowdhury, Mr. K. Patra and Ms. A.
Khasnabish appeared for the Central Bank of India.

NDN Applicant has filed this MA which is registered as
NDN/700/2024(MA)
contending
that
Oriental
Exports
was
Defendant No. 7 in OA/189/2009 which was disposed of by way of
settlement between Prudent ARC and Defendants. In the OA,
Defendants have made counter claim.
Applicant has filed IA/1601/2023 for disposal of application
and withdrawal of counter claim by virtue of settlement between

Prudent Asset Reconstruction Company Ltd. and the defendants
and both OA and counter claim were disposed of by settlement.
Applicant have given 5000 shares along with bonus of

Grasims Industries and 7000 shares to AV Capital Ltd. to

Respondent Bank but the said shares have not been released in
favour of Applicant.

Ld. Counsel for Central Bank of India has filed IA/2252/2024

Date of
the Order

Order with Signature

Office action
with date and
dated
Signature of
Parties when

submitting that since the OA has been disposed of by way of
settlement the name of Central Bank of India be expunged from
this case.
The NDN Applicants have filed several letters regarding
request to Central Bank of India for transfer of 5,000 shares of the
Hindustan Zinc Limited and 1,000 shares of the Grasim Industries
Ltd. but not return to them.
It is contended by the Ld. Advocate for Central Bank of India
that by virtue of assignment agreement the name of Central
Bank of India has been deleted and prays to strike out the
Central Bank of India from the Misc. Application.
Matter was heard on 17/03/2026 and Ld. Advocate for the
Misc. Applicant submitted that they have requested Prudent ARC
but the Prudent ARC did not release the shares of Applicants.
Prayer in IA/2252/2024 by Central Bank of India is not
sustainable as Central Bank of India has not assigned the shares
to Prudent ARC. Central Bank of India cannot absolve its
responsibility to return shares of the NDN Applicant.
IA/2252/2024 is dismissed.

necessary

Ld.
Registrar
is
directed
to
register
the
NDN/

700/2024(MA) as MA and issue notice.

Date of
the Order

Order with Signature

Office action
with date and
dated
Signature of
Parties when
necessary

After Registration of MA the Applicant is directed to serve

notice along with copy of MA upon the respondents and file
affidavit of service.
The matter be listed before Ld. Registrar on 11/05/2026.

(Ambuja Mohan Das)
Presiding Officer

Oriental Exports and Oth v. Central Bank of India and Anr.

Case brief

What is this about?

What did the court decide?

Oriental Exports and Oth v. Central Bank of India and Anr.

Case brief

What is this about?

What did the court decide?

What the court decided

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