SHANTI INTERNATIONAL Vs. JAMMU AND KASHMIR BANK LTD
DEBTS RECOVERY APPELLATE TRIBUNAL
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(1.) THE appellants are M/s. Shanti International and Mr. K.K. Kohli. THE latter is the proprietor of the former. THEy are aggrieved of an order dated 10.9.2003 passed by the Tribunal below dismissing their appeal against the order of the Recovery Officer dated 23.12.2002. THEy are the CDs and their objection as to the jurisdiction of the Tribunal below in proceeding to realise the outstanding dues by auctioning the mortgaged property situated in the State of Jammu and Kashmir stands rejected, THEir grouse is grounded there against.
(2.) Narration of a few mere facts would be helpful, 0.A. No. 1186/1995 filed by the respondent-Bank (applicant in 0.A.) for the recovery of Rs. 50 lakh and odd with Interest was decreed on 26.5.1997 by the Tribunal below, Pursusant to the decree, Recovery Certificate No. 179/2000 was issued for the recovery of Rs. 51 lukh und odd, As per the terms of the decree, the CH Bank is entitled to recover the decretal amount from the two mortgaged properties situated in the State of Jammu and Kashmir, including the property known as "Kohli House" situated at Haft Chinar, Stadium Road, Opp. Iqbal Park, Srinagar, Kashmir and described as "One four-storeyed pucca building, G.I.S. Roofed House, with leasehold rights over the land at Haft Chinar, Stadium Road, Opp. Iqbal Park, Srinagar, Kashmir".
The Recovery Officer vide order dated 2.12.2002 ordered that sale proclamation for the mortgaged property i.e. "Kohli House" be issued. The appellants objected to it on the ground that the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (for short "the said Act") did not apply to the State of Jammu and Kashmir. Therefore, the property situated in Srinagar could not be auctioned by the Recovery Officer, DRT-I, Delhi. The Recovery Officer did not agree and dismissed the objection on 23.12.2002. Appeal No. 2/2003 filed by the appellants under Section 30 of the said Act before the Tribunal below also met with the same fate and was dismissed by the Tribunal below on 10.9.2003. The matter is now in appeal before this Appellate Tribunal.
(3.) I have heard Mr. P.R. Aggarwal, learned Counsel for the appellants as well as Mr. Vinod Trishal, learned Counsel for the respondent-Bank.;
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