(1.) The review application under consideration raises an important question as to the jurisdiction of Debt Recovery Tribunal to hear, try and dispose of the mortgage suits.
(2.) . The plaintiff bank has instituted a civil suit for recovery of an amount of Rs. 1,53,60,063.41 with costs and interest against the defendants. There are several transactions between the parties. One of them is a mortgage by deposit of title deeds with the plaintiff bank securing the advance made by the plaintiff to the defendants enumerated in the plaint, the deposit of title deeds having been made with the intention of creating an equitable mortgage in favour of the plaintiff bank. The suit is styled as one under Order 34 Civil Procedure Code seeking relief of the sale of mortgage property and hypothecated goods as also a money decree for the recovery of the suit amount.
(3.) . On 1.5.95, this court directed the records of the suit to be transmitted to the Debt Recovery Tribunal on the ground that the suit lay within the jurisdiction of the Debt Recovery Tribunal (hereinafterreferred to as `the Tribunal', for short). The order was made at the stage of preliminary hearing in the suit when the defendants were yet to be noticed. The defendants have now sought for review and recall of the abovesaid order dated 1.5.95 submitting that the order was not warranted inasmuch as the suit was within the jurisdictional competence of the civil court and hence it could not have been transmitted to the Tribunal.
ABOUT US "REGENT COMPUTRONICS PVT. LTD." is a Company incorporated in 1991 under the provisions of the Companies Act, 1956. Since its inception to 1995, the Company was busy in carrying out the activities related to various Banks' Job Work..
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