SAURABH KALANI Vs. STRESSED ASSET STABILISATION FUND

JUDGEMENT

(1.) Heard learned counsel for the parties and perused the record.

(2.) This writ petition has been filed challenging the order dtd. 18/11/2022 passed in Original Application No. 729 of 2016 (Stressed Asset Stabilisation Fund Vs. M/s Gilt Pack Ltd. And others) by which, application of the petitioner under Order VII Rule 11 of C.P.C. has been rejected by the Debts Recovery Tribunal, Jabalpur (hereinafter referred to as 'D.R.T. Jabalpur'). The appellate order dtd. 3/1/2023 in Appeal No.1140 of 2022 (Saurabh Kalani Vs. Stressed Asset Stabilization Fund and others) passed by the Debts Recovery Appellate Tribunal, Allahabad (hereinafter referred to as 'D.R.A.T., Allahabad') is also under challenge.

(3.) Brief facts of the case are that respondent No.1 - Stressed Asset Stabilisation Fund is the assignee of the original lendor IDBI. IDBI granted the financial assistance to the tune of Rs.7.60 crores to respondent No.2 ' Gilt Pack Ltd. Company during the year 1994 -1996. Petitioner is the guarantor to the aforesaid financial assistance granted to the Company on the basis of Deed of Guarantee dtd. 24/3/1994, 16/11/1994 and 26/9/1996. The Original Application No.729 of 2016 has been filed by respondent No.1 before the D.R.T. Jabalpur in the year 2016. Petitioner has been arrayed as opposite party no. 3 in the aforesaid Original Application. Relief claimed in Original Application is that defendants No.1 to 3 be ordered to pay the applicant a sum of Rs.394,41,00,970.00 towards the loan as on 1/7/2016 together with further interest thereon on contractual rates w.e.f. 1/7/2016 and for other reliefs. In the aforesaid proceedings, petitioner moved an application under Order VII Rule 11 of CPC on the ground that Original Application has been filed after a lapse of 19 years from the date of execution of Deed of Guarantee executed by the petitioner and the claim of respondent No.1 is barred by time and, therefore, the Original Application be rejected. Respondent No.1 contested the application and filed objection to the application filed by petitioner. The application of petitioner has been rejected by the D.R.T. Jabalpur by its order dtd. 18/10/2022. Against the order dtd. 18/11/2022, petitioner preferred an appeal being Appeal No.1140 of 2022 (Saurabh Kalani Vs. Stressed Asset Stabilization Fund and others) before the D.R.A.T. Allahabad. The D.R.A.T. Allahabad, by its order dtd. 3/1/2023, has disposed of the appeal permitting the appellant-petitioner to raise his contentions/grievances whatever he has, with regard to the maintainability of Original Application in view of limitation and if such an application is filed by the appellant-petitioner before the Tribunal below, the same shall be considered at the time of final hearing of the said Original Application and has refused to entertain the appeal as the matter is pending before the concerned Tribunal and all the issues are yet to be adjudicated on merits.