ALCATEL INDIA Vs. KOSHIKA TELECOM

JUDGEMENT

(1.) ALLOWED subject to all just exceptions. This application has been made under Section 151 CPC by the applicant IFCI Limited for impleadment in this Execution Petition as a necessary party. Although the applicant has nothing to do with the decree passed by this court but the applicant is a secured creditor of the Judgment Debtor and the amount recoverable by the applicant runs in several crores. The property of judgment Debtor was sold in auction under SARFAESI Act by Punjab National Bank and Indian Bank together and after they had appropriated their dues an excess amount of Rs. 8. 11 crore was left. This Court vide order dated 4. 4. 2007 attached this excess amount lying with Indian Bank and asked the Indian Bank to keep this amount with itself in an interest bearing account during pendency of this execution. The applicant has stated that Punjab National Bank and Indian Bank could not have sold the property of Judgment Debtor without the consent of secured creditor i. e. applicant, in any case, the excess amount lying with the indian Bank has to be appropriated against the dues of the applicant since applicant was a secured creditor. It is stated that the applicant has already moved Debt Recovery Tribunal and during pendency of the proceedings before Debt recovery Tribunal, it was learnt that the present Execution Petition was pending in which the excess amount has been attached. It is argued that since the applicant"s interests were involved in the excess amount, the applicant was a necessary party and should be impleaded as a party. The other prayer made is that the excess amount lying with the Indian Bank be released in favour of the applicant and the applicant shall keep the amount in its own account bearing interest till the challenge to the auction sale made by the Judgment Debtor before Debt Recovery Tribunal is not finally disposed of.

(2.) SINCE the applicant is one of the creditors of the Judgment debtor and interest of the applicant is deeply involved in the properties of JD, which are sought to be attached for recovery of dues of the present Decree holder, I consider the applicant is a necessary party and the application is allowed to that extent. However, as far as other relief is concerned, I consider that applicant can take steps before appropriate forum for attachment of the excess amount kept with the Indian Bank. The amount ordered to be kept with the Indian Bank shall be kept by the Indian Bank and shall not be disbursed by the Indian Bank without the express order of this Court or any other competent Court/tribunal. The application is disposed of in above terms.