HARVESTDEAL SECURITIES LTD. Vs. PUNJAB NATIONAL BANK
HIGH COURT OF BOMBAY
Harvestdeal Securities Ltd.
PUNJAB NATIONAL BANK
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(1.) By this petition under Articles 226 and 227 of the Constitution of India, the petitioner has challenged order dated 19 February 2015 made by the Debt Recovery Appellate Tribunal (DRAT).
(2.) In this case, the respondent Punjab National Bank (PNB) has instituted Original Application No. 100 of 2005 under section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDB) with the Debt Recovery Tribunal (DRT), Mumbai seeking recovery of an amount of Rs.94,36,041/- on basis of certain transactions, with which, we are not presently concerned.
(3.) On 7 March 2006, the petitioner filed detailed written statement, urging inter alia that the claim of PNB is barred by limitation, untenable on merits and in any case settled. After setting out their entire defence on merits, in paragraph 30 of the written statement, the petitioner also pleaded that the claim of PNB is not maintainable owing to the arbitration clause between the petitioner and the PNB, due to which, the Stock Exchange Mumbai Arbitration Forum, will have jurisdiction to try and decide the Original Application.;
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