I F C I LTD Vs. U T I BANK LTD

JUDGEMENT

(1.) THIS Misc. appeal is filed by the appellant/original defendant No. 1 being aggrieved by the order dated 2.2.2003 passed by the learned Presi-ding Officer of Debts Recovery Tribunal-1, Mumbai on Exhibit No. 6 in Original Application No. 5/2003. By the impugned order the learned Presiding Officer partly allowed the application made by the respondent/original applicant UTI Bank Limited, granting relief of injunction, etc. as prayed for against the present appellant and further directed the defendant No. 1 to disclose on oath details of all amounts already received/realised from each of the respondents and to hand over the same to the applicant. The defendants, their servants, agents, officials and representatives, etc. were restrained from receiving any further amounts from the respondents and the respondent Nos. 1 to 12 who were joined in the original application were ordered to pay the amount due and payable by each of them to the applicant directly.

(2.) Few facts which are required to be stated, are as follows:

(3.) THE defendant No. 1 IFCI Limited filed their say in which it was contended that the Government of India, Ministry of Finance, Department of Economic Affairs, (Banking Division) and stock holders/share holders of the defendant No. 1 had decided to restructure all the liabilities of the defendant No. 1. In the meetings held on 26.11.2002 and 2.12.2002, it was decided that the loan availed by the defendant No. 1 from various Banks and financial institutions, including the applicant, would be reinvested at a coupon rate of 6% p.a. for 20 years. It was submitted that in view of this, the original application itself was not maintainable, that restructuring package finalised by the Government was binding on all as it was in the interest of all concerned as well as of the economic and industrial growth of the country.