STATE BANK OF INDIA Vs. UNION OF INDIA

JUDGEMENT

(1.) This writ petition has been preferred by the State Bank of India (in short SBI) to assail the order dated 02.05.2005 passed by the Appellate Tribunal for Forfeited Property (hereinafter referred to as the Appellate Tribunal), which in turn confirmed the order of the competent authority dated 22.11.1999. The net effect of the impugned orders is that the two sets of margin money amounting to Rs.36,90,000/- and Rs.36,80,000/- paid by respondent nos.6 and 7 (the total sum amounting to Rs. 73,70,000/-) stand forfeited on the premise that the said sums of money were the illegally acquired property of respondent nos.4 and 5.

(2.) In the instant case, the crucial events took place as follows :-

(3.) A copy of the said notice dated 31.12.1997 was marked to SBI. This was followed by a communication dated 12.03.1998 alongwith summons, issued to SBI, by the competent authority. SBI, apparently, sent in response a communication dated 16.03.1998.