CENTRAL BANK OF INDIA Vs. ELMOT ENGINEERING COMPANY
LAWS(SC)-1994-4-13
SUPREME COURT OF INDIA (FROM: BOMBAY)
Decided on April 27,1994

CENTRAL BANK OF INDIA LIMITED Appellant
VERSUS
ELMOT ENGINEERING COMPANY Respondents





Cited Judgements :-

MAYUR SYNTEX LTD VS. PUNJAB AND SIND BANK [LAWS(DLH)-1997-5-103] [REFERRED]
D K KAPUR VS. RESERVE BANK OF INDIA [LAWS(DLH)-2001-1-20] [REFERRED]
APSFC HYD VS. EMGEE RUBBER P LIMITED A P [LAWS(APH)-1999-10-55] [REFERRED TO]
REMU PIPES LIMITED VS. INDUSTRIAL FINANCE CORPORATION OF INDIA [LAWS(APH)-2001-8-44] [REFERRED TO]
OSHI FOODS LIMITED VS. STATE BANK OF INDIA [LAWS(MPH)-1997-7-11] [REFERRED TO]
KARNATAKA STATE INDUSTRIAL INVESTMENT AND DEVELOPMENT CORPORATION LIMITED VS. INTERMODEL TRANSPORT TECHNOLOGY SYSTEMS [LAWS(KAR)-1998-1-16] [REFERRED TO]
FIRTH INDIA STEEL COMPANY LIMITED VS. ION EXCHANGE FINANCE LIMITED [LAWS(BOM)-1998-4-56] [REFERRED TO]
ION EXCHANGE FINANCE LTD VS. BOMBAY LEASING CO PVT LTD [LAWS(BOM)-1999-8-122] [REFERRED TO]
EXPOSURE INSURANCE SERVICES LTD VS. LARSEN AND TOUBRO LTD [LAWS(BOM)-2007-7-115] [REFERRED TO]
CORPORATION BANK VS. J B PAPER MILLS [LAWS(P&H)-1996-8-54] [REFERRED TO]
BIHAR SOLEX PVT LTD VS. STATE OF BIHAR [LAWS(PAT)-1998-5-13] [REFERRED TO]
SIROHI CEMENTS LTD VS. STATE [LAWS(RAJ)-1995-11-41] [REFERRED TO]
BANK OF INDIA VS. SARAF SYNTHETICS RAJ LTD [LAWS(RAJ)-1997-8-20] [REFERRED TO ; [1994] 4 SCC 159,]
SPIC ELECTRONICS AND SYSTEMS LTD VS. KIENZLE INDIAN SAMAY LTD [LAWS(RAJ)-1998-1-7] [REFERRED TO]
NATIONAL INSTT OF TECHNOLOGY TRUST VS. OFFICIAL LIQUIDATOR [LAWS(DLH)-2012-5-264] [REFERRED TO]
RAJASTHAN STATE INDUSTRIAL VS. OFFICIAL LIQUIDATOR OF SHREE [LAWS(RAJ)-2002-4-99] [REFERRED TO]
ERACH BOMAN KHAVAR VS. TUKARAM SHRIDHAR BHAT [LAWS(SC)-2013-12-28] [REFERRED TO]
ION EXCHANGE FINANCE LTD VS. BOMBAY LEASING CO. PVT. LTD [LAWS(BOM)-1998-9-159] [REFERRED TO]
IN THE MATTER OF FIRTH (I) STEEL CO LTD S VS. STATE [LAWS(BOM)-1998-9-167] [REFERRED TO]
INDORAMA SYNTHETICS (I) LIMITED VS. STATE OF MAHARASHTRA [LAWS(BOM)-2016-5-10] [REFERRED TO]
UNITED BANK OF INDIA VS. THE OFFICIAL LIQUIDATOR [LAWS(CAL)-2000-3-91] [REFERRED TO]
IN MATTER OF : FIRTH (INDIA) STEEL CO LTD VS. STATE [LAWS(BOM)-1998-9-193] [REFERRED]
EHSANUL HAQUE @ MD. M.E. HAQUE VS. STATE OF BIHAR [LAWS(PAT)-2020-1-2] [REFERRED TO]
BOARD OF TRUSTEES OF THE PORT MUMBAI VS. BARGE MADHWA AND ANR. [LAWS(BOM)-2020-5-11] [REFERRED TO]
A.NAVINCHANDRA STEELS PRIVATE LIMITED VS. SREI EQUIPMENT FINANCE LIMITED [LAWS(SC)-2021-3-2] [REFERRED TO]
P. MOHANRAJ VS. M/S. SHAH BROTHERS ISPAT PRIVATE LIMITED [LAWS(SC)-2021-3-10] [REFERRED TO]


JUDGEMENT

- (1.)Leave granted.
The appellant filed a suit bearing O.S. No. 7 of 1986 against respondents Nos. 1, 3 and 4 in the Court of Subordinate Judge, Rangareddy District at Saroor Nagar, Andhra Pradesh for recovery of Rupees 97,21,274.11 with interest thereon. The further prayer was, in default of payment a final decree might be passed directing the sale of mortgaged properties and for ancillary reliefs. The averments in the plaint are briefly as follows:

The first respondent is a limited company 3rd and 4th respondents are the Advisors and Directors respectively of the first respondent company. The first respondent deposited with the appellant the documents of title relating to its landed property at Industrial Development Area, Nacharam Tehsil, District Hyderabad (presently Rangareddy District) with an intention to create an equitable mortgage of immoveable property covered by those documents together with all structures and buildings thereon.

(2.)On 6-10-76, the third and fourth respondents executed separate guarantee in respect of the facilities granted to the first respondent guaranteeing repayment of amounts. On 20-1-84, one of the Directors declared that equitable mortgage by deposit of title deeds dated 6-10-75 would also form security for the letters of credit, fresh funded term loan, guarantee limited and other facilities allowed to the first respondent, by the appellant. The necessary forms in this regard were filed before the Registrar of Companies, Maharashtra. at Bombay for registering the charges.
(3.)In order to secure the amount under the various heads/credit facilities the first respondent deposited on 17-8-79 with the appellant's Sundernagar Branch, Bombay, an agreement for sale in respect of the first floor of the building belonging to the first respondent. The first respondent requested that its account be transferred from Sundernagar Branch, Bombay to Hyderabad Main Branch of the appellant.
;


Click here to view full judgement.
Copyright © Regent Computronics Pvt.Ltd.