KOTAK MAHINDRA BANK LIMITED Vs. A. MANOHAR PRASAD

JUDGEMENT

(1.) The applicant who has been adjudged an insolvent has moved this Court to annul the ex parte order of adjudication dated 28.09.2015 (A.No.298 of 2018) and to stay all further proceedings in I.P.No.5 of 2015 (A.No.299 of 2018) accusing the first respondent of being a Shylock wanting its pound of flesh, the counsel for the applicant playing Portia to his Bassanio claiming that the 1st respondent Bank had launched a multi pronged legal battle despite being adequately secured.

(2.) In order to appreciate the grievance of the applicant it is necessary to recapitulate the suits filed by M/s.Ind Bank Housing Limited in C.S.No.1023 of 1998 and C.S.Nos.33 and 52 of 1999 and the consent decree obtained by the first respondent herein who had got themselves substituted as plaintiff just prior to the passing of the consent decree.

(3.) The applicant herein has questioned the jurisdiction of the DRT to entertain the original applications which are the subject matter of the W.P.Nos.13126 and 13128 of 2009 in view of Section 31 A of the RDB Act. The Court had dismissed the application by holding that none of the grounds contemplated under Section 9 (5) of the Presidency Towns Insolvency Act (hereinafter, for the sake of brevity, referred to as PTI Act) are made out by the applicant.