SIEMENS LIMITED` Vs. S R P INDUSTRIES LTD

JUDGEMENT

(1.) EA No. 320/2007 heard learned counsel for the parties. The decree holder seeks execution of a decree of this Court dated 22nd January, 2004 for a sum of rs. 60,98,431. 44 along with interest.

(2.) THE judgment debtor in its opposition objects to maintainability of these proceedings and has filed this application. The judgment debtor contends that the company was declared as a sick Industrial company on 7th August, 2006 under Sick Industries Companies (Special Provisions) Act, 1985 (hereinafter referred to as the `sica"), and that IDBI was appointed as an operating agency. The applicant/judgment debtor has placed on record a summary record of proceedings of hearing dated 07. 08. 2006 of the Board for Industrial and financial Re-construction (BIFR ). The counsel for judgment debtor also contends that proceedings are still on and have not been terminated and as per the mandate of Section 22 the present execution is not maintainable.

(3.) LEARNED counsel for the decree holder contest the proposition of the judgment debtor. He relied upon the decision of the Supreme Court in Deputy commercial Tax Officer and Others Vs. Corromandal Pharmaceuticals and Others, air 1997 Supreme Court 2027, and the decision of the learned Single Judge of this Court in U. P. State Spinning Co. Ltd. Vs. T. T. Limited and Anr. 141 (2007) DLT 83 and Cement Corporation of India Ltd. and Ors. Vs. M. P. Joseph, 111 (2004) DLT 120. It is therefore contended that so long as the debt in question is not included in the scheme or is not within the contemplation of the Board, the decree holder or the person entitled to execute the decree, is at liberty to seek its enforcement in accordance with law.