9911796707
TMI Blog2005 (1) TMI 419X X X X Extracts X X X X X X X X Extracts X X X X ..... ears that the respondent-bank preferred suit No. 2085/2002 before the Registrar s Board of Nominee in which ultimately the award was passed against the petitioners herein. It appears that the original petitioners carried the matter before the Gujarat State Co-op. Tribunal being Appeal No. 1231/2002 and in the proceedings of the appeal the settlement was submitted by tendering the amount of Rs. 4,50,000 as full and final settlement and the learned Tribunal in the appeal as per its decision dated 26-8-2003 recorded the settlement and disposed of the appeal. There is no dispute on the point that the amount of Rs. 4,50,000 in pursuance of the settlement is paid by the original petitioners to the respondent-Bank, but it is grievance of the respo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2004 on merits. The contention of the MCA for recalling of the order is that there were no instruction with the learned Advocate for withdrawal of the petitions, but by mistake and by bona fide belief in continuing the negotiation of settlement the main SCA was withdrawn and, therefore, the prayer is made to recall the order dated 5-8-2004 and to press the main SCA. It has also been stated in the review application that efforts were made to settle, but the same has also not materialised. It further appears that pending the aforesaid MCA No. 1419/2004 the learned Tribunal dismissed the review application preferred by the respondent-Bank as per its decision dated 20-11-2004 and, therefore, original petitioners preferred CA No. 9488/2004 in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order in review application. In case of Apex Electricals Ltd. v. ICICI Bank Ltd. [2003] 46 SCL 592 (Guj.) observed as under : "The secured creditors under the present Act can resort to simultaneous remedies provided under any other law for the time being in force and also under the present Act, but such remedies under the present Act cannot be read as nullifying the effect of binding judgment of a competent forum on facts qua such secured assets or quantification of outstanding amount or liability therefrom, and simultaneously resorting to the remedies under the present Act in addition to the remedies under any other law for the time being in force qua secured assets should not result into frustrating the basic principles of just ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1419/2004. Hence, the MCA shall stand allowed accordingly. 7. As observed earlier, simultaneously the main SCA itself is finally heard and in view of the reasons recorded hereinabove the proceedings under the Securitisation Act initiated by the respondent-Bank is running counter to the decision rendered by this Court in the case of Apex Electricals Ltd. ( supra ), the petition deserves to be allowed by declaring that the respondent-Bank shall not be entitled to resort to the proceedings under the Securitisation Act in respect to its outstanding dues, which was subject-matter of Summary Suit No. 2085/2002 and Appeal No. 1231/2002 since the said matter is finalised as per the decision of the Tribunal. However, it is clarified that in t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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