The brief facts necessary to decide the present appeals are as follows The respondent, Kotak Mahindra Bank Limited, advanced various loans to the companypanies in question.
As numberpayments were forthcoming, a companypany petition was filed before the Bombay High Court on 03.07.2015.
By an order dated 26.07.2017, the said petition was admitted as the companypanies in question were said to be companymercially insolvent.
Recovery certificates dated 12.08.2015 for the said amounts were then issued by the Recovery Officer under Section 19 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 Recovery of Debts Act.
In the appeals that were filed to the Division Bench of the Bombay High Court, the main point argued was that once a secured creditor has obtained an order from the DRT, and a recovery certificate has been issued thereupon, such secured creditor cannot file a winding up petition as the Recovery of Debts Act is a special Act which vests exclusive jurisdiction in the DRT.
Apparently, the said orders are final as numberappeals have been preferred to the Debts Recovery Appellate Tribunal DRAT, Mumbai.
The respondent approached the Debts Recovery Tribunal, Mumbai by filing three separate original applications to recover the debt owed to them.
The Debts Recovery Tribunal delivered three separate judgments on 16.01.2015 allowing the applications filed by the respondent bank.
In the meanwhile, the respondent issued statutory numberices dated 15.04.2015 under Sections 433 and 434 of the Companies Act, 1956.
The outstanding amount against these companypanies as on date, together with interest, is stated to be in the region of INR 48 crores.
F. Nariman, J. Signature Not Verified Leave granted.
Digitally signed by R NATARAJAN Date 2019.01.29 170254 IST Reason The present case involves the right of a secured creditor to file a winding up petition after such secured creditor has obtained a decree from the Debts Recovery Tribunal DRT and a recovery certificate based thereon.
Several appeals were taken up together for hearing by the Division Bench of the Bombay High Court.
