NUTAN WAREHOUSING CO PVT LTD Vs. INDIAN BANK

JUDGEMENT

(1.) THIS Misc. Appeal is filed by the appellant/original defendants being aggrieved by the order dated 20.1.2003 passed by the learned Presiding Officer of Debts Recovery Tribunal Pune on Exhibit No. 55 in Original Application No. 793-P/2001. By the impugned order, the learned Presiding Officer allowed the application made by applicant i.e. Indian Bank in terms of prayers made in the said application. It was prayed by the Indian Bank that they be allowed to appropriate to adjust amount of Rs. 28,37,000/- as also the future amounts to be received towards the suit account till realisation of the entire dues. THIS application was made by the applicant Bank as per Section 13(2) of the Securitization and Reconstruction of Financial Assets and Enforcement of Security Interest Ordinance, 2002 (for the sake of brevity and convenience, hereinafter to be referred to as the "Securitization Act')

(2.) To understand the controversy, few facts which are required to be stated, are as follows:

(3.) IT is to be noted that amount of which appropriation is prayed by the applicant Bank is the amount which is already collected by the Receiver appointed by the DRT by its order dated 13.5.2002. Challenge to this order by the appellants has failed all throughout. Amount to be paid to the Receiver was as per the Power of Attorney given by the appellants to the Bank. The power of attorney was with respect to collection of lease rental. Thus, amount is already collected. The receiver has been discharged on 28.1.2003 itself. The present application by the Bank is made as per the provisions of Section 13(4)(d) of the Securitisation Act. Section 13 of the Securitisation Act is with respect to enforcement of security interest, Sub-clause 4 thereof stales as follows: