SOUTHERN PETROCHEMICALS INDUSTRIES CORPORATION LTD Vs. ADMINISTRATOR OF SPECIFIED UNDERTAKING OF UNIT TRUST OF INDIA
LAWS(SC)-2006-12-49
SUPREME COURT OF INDIA (FROM: BOMBAY)
Decided on December 13,2006

SOUTHERN PETROCHEMICALS INDUSTRIES CORPORATION LTD. Appellant
VERSUS
ADMINISTRATOR OF SPECIFIED UNDERTAKING OF UNIT TRUST OF INDIA Respondents





Cited Judgements :-

FINITE INFRATECH LTD VS. IFCI [LAWS(DLH)-2010-7-97] [REFERRED TO]


JUDGEMENT

B. P. Singh, J. - (1.)Special Leave granted.
(2.)In this appeal by special leave, the appellant M/s. Southern Petrochemicals Industries Corp. Ltd. has impugned the judgment and order of the High Court of Judicature at Bombay dated August 10, 2004 in Writ Petition No.5758 of 2004 upholding the order passed by the Chairperson of the Debts Recovery Appellate Tribunal in Misc. Appeal No.132 of 2004. The High Court held that the action brought against the appellant company by respondents 1 and 2 herein for recovery of debts due to them, was rightly entertained by the Tribunal constituted under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, which had jurisdiction to entertain the claim. The objection to the jurisdiction of the Debts Recovery Tribunal was taken at the threshold and, therefore, in this appeal we are not concerned with the merit of the claims of respondents 1 and 2.
(3.)The questions which arise for consideration in this appeal are whether respondents 1 and 2, namely, Administrator of Specified Undertaking of Unit Trust of India and UTI Trustee Company Private Limited are "financial institutions" within the meaning of that term in the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as the DRT Act). If the answer is in the affirmative, whether the action brought by them before the Debts Recovery Tribunal is for recovery of debts due to them from the appellant herein, and not due to any other person on whose behalf the aforesaid respondents are suing.


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