Supreme Court of India
State Bank of Bikaner and Jaipur v. M/s. Ballabh Das and Co. and Ors.
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
What the Court ordered
We are of the view that the High Court was wrong in holding that the applications made by the bank were pre-mature and till the Court decides that the amounts are still due and payable to the bank they cannot be treated as suits for recovery of the debts as c_ontemplated D by the Act and, therefore, they are not required to be transferred to the Tribunal.
Judgment, page 8
From the headnote
Recovery of Debts Due to Banks and Financial Institutions. Act, 1993. Ss.2(a), 17,18,31 and 34-Recovery of debts due-Money borrowed from Bank for export of goods-Insurance cover in favour of bank against any loss-Delivery of export documents to the bank-Insurance cover stipulating that delivery of export document to the bank, would be deemed to be payments by the exporter-Default in payment by foreign buyer Liability of exporter-Whether stood discharged? Held, No, despite the delivery of export document, exporters liability as principle debtor continues to subsist. Ss.17, 18, 31 and 3
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