KLEN AND MARSHALLS MANUFACTURERS AND EXPORTERS LTD. Vs. BANK OF TOKYO-MITSUBISHI LTD.
LAWS(DR)-2005-10-12
DEBTS RECOVERY APPELLATE TRIBUNAL
Decided on October 19,2005

KLEN AND MARSHALLS MANUFACTURERS AND EXPORTERS LTD. Appellant
VERSUS
Bank Of Tokyo -Mitsubishi Ltd. Respondents

JUDGEMENT

K.Gnanaprakasam, J. (Chairperson) - (1.) BY this common order, both the appeals in MA -82/2005 and MA -83/2005 are disposed of.
(2.) THE appellant in both the appeals is the 3rd defendant in OA -326/2000 and OA -327/2000, on the file of DRT, Bangalore. The appellant took out an application in both the OAs contending that the OAs are not maintainable, on the ground that the respondent Bank does not fall within the definition of Bank as defined in the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDDB & FI Act) and the respondent Bank is a foreign company established under the laws of Japan and it has not performed its obligations contemplated under Sections 592 and 593 of the Companies Act. The said petition was opposed by the respondent that it had complied with all the provisions of the Companies Act, 1956, as applicable to the respondent Bank and in view of the name had undergone a change, compliance made, as required under Section 594(3) of the Companies Act, 1956, and therefore, the OA filed by them is maintainable. The learned Presiding Officer of DRT, Bangalore, after considering the submissions of both, came to the conclusion that the petition filed by the appellant is devoid of any merits and dismissed the same by order dated 14.5.2003. Aggrieved by the same, these appeals have been filed.
(3.) POINTS for consideration are: (1) Whether the Bank of Tokyo has merged with Mitsubishi Bank and became a new entity of Bank of Tokyo -Mitsubishi Ltd., or it is only a change of name of the Bank of Tokyo as Bank of Tokyo -Mitsubishi Ltd. (2) Whether compliance is required under Section 592 or 593 of the Companies Act, 1956. (3) Whether the subsequent Registration of Form No. 49 in the year 2004, in respect of merger took place in the year 1997 and 1998, would cure the defect.;


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