PERFECT THREAD MILLS LIMITED Vs. TARUN K. SHAH

JUDGEMENT

(1.) PETITIONER judgment -debtor has filed this revision petition under Section 115 of Code of Civil Procedure, 1908 (for short, 'CPC') to assail the impugned order dated 20th January, 2007 passed by District Judge, Udaipur (for short, learned executing Court') in Execution Case No. 30/1996.

(2.) SUCCINCTLY stated, the facts of the case are that Central Bank of India (for short, 'Bank') instituted a summary suit against petitioner -Company in February, 1990 before the Bombay High Court on its original side and the same was registered as Suit No. 418 of 1990. The High Court of Bombay, after issuance of summons found the defence of petitioner -Company untenable and consequently decreed the suit. As a matter of fact, the petitioner -Company, in its defence, taken shelter of Section 22 of the Sick Industrial Companies (Special Provisions) Act, 1985 (for short, 'SICA, 1985'). Upon consideration of the provisions of Section 22 of the SICA, 1985, the High Court of Bombay declined to accept said defence observing that said provisions cannot prohibit the Court from passing a decree. Eventually, the suit was decreed for a sum of Rs. 12,75,338.95 with interest @ 18% per annum from due date upto 16th January, 1990.

(3.) THE whole thrust of the petitioner -Company was that as the matter is pending before AAIFR, the proceedings for execution of decree be either suspended or dropped under the provisions of Section 22(1) of SICA, 1985. The litigation, at the behest of the petitioner -Company, continued before BIFR and AAIFR.