SYNDICATE BANK Vs. CANARA BANK

JUDGEMENT

(1.) THIS Miscellaneous Appeal is filed by the appellant Syndicate Bank being aggrieved by the Order dated 22.12.2003 passed by the learned Presiding Officer of DRT, Hyderabad, in IA No. 1294/2002 in OA-434/2001. By the impugned order the learned Presiding Officer dismissed the application made by the appellant Bank observing that DRT had no jurisdiction to entertain the application as there was no relationship of creditor and debtor as between the appellant Syndicate Bank and respondent No. 1 Canara Bank.

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

(3.) IT is averred by the appellant Bank that respondent No. 1 Canara Bank is a nationalised Bank who is expected to act as per the terms of the agreement but has violated the terms of the inter se agreement by non-remitting its share to the extent of Rs. 327 lakhs in March, 2000. IT is contended that respondent No. 1 Canara Bank is utilising the same for recycling its advances and earning profits and in the said process the appellant Bank has lost opportunity to lend the said amount to the public. IT is averred that the respondent Bank is getting wrongful gain and is causing wrongful loss to the appellant Bank.