2000 (8) TMI 974

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....ith interest at the rate of 16½ per cent per annum from the date of filing of the suit till the recovery of money. On 21-12-1994, an execution application was filed by the appellant before the Court of the Civil Judge, Dasuya. According to the appellant, an amount of Rs. 12,91,398 being the principal amount of Rs. 6,19,250 plus interest thereon as per the decree, had become due and payable and it was in respect of this amount that execution was sought. 3. In the meanwhile on 25-6-1993, the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 ('the Act') had come into force. On 30-8-1994, a Tribunal was set up in Jaipur and it was given jurisdiction to decide claims even with regard to those arising in the State of P....

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....iction to the Tribunals constituted thereunder to decide the questions regarding recovery of debts due to the banks and financial institutions. Section 31 which deals with transfer of cases reads as under : "31. Transfer of pending cases.-(1) Every suit or other proceeding pending before any court immediately before the date of establishment of a Tribunal under this Act, being a suit or proceeding the cause of action whereon it is based is such that it would have been, if it had arisen after such establishment, within the jurisdiction of such Tribunal, shall stand transferred on that date to such Tribunal : Provided that nothing in this sub-section shall apply to any appeal pending as aforesaid before any Court. (2) Where any suit ....

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....n application if the decree is for more than Rs. 10 lakhs, then that is the 'cause of action' or the reason for an application for execution being filed before the Tribunal. 8. To put matters beyond doubt, the Act has been amended by the Recovery of Debts Due to Banks and Financial Institutions (Amendment) Act, 2000, and section 31A has been inserted which reads as follows : "31A. Power of Tribunal to issue certificate of recovery in case of decree or order.-(1) Where a decree or order was passed by any Court before the commencement of the Recovery of Debts Due to Banks and Financial Institutions (Amendment) Act, 2000, and has not yet been executed, then, the decree-holder may apply to the Tribunal to pass an order for recovery of the....