The Greater Bombay Co-operative Bank Ltd. v. Wings Entertainment Pvt. Ltd. & Anr.

The Greater Bombay Co-operative Bank Ltd.

…Appellant

…Respondent

Case No: Appeal No. 117/2013

Date of Judgement: 21/06/2023

Judges:

Mr Justice Ashok Menon, Chairperson

For Respondent: None.

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Facts:

Arguments by the Appellant (The Greater Bombay Co-operative Bank Ltd.):

Arguments by the Respondents:

The Respondents were served but did not appear and were consequently set ex-parte.

Sections and Laws Referred:

Section 13(2) of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act): Under which the demand notice was issued by the Appellant Bank.

Section 13(4) of the SARFAESI Act: Under which the Appellant Bank initiated action and took possession of the plant, machinery, and stock.

Section 17(2) of the SARFAESI Act: Mentioned in the context of the M.A. filed by the Respondent company.

Section 19 of the SARFAESI Act: Under which the Ld. Presiding Officer directed payment of compensation and costs to the Respondent company.

Sections 406, 408, 409, 379, and 120B read with Section 34 of the Indian Penal Code: Offenses alleged by the Respondent company against the officers of the Appellant Bank.

Section 239 of the Code of Criminal Procedure: Under which the accused officers of the Appellant Bank sought discharge from the allegations.

Cases Cited:

No cases were cited in the summary.

The court allowed the appeal and set aside the impugned order dated 01.04.2011 in M.A. No. 05 of 2010, dismissing the M.A.