WILLARD INDIA LTD Vs. UNION OF INDIA

JUDGEMENT

(1.) Heard Shri R.N. Singh, learned counsel for the petitioner, Shri A.K. Singh for the Union of India and Shri Tarun Verma, Counsel for the Unit Trust of India.

(2.) The petitioner has prayed for an appropriate writ, order or direction declaring the provisions of Rule 6(1) of the Debts Recovery Tribunal (Procedure) Amendment Rules, 2003 as being ultra vires Section 19 of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The petitioner has also prayed for an appropriate writ, order or direction declaring proceedings filed by the respondent No. 2, Unit Trust of India, Mumbai as without jurisdiction.

(3.) The petitioner is a Company registered under the Indian Companies Act. The respondent, Unit Trust of India filed an application before Debt Recovery Tribunal, Mumbai under Section 19 of the aforesaid Act, claiming a sum of Rs. 15,56,15,241.00/- as principal amount and payable with interest in the alleged capacity of debenture holders and debenture trustee. True copy of the application under Section 19 filed before the Debt Recovery Tribunal, Mumbai dated 7th July 2000 has been filed as Annexure-1 to the writ petition.