9911796707
TMI Blog2009 (1) TMI 493X X X X Extracts X X X X X X X X Extracts X X X X ..... T K. Kannan, J.-The Bank of India which is a secured creditor of the assets of the company in liquidation seeks for a direction to forthwith remit the sale proceeds of the assets of the company for an amount of Rs. 2 crores with accrued interest thereon. Subsequent to the filing of the petition, there has been a recovery certificate issued by the Debts Recovery Tribunal-II, Chandigarh in O. A. N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the hon'ble Supreme Court in Reliance Airport Developers (P.) Ltd. v. Airport Authority of India [2006] 10 SCC 1, had to support his contention that the exercise of discretion by a secured creditor shall be appropriate and the decision to proceed only against the secured assets depleted the funds to the extent that it was not possible to satisfy other unsecured creditors. Learned counsel refers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... said decision came out of a writ petition filed by a company before the High Court challenging the selection of bidders for undertaking the restructuring and modernisation of the Delhi and Mumbai airports respectively. The reference to the expression "discretion" was in the context of the discretion vested with the Government in the choice amongst the various competing bidders. It has absolutely ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... against the ex-directors. The Supreme Court had occasion to advert to the efficacy of resort by banks to Debts Recovery Tribunal under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (the RDB Act) in the decision reported in Allahabad Bank v. Canara Bank [2000] 101 Comp. Cas. 64 ; [2000] 4 SCC 406. The decision was in the context of the right of banks to approach the Debts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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