Home Case Index All Cases Indian Laws Indian Laws + HC Indian Laws - 2018 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2018 (12) TMI 1543 - HC - Indian LawsWhether the plaints against the appellant/defendant-Axis Bank Limited are required to be rejected under the provisions of Order 7 Rule 11(d) of the Code of Civil Procedure, in view of the bar created by section 34 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002? Held that:- Considering the expediency, prudence and wisdom of the banking business and when in the facts of the case the dealings between the bank and Orbit purely pertain to a banking business, the consequence of the bank being dragged into this litigation is definitely not warranted. In fact this would adversely affect the banks commercial interest to recover the debts due and payable to it by adhering to the procedure as prescribed by law, namely under the Securitisation Act. In the facts of the present case it would definitely meet the ends of justice that the plaint against the bank although it is one of the defendant needs to rejected. It is permissible for the Court to reject the entire plaint so far as the bank is concerned which is one of the defendants. The learned Single Judge was in an error in holding that the plaints against the bank were not barred under Section 34 of the Securitisation Act and consequently in rejecting the notices of motion and holding that the suits were not barred against the bank - impugned order set aside - notices of motion allowed.
|