Credit Agricole Corporate and Investment Bank v. Saf Yeast Company Ltd.

Credit Agricole Corporate and Investment Bank

…Appellant

Saf Yeast Company Ltd.

…Respondent

Case No: Appeal No. 318/2004

Date of Judgement: 31/07/2023

Judges:

Mr Justice Ashok Menon, Chairperson

For Appellant: Mr Ismail Nasikwala along with Mr Farid Karachiwala, Ms Sneh Parikh and Ms Rudhdi Walawalkar, i/b M/s. J. Sagar Associates, Advocate.

For Respondent: Mr Denzil D’mello along with Mr Austin Fernandes, Advocate.

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Facts:

Arguments by the Parties:

The Ld. Counsel for the Appellant submitted that the Ld. Presiding Officer exceeded his jurisdiction by directing a refund to the Respondent erroneously. The counter-claim of the Respondent was dismissed by the DRT on 13.03.2003 due to non-payment of court fees. A Recovery Certificate could not have been issued in favor of the Respondent in an O.A. filed by the Appellant after dismissing the counter-claim. The affidavit dated 10.03.2004 and the miscellaneous application filed by the Appellant seeking leave to file additional calculations were never considered. Tendering a cheque for ₹64,48,983.63 by the Respondent without considering the counter-claim made would establish that the Respondent did not intend to pursue the counter-claim. The submission of a cheque by the Respondent to clear the dues of the Appellant is an acknowledgment of liability. The Appellant seeks a reversal of the order passed by the Ld. Presiding Officer.

Cases Cited:

Pankaj B. Mangroliya vs. Andhra Bank MANU/GJ/0826/2022 (cited by the Respondent)

Sections and Laws Referred: