ICICI BANK LIMITED Vs. MAFATLAL ENGINEERING INDUSTRIES LTD.

JUDGEMENT

(1.) The Advocate for Defendant No.10A is allowed to file his Vakalatnama by tomorrow.

(2.) The Counsel for the Plaintiff states that the captioned Suit has been filed by the Plaintiff in the capacity of a Debenture Trustee. The Counsel for the Plaintiff further states that there has been an amendment to the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (now Recovery of Debts and Bankruptcy Act, 1993) pursuant to the Enforcement of Security Interest and Recovery of Debt Law and Miscellaneous Provisions (Amendment) Act, 2016, which has come into effect from September 01, 2016 pursuant to Notification No. 2142 issued on September, 01, 2016. The Counsel for the Plaintiff further states that in view of Sec. 26(iii) of the Amending Act, Sec. 2 of the said Act has undergone certain amendments with sub-clause (ib) being inserted in clause (h) of Sec. 2 of the Act by way of which "a debenture trustee registered with the Board and appointed for secured debt securities" has been incorporated into the definition of a "financial institution". In view of the amended provision, the Counsel for the Plaintiff states that this Court will not have jurisdiction and the captioned matter will have to be transferred to the Debts Recovery Tribunal for further adjudication.

(3.) Considering the aforesaid submissions made on behalf of the Plaintiffs, the Registry is directed to take steps to transfer the captioned Suit as well as any and all ancillary proceedings pending therein to the Debts Recovery Tribunal, Mumbai within eight weeks from today, who shall then decide the same on merits and in accordance with law.