ICICI BANK LTD Vs. INDIAN OVERSEAS BANK
LAWS(DR)-2005-3-13
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on March 31,2005

Appellant
VERSUS
Respondents

JUDGEMENT

Harihar P.Chaturvedi, - (1.) THE case is fixed today for orders in the above stated IAs. THE case is taken up in post - lunch session for passing order. By these IAs, the plaintiff Bank has sought a prayer against the first respondent Indian Overseas Bank, Secretariat Branch, Fort Saint George, Chennai and other respondents 2 to 4 for a direction by an ad interim injunction restraining the first respondent from adjusting or appropriation of a sum of Rs. 35,70,697.50 which is said to be deposited by the 2nd respondent Mr. S. Elumalai, Proprietor of M/s. S.K.T. Bricks, Chennai on 23.10.2001 towards the payment of amount due under letter of credit and not to pay the said sum other than the applicant Bank. THE petitioner has sought further direction that this Tribunal should direct the first respondent Indian Overseas Bank to pay this much amount forthwith to the applicant Bank to be credited towards a letter of credit as the 2nd defendant has deposited this amount with the first respondent Indian Overseas Bank on 23.10.2001 towards discharge of the said bill under letter of credit dated 28.4.2001, which fell due for payment on 25.10.2001. THE petitioner has also pleaded that the action of the first respondent Indian Overseas Bank for keeping this money knowing well that it is not entitled to the same is unlawful and the Indian Overseas Bank is making unlawful gain from this money and thus causing a loss to the petitioner Bank.
(2.) The petitioner has further prayed for a direction in the form of an ad interim injunction against other respondents/defendants 2 to 4 and their main agents or servants from alienating or creating any charge or encumbrance or disposing of the Schedules A and B property of the OA till the pending disposal of the OA. It is a matter of record that this Court during the course of hearing in these IAs has already passed an ad interim order on 12.12.2001 by directing the defendants 2 to 4 to maintain status quo over the Schedules A and B property of the OA and not to dispose or alienate the same without prior permission of DRT. The Court has further directed the respondent Indian Overseas Bank, Secretariat Branch, Fort Saint George, Chennai not to disburse or adjust amount of Rs. 35,70,697.50 deposited with by the respondent No. 2 on 23.10.2001 which is the subject matter of the present IA and OA.
(3.) IN this matter the respondent Bank along has also filed its counter to the IA's; however the respondents 2 and 3 did not file their counter. Although they entered their appearance through Advocate K.M. Appaji and thereafter G. Shiva Surya, failed to file the same. The arguments of the petitioner Bank Counsel and the respondent Bank have already been heard.;


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