Supreme Court of India
Uco Bank v. National Textile Corporation Ltd. & Anr.
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What the Court ordered
We hold that the impugned judgm ent dated 10.02.2014 passed in LPA No.808/2012 to the extent of quashing the notice dated 17.10.2011 of the Arbitral Tribunal under the PMA warrants no interference.
Judgment, page 13
From the headnote
Textile Undertakings (Nationalisation) Act, 1995 – As per appellant-Bank, Shree Sitaram Mills Ltd. was taken over by respondent no.1 & nationalised w.e.f. 01.04.1994 – It enjoyed credit facilities with the appellant – Respondent no.2-Min istry was guarantor in respect of said credit facilities – Appellant filed recovery suit against respondent no.1 – Transferred to Debts Recovery Tribunal – Recovery certificate issued – However, r ecovery proceedings were adjourned sine die – Appellant submitted claim with Commissioner of Payment – Received Rs.1,59,82,634/- ag ainst claim of
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