PUNJAB NATIONAL BANK Vs. DERBY TEXTILES

JUDGEMENT

(1.) AFTER the records of this appeal were received from DRAT, Mumbai the Registry of the Appellate Tribunal sent registered notices for today to all the parties. Only two registered envelopes relating to respondent Nos. 2 and 3 have been received back with the endorsements "left" and "address not residing here hence returned" respectively. Since registered notices to other respondents have not been received back a statutory presumption may be raised that they have been served.

(2.) IN this Misc. Appeal the very short and limited question involved is whether the Tribunal below has power to appoint a Receiver.

(3.) THE appellant Bank has moved an application before the Tribunal below for appointment of Receiver on property of the respondent No. l who was the principal borrower but that application of the appellant was rejected by the impugned order on the ground that the Debts Recovery of Debts due to Banks a Financial Institutions Act, 1993 to appoint Receiver.