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2019 (8) TMI 1594 - NATIONAL COMPANY LAW TRIBUNAL , AMARAVATI BENCHSettlement of dues by invoking the security created in full and final settlement of the debt and return the balance amount to him - direction to Applicant to register the secured asset in favour of Respondent to facilitate the settlement - HELD THAT:- The mortgage created under the MoD is one under Section 58 (f) of the Transfer of Property Act. Enforcement or otherwise of the rights and liabilities of the parties arising out of the transaction of mortgage would come within the exclusive domain of the Civil Court. This Tribunal would not be competent to adjudicate upon the rights and liabilities of the parties arising out of mortgage, despite the same being connected to the debt in relation to which an application under the Code has been made. That would amount to resurping upon the jurisdiction not vested in it. The Mortgagor or the Mortgagee in order to establish/enforce their rights arising out of the transaction may have to take recourse to a forum other than the extant one. Whether the debt in question was a Financial Debt or an Operational one cannot be decided under the present application. The issue touching upon the maintainability of the Company Petition would be dealt while considering its merits. Application not maintainable and is dismissed.
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