w w w . L a w y e r S e r v i c e s . i n



ASREC Ltd. v/s Cross Seas Leasing And Investment Co. Pvt. Ltd. & Others


Company & Directors' Information:- ASREC (INDIA) LIMITED [Active] CIN = U67100MH2003GOI143291

Company & Directors' Information:- P V T INVESTMENT LIMITED [Amalgamated] CIN = U74899DL1988PLC121600

Company & Directors' Information:- P V T INVESTMENT LTD [Not available for efiling] CIN = U67120PB1988PLC008068

Company & Directors' Information:- M C C INVESTMENT & LEASING COMPANY LTD [Active] CIN = U65993WB1992PLC055241

Company & Directors' Information:- A R T LEASING LIMITED [Active] CIN = U65910KL1990PLC005904

Company & Directors' Information:- CROSS INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1980PTC010866

Company & Directors' Information:- LEASING CORPORATION OF INDIA LIMITED [Strike Off] CIN = U65910MH1985PLC036022

Company & Directors' Information:- S T INVESTMENT PRIVATE LIMITED [Amalgamated] CIN = U65993WB1990PTC050032

Company & Directors' Information:- G A LEASING PRIVATE LIMITED [Active] CIN = U74899DL1992PTC051023

Company & Directors' Information:- H S B LEASING LTD [Active] CIN = U65921CH1992PLC012470

Company & Directors' Information:- H. L. INVESTMENT COMPANY LIMITED [Amalgamated] CIN = U65990WB1975PLC128186

Company & Directors' Information:- P S S LEASING PRIVATE LIMITED [Active] CIN = U65910PB1990PTC010922

Company & Directors' Information:- M M INVESTMENT PRIVATE LIMITED [Converted to LLP] CIN = U65921CT2008PTC020533

Company & Directors' Information:- G. N. G. INVESTMENT LIMITED [Active] CIN = U65910GJ1981PLC004128

Company & Directors' Information:- A S G S INVESTMENT PRIVATE LIMITED [Active] CIN = U74120DL2008PTC173938

Company & Directors' Information:- J B LEASING PRIVATE LIMITED [Active] CIN = U74999WB2009PTC210292

Company & Directors' Information:- G L INVESTMENT PVT LTD [Active] CIN = U65993WB1991PTC051072

Company & Directors' Information:- C & C INVESTMENT LTD [Active] CIN = U67120AS1976PLC001654

Company & Directors' Information:- S M S INVESTMENT CORPORATION PRIVATE LIMITED [Active] CIN = U74899DL1963PTC003988

Company & Directors' Information:- V R V INVESTMENT PRIVATE LIMITED [Active] CIN = U67120WB1985PTC039793

Company & Directors' Information:- S P INVESTMENT PVT LTD [Active] CIN = U70109WB1961PTC025099

Company & Directors' Information:- J F C LEASING PRIVATE LIMITED [Active] CIN = U74899DL1988PTC031049

Company & Directors' Information:- K C LEASING LIMITED [Active] CIN = U65921PB1991PLC011768

Company & Directors' Information:- R K L LEASING PVT LTD [Active] CIN = U67120WB1986PTC040200

Company & Directors' Information:- R H INVESTMENT PRIVATE LIMITED [Active] CIN = U99999MH1978PTC020633

Company & Directors' Information:- T N B INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1986PTC025590

Company & Directors' Information:- J D LEASING PRIVATE LIMITED [Strike Off] CIN = U65910TG1994PTC018792

Company & Directors' Information:- A R M LEASING LIMITED [Dissolved] CIN = U65993WB1980PLC032506

Company & Directors' Information:- A R S INVESTMENT PVT LTD [Active] CIN = U65993WB1990PTC048513

Company & Directors' Information:- V P INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015714

Company & Directors' Information:- K M LEASING LIMITED [Active] CIN = U65910UP1984PLC006489

Company & Directors' Information:- N F LEASING AND INVESTMENT LTD [Strike Off] CIN = U65921PB1989PLC009504

Company & Directors' Information:- S M D INVESTMENT LIMITED [Strike Off] CIN = U65993TN1995PLC033139

Company & Directors' Information:- G R D INVESTMENT PVT LTD [Amalgamated] CIN = U67120WB1980PTC032727

Company & Directors' Information:- C AND N INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1983PTC015710

Company & Directors' Information:- R INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U65993TZ1988PTC002181

Company & Directors' Information:- N P INVESTMENT AND LEASING PRIVATE LIMITED [Active] CIN = U74899DL1992PTC051293

Company & Directors' Information:- P R LEASING PRIVATE LIMITED [Strike Off] CIN = U74899DL1995PTC064947

Company & Directors' Information:- H N G L INVESTMENT PRIVATE LIMITED [Active] CIN = U74899DL1995PTC066774

Company & Directors' Information:- K M S INVESTMENT PRIVATE LIMITED [Active] CIN = U67120UP1993PTC015287

Company & Directors' Information:- U M INVESTMENT PVT LTD [Active] CIN = U70101WB1979PTC032160

Company & Directors' Information:- A S T INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U67120DL1996PTC082812

Company & Directors' Information:- B N E INVESTMENT LTD [Not available for efiling] CIN = U67120WB1974PLC029360

Company & Directors' Information:- C D LEASING AND INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U74899DL1992PTC047130

Company & Directors' Information:- K S J INVESTMENT COMPANY PRIVATE LIMITED [Strike Off] CIN = U74899DL1994PTC061335

Company & Directors' Information:- J V INVESTMENT AND LEASING PVT LTD [Strike Off] CIN = U65993KL1987PTC004865

Company & Directors' Information:- K P S LEASING PRIVATE LIMITED [Active] CIN = U65910DL1997PTC089971

Company & Directors' Information:- P T INVESTMENT PVT LTD [Strike Off] CIN = U65999WB1995PTC067065

Company & Directors' Information:- K G A C LEASING PRIVATE LIMITED [Strike Off] CIN = U65910TZ1988PTC002222

Company & Directors' Information:- T C LEASING AND INVESTMENT PRIVATE LIMITED [Active] CIN = U65910CH1991PTC010959

Company & Directors' Information:- K. S. R. INVESTMENT LIMITED [Strike Off] CIN = U65992UP1988PLC010253

Company & Directors' Information:- M M LEASING LTD [Active] CIN = U65921CH1986PLC007137

Company & Directors' Information:- C S LEASING PRIVATE LIMITED [Active] CIN = U74899DL1991PTC046382

Company & Directors' Information:- J T INVESTMENT PVT LTD [Strike Off] CIN = U65923WB1979PTC032344

Company & Directors' Information:- R K INVESTMENT LTD [Strike Off] CIN = U65993WB1969PLC027398

Company & Directors' Information:- U AND V LEASING PRIVATE LIMITED [Strike Off] CIN = U71290DL1985PTC021145

Company & Directors' Information:- A G C LEASING AND INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U65992UP1991PTC012868

Company & Directors' Information:- N M G C INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U74899DL1982PTC014603

Company & Directors' Information:- CROSS SEAS LEASING AND INVESTMENT CO PVT LTD [Active] CIN = U99999MH1983PTC030845

Company & Directors' Information:- G V K INVESTMENT AND LEASING LIMITED [Strike Off] CIN = U65910UP1994PLC017323

Company & Directors' Information:- T M INVESTMENT CO PVT LTD [Active] CIN = U67120WB1971PTC028172

Company & Directors' Information:- S. A. F. INVESTMENT LIMITED [Active] CIN = U67120DL1997PLC088611

Company & Directors' Information:- H K (INVESTMENT) COMPANY PRIVATE LIMITED [Active] CIN = U65990GJ1950PTC000511

Company & Directors' Information:- P N INVESTMENT PRIVATE LIMITED [Under Liquidation] CIN = U65910GJ1988PTC010715

Company & Directors' Information:- INVESTMENT CORPORATION LIMITED [Under Liquidation] CIN = U65993KL1942PLC000449

Company & Directors' Information:- S R M INVESTMENT PVT LTD [Strike Off] CIN = U67120WB1979PTC031888

Company & Directors' Information:- A TO Z INVESTMENT PVT LTD [Dissolved] CIN = U67120WB1988PTC044464

Company & Directors' Information:- S B LEASING PRIVATE LIMITED [Active] CIN = U74899DL1987PTC028630

Company & Directors' Information:- M G LEASING PVT LTD [Strike Off] CIN = U65921CH1987PTC007342

Company & Directors' Information:- R J INVESTMENT PRIVATE LIMITED [Active] CIN = U67120MH1976PTC018954

Company & Directors' Information:- B N K INVESTMENT CO PVT LTD [Active] CIN = U65993WB1971PTC028169

Company & Directors' Information:- A D INVESTMENT CO PVT LTD [Active] CIN = U67120WB1971PTC028170

Company & Directors' Information:- T D INVESTMENT CO PVT LTD [Strike Off] CIN = U65921CH1987PTC007637

Company & Directors' Information:- C G K INVESTMENT P LTD [Strike Off] CIN = U65910AP1986PTC006088

Company & Directors' Information:- R B S LEASING PRIVATE LIMITED [Strike Off] CIN = U65910KA1984PTC005947

Company & Directors' Information:- L D INVESTMENT COMPANY PVT LTD [Strike Off] CIN = U65921HP1988PTC008425

Company & Directors' Information:- P R R LEASING COMPANY PRIVATE LIMITED [Active] CIN = U74899DL1994PTC059944

Company & Directors' Information:- G K INVESTMENT PRIVATE LIMITED [Active] CIN = U65993TZ1987PTC001919

Company & Directors' Information:- G V INVESTMENT PRIVATE LIMITED [Active] CIN = U65993TZ1987PTC001920

Company & Directors' Information:- B C K H INVESTMENT CO PVT LTD [Active] CIN = U67120MH1982PTC026819

Company & Directors' Information:- H V INVESTMENT PRIVATE LIMITED [Active] CIN = U67120MH1997PTC107686

Company & Directors' Information:- A.T. CROSS INDIA PRIVATE LIMITED [Strike Off] CIN = U51101MH2011FTC223860

Company & Directors' Information:- M L INVESTMENT PVT LTD [Strike Off] CIN = U67120WB1979PTC032180

Company & Directors' Information:- 4 SEAS INDIA PRIVATE LIMITED [Active] CIN = U74999DL2017PTC322162

Company & Directors' Information:- S & G INVESTMENT COMPANY PRIVATE LIMITED [Active] CIN = U65100DL2012PTC244271

Company & Directors' Information:- S B INVESTMENT PVT LTD [Liquidated] CIN = U99999RJ1959PTC001090

Company & Directors' Information:- R AND P INVESTMENT PVT LTD [Strike Off] CIN = U67120PB1995PTC016124

Company & Directors' Information:- M M B INVESTMENT PRIVATE LIMITED [Active] CIN = U65993RJ1996PTC012698

Company & Directors' Information:- M G A INVESTMENT COMPANY PRIVATE LIMITED [Strike Off] CIN = U99999MH1980PTC022406

Company & Directors' Information:- D S N INVESTMENT PVT LTD [Strike Off] CIN = U65993TG1988PTC008554

Company & Directors' Information:- V. I INVESTMENT PVT LTD [Strike Off] CIN = U67120HR1988PTC030206

Company & Directors' Information:- R J P INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U65993GJ1981PTC004678

Company & Directors' Information:- D D P INVESTMENT PRIVATE LIMITED [Strike Off] CIN = U65910GJ1981PTC004695

Company & Directors' Information:- C J P INVESTMENT PVT LTD [Strike Off] CIN = U99999GJ1981PTC004662

Company & Directors' Information:- M P INVESTMENT CO PRIVATE LIMITED [Under Process of Striking Off] CIN = U65993KA1974PTC002646

Company & Directors' Information:- INVESTMENT COMPANY PRIVATE LIMITED [Dissolved] CIN = U65990KL1946PTC000461

Company & Directors' Information:- INVESTMENT CORPORATION LIMITED [Not available for efiling] CIN = U99999MH1943PLC007730

    Appeal No. 175 of 2013

    Decided On, 07 January 2020

    At, Debts Recovery Appellate Tribunal At Mumbai

    By, THE HONOURABLE MR. JUSTICE S. RAVI KUMAR
    By, CHAIRPERSON

    For the Appellant: Ismail Nashikwala along with N.I. Bakali, Usha Mattam, Advocates. For the Respondents: R2, Karl Shroff along with Hema Desai, i/b M/s. Singhi & Co., Advocates.



Judgment Text

This appeal is preferred against judgment 3.1.2011 in Original Application (O.A.) No. 260/2001 on the file of Debts Recovery Tribunal No. 1, Mumbai (the Tribunal below).2. Appellant herein filed above referred O.A. for recovery of a sum of Rs. 1,64,42,723.69 against defendant Nos. 1 to 3 together with further interest in respect of Cash Credit Account-I and another sum of Rs. 2,24,34,773.13 against defendant Nos. 1 to 4 together with further interest in respect of Cash Credit Account-II. The said O.A. is contested and on consideration of material evidence, Tribunal below granted Recovery Certificate (R.C.) for the amount claimed under both the accounts with simple interest @10% per annum from the date of the suit till realization, but only granted personal decree and refused mortgage. Aggrieved by the said judgment, applicant Bank preferred present appeal contending that the Tribunal below erred in not granting mortgage decree.3. I have perused the material papers. This matter is originally filed before Hon’ble Court of Bombay in March, 1992 and thereafter it was transferred to the Tribunal below after establishment of Debts Recovery Tribunals under the provisions of the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (hereinafter referred to as the RDDB & FI Act). As per the plaint first relief is against defendant No. 1 for declaration and second relief is in the event of mortgage being created under orders of Tribunal below, then pass a mortgage decree. That was the relief claimed which shows that relief of declaration is sought for mortgage. Now, it may be relevant to examine pleadings with reference to mortgage in Para Nos. 19, 20 and 21 which are as follows:“19. By a letter dated 10th September, 1990 the 2nd defendant agreed to create an equitable mortgage in respect of his residential flat, and more particularly described in Exhibit “X” to the plaint. By the said letter dated 10th September, 1990, the 2nd defendant informed the plaintiff’s that the share certificate of the Co-operative Housing Society was with the Current Department of the plaintiff’s Main Branch at Bombay and that the same would be handed over to the plaintiffs on or before 11th September, 1990. The defendant No. 2 requested the plaintiffs to write a letter to the Co-operative Housing Society for necessary permission. A copy of the said letter dated 10th September, 1990 is hereto annexed and marked Exhibit “Y”.20. Under the instructions of the defendant No. 2, the Current Department of the plaintiffs, by their Memo dated 10th September, 1990 have forwarded the Share Certificate of the Society in respect of the said flat to the custody of Cash Credit Department of the plaintiffs to secure payments of the amounts due by the defendant Nos. 1 and 2 to the plaintiffs. The said original title deeds namely, the Share Certificate in respect of the flat described more particularly in Exhibit “X” to the plaint is in possession of the plaintiffs to secure the repayment of the amounts due and payable by the 1st defendants to the plaintiffs. The internal Memo of the plaintiffs will be referred to if necessary.21. The plaintiffs were informed by Ramjharukha Co-operative Housing Society that they would not be able to recognize the rights of the plaintiffs. The plaintiffs, therefore, called upon the 2nd defendants to create a valid mortgage in favour of the plaintiffs under the mistaken belief that permission of society was a must. The 2nd defendant offered to substitute the security. However, the 2nd defendant did not adhere to the same The plaintiffs are advised that though there is no permission of society, the said flat is validly mortgaged.”4. The Tribunal below while considering these aspects recorded in Para 19 of the judgment that three ingredients are required for granting a mortgage decree, firstly there should be an existence of a debt, secondly there should be deposit of original title deeds with the mortgagee and thirdly there should be a document showing the intention of a party to create equitable mortgage. After considering the material, the Tribunal below held that as there is no evidence showing compliance of all three requirements as per Section 58(f) of the Transfer of Property Act, 1882, therefore, rejected the relief of mortgage.5. Now, Advocate for appellant contended that by letter dated 10.9.1990 respondent No. 2 has agreed to create mortgage and the Tribunal below ought to have granted relief of specific performance. On the other hand, Advocate for opposite party submitted that Tribunal below cannot grant a decree of specific performance and for that appellant has to approach Civil Court. In answer to above argument, Advocate for appellant submitted as per decision dated 19.3.2004 of this Tribunal in Appeal No. 113/2002, the Tribunals have powers to grant specific performance decrees also and specifically submitted that he is relying on that judgment in support of his argument. He submitted that as this Tribunal held that DRT has power to grant relief of specific performance, the order of the Tribunal below has to be set aside.6. When it was put to Advocate for appellant how the relief of specific performance would fall within the definition of ‘debt’. He submitted that specific performance is ancillary relief for the relief of ‘debt’. I am not in agreement with submission of learned Counsel for appellant. When the Act is very specific with regard to the jurisdiction of Tribunals which clarified that it can only entertain debt claims relating to Banks and Financial Institutions and did not refer to any ancillary reliefs. The decision relied on by appellant is contrary to the provisions of Act and that too it is not binding on DRAT. In fact it is not expected from the appellant to cite judgments of my predecessors, when they are not having bi

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nding force. Advocate for appellant conceded that he is not relying on letter dated 10.9.1990 for the relief of mortgage, but the letter is relied only for relief of specific performance. As the DRT is not expected to pass any decree for specific performance, the Tribunal below was right in dismissing claim of mortgage because as per own submission of learned Counsel for appellant, this document is not enforceable document for relief of mortgage.7. For the above reasons, appeal is dismissed with costs quantified at Rs. 20,000 (Rupees Twenty Thousand only).8. All Miscellaneous applications, if any, are dismissed as infructuous.Appeal dismissed.
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