Icici Bank Ltd. v. Armour Chemical Ltd. And 7 ORS.

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IN THE HIGH COURT OF JUDICATURE AT BOMBAY

ORDINARY ORIGINAL CIVIL JURISDICTION CHAMBER SUMMONS NO.83 OF 2015 WITH CHAMBER SUMMONS NO.841 OF 2015 WITH NOTICE OF MOTION NO.1499 OF 2010 WITH NOTICE OF MOTION NO.343 OF 2012 IN SUIT NO.2174 OF 2003 ICICI Bank Limited ....Plaintiff V/s.

Armour Chemical Ltd. & Ors.

....Defendants ---- Ms. Gargi Bhagwat i/b. Divekar Bhagwat & Co. for the plaintiff. Ms. U.M. Zhaveri for the defendant no.2.

Mr. Kunal Chheda i/b. M/s. M.V. Kini & Co. for the defendant no.3. Ms. Uma Palsule-Desai, AGP for State.

Mr. Sham V. Walve a/w. Ms. Jaya Alle i/b. ASK Legal for the applicant in CHS/841/2015 and for the defendant no.5.

---- CORAM : K.R.SHRIRAM,J DATE : 5th OCTOBER,2016 P.C.:- The counsel for the plaintiff states that after the Larger Bench disposed of the matter by an order dated 7th March, 2016 holding that this court will have jurisdiction to decide the subject matter of the suit, the matter was placed before the Appeal Bench and the Appeal Bench set aside the earlier order of the Single Judge and remanded the matter back for further proceedings. The counsel

2/3 for the plaintiff further states that in the meanwhile there has been an amendment to the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 pursuant to the Enforcement of Security Interest and Recovery of Debts Laws and Miscellaneous Provisions (Amendment) Act, 2016, which has come into effect from 1st September, 2016 pursuant to notification no.2142 issued on 1st September, 2016.

The counsel for the plaintiff states that in view of Section 26 of the Amending Act, Section 2 of the Debt Recovery Tribunal Act has under gone some amendments. In view of the amended provisions, the counsel for the plaintiff states that this court will not have jurisdiction and the matter will have to be transferred to Debt Recovery Tribunal for further adjudication.

The registry to take steps to transfer the suit as well as interim applications to the Debt Recovery Tribunal within four weeks from today.

The Court Receiver, who has been appointed shall continue for a period of 12 weeks and in the meanwhile the plaintiff may move

3/3 the Debt Recovery Tribunal for appropriate reliefs. (K.R.SHRIRAM,J)