ELEMENTS COKE PVT LTD Vs. UCO BANK

JUDGEMENT

(1.) THE following issue has been raised in this revisional application before this Court for its consideration : whether the Debt Recovery Tribunal (DRT) at Calcutta has jurisdiction to entertain an application under S. 17 of the securitisation and Reconstruction of Financial Assets and enforcement of Security Interest Act, 2002 (hereafter referred to as the sarfaesi Act) over the subject-matter of the dispute arising out of an action taken by the concerned bank against the borrower as per S. 13 (4) of the said Act for realisation of its dues by sale of the mortgaged property of the petitioner at Gujarat?

(2.) IN fact, the petitioner (borrower) invoked the jurisdiction of the Debt Recovery tribunal at Calcutta for redressal of its grievances arising out of the action taken by the bank (secured creditor) under S. 13 (4) of the said Act, as according to the petitioner, part of the cause of action has arisen within the territorial jurisdiction of the said Tribunal. The part of the cause of action which according to the petitioner arose within the jurisdiction of the said Tribunal, are as follows : -

(3.) THE sum and substance of the contention of the bank regarding the lack of territorial jurisdiction of this Tribunal to entertain the said application is as follows : -