UCO BANK Vs. NATIONAL TEXTILE CORPORATION LTD.
LAWS(SC)-2020-3-40
SUPREME COURT OF INDIA
Decided on March 05,2020

UCO BANK Appellant
VERSUS
NATIONAL TEXTILE CORPORATION LTD. Respondents




JUDGEMENT

A.S.BOPANNA,J. - (1.)Leave granted.
(2.)The instant appeal has been filed assailing the judgment dated 10.2.2014 passed by the High Court of Delhi at New Delhi in LPA No. 808/2012 wherein the High Court allowed the LPA filed by Respondent No 1/National Textile Corporation Ltd. and inter alia restrained the Arbitral Tribunal from proceeding with the arbitral claim made by appellant herein.
(3.)As per the averments made by the appellant, M/s Shree Sitaram Mills Ltd. was taken over by National Textile Corporation Ltd./Respondent No. 1 under the Textile Undertaking (Takeover of Management) Act, 1983 and was nationalised w.e.f. 01.04.1994 under the Textile Undertakings (Nationalisation) Act, 1995. Said Shree Sitaram Mills Ltd. was enjoying credit facilities with the Appellant Bank and Respondent No. 2, i.e. Ministry of Textiles was the guarantor in respect of the said credit facilities. The last guarantee was issued by the Ministry of Textiles on 23.2.1995, valid up to 31.3.1996.
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