UNION BANK OF INDIA Vs. JENUS PHARMACEUTICALS INDIA

JUDGEMENT

(1.) THE appellant-Union Bank of India, filed a Civil Suit before the District Judge, Jaipur City, for the recovery of Rs. 10,60,951.92 against the respondents, which was decreed on 19.7.1989 for the said sum with subsequent interest at 16.5% per annum from the date of suit till realisation along with costs. THE appellant Bank filed an application before the Debts Recovery Tribunal, Jaipur (hereinafter referred to as 'the Tribunal') for issuance of a recovery certificate. This became necessary because the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as 'the Act') came to be passed and Sub-section (1) of Section 31 of the said Act provides as follows:

(2.) Subsequently, by an amendment in the year 2000, Section 31A was introduced into the Act which provides as follows:

(3.) THE learned Presiding Officer of the Tribunal, who considered the application of the appellant Bank for the issuance of the Recovery Certificate, dismissed the said application on the ground that it is barred by limitation. Aggrieved, the Union Bank of India has come forward with this appeal.