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TMI Blog2003 (4) TMI 410X X X X Extracts X X X X X X X X Extracts X X X X ..... eye opener to the law makers of the nation and those who control the fiscal discipline of public finances. Time after time, this High Court has brought it to the notice of the governments in administration that there is something serious which needs to be addressed on the non-performing assets, that is to say, of loans which have been taken from public financing institutions and banks and such loa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loan in 1986. It was Rs. 4,95,016.15. Today, it is 17 years and counsel was unable to answer the inquiry of the Court whether any part of this amount was returned. Learned counsel stated that he had no instruction on this. The result is on the record. Of the debt which was not cleared, the bank had to file a suit for recovery of this money. The suit was decreed on 6 September, 2000. The bank had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... brings discredit to the nation. The nation also has a reputation that its banks lend monies and its debtors do not pay. The appellant is one of them. 4. Now, the Court is called upon to answer the question that this suit should have been transferred to the Tribunal upon coming up of the Act. Legal architecture is being made on how to avoid the debt. Upon an inquiry as to whether the debt is ackn ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The civil court of principal jurisdiction or the Tribunal? The petitioner could not have taken this preliminary issue because the suit was filed in 1986. The Tribunal was nowhere in sight for another 7 years. Now, the law sends the proceedings where it should be. The question was never raised in the suit and if the question is permitted to be raised now all that is going to happen is that further ..... X X X X Extracts X X X X X X X X Extracts X X X X
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