Drat Mumbai Court July 2004 Judgments
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Corporation Bank Vs. Ruia Cotex Ltd. and ors.
Court: DRAT Mumbai
Decided on: Jul-09-2004
Reported in: II(2006)BC250
1. This appeal was preferred against an order dated 14th August, 2003, made by the learned Presiding Officer, Debts Recovery Tribunal (1), Kolkata, hereinafter referred to as "the DRT". The respondent No. 6, which has been impleaded in the Memorandum of Appeal, was the proforma defendant in the claim petition. According to the Bank the respondent No. 6 was the holder of the first charge over the immovable properties, which had been mortgaged by the respondents in favour of the Bank by way of securing the financial assistance, extended by the Bank and enjoyed by them. The subject matter of dispute before the DRT was, whether after having initiated proceedings for the recovery of its debts under Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, hereinafter referred to as "the Act", the Bank was entitled to issue simultaneously notice, for the recovery of the same debts, by invoking the provisions of Section 13(2) of the Securitisation and Reconstruct...
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