TaxTMI 
TaxTMI 
2002 (8) TMI 567
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....gainst the 1st respondent- nationalised bank in an execution application moved by the bank against the appellant. The Chamber Summons sought a direction that the execution application filed by the 1st respondent-bank may not be transferred to the Debts Recovery Tribunal. The 1st respondent-bank has taken a decree against the appellant in the High Court of justice, Queen's Bench Division in England for an amount of Rs. 2,47,82,743.40. The Execution Application was filed along with the certified copy on 6th May, 1998. The Debts Recovery Tribunal was constituted on 16-7-1999 under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 ('the Act'). In view of the passing of the Act and in view of the exclusive jurisdiction gran....
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....of the Privy Council in the case of East End Dwallings Co. Ltd. v. Finsbury Borough Council 1952 A.C. PC 109 wherein it is observed - "If you are bidden to treat an imaginary state of affairs as real, you must surely, unless prohibited from doing so, also imagine as real the consequences and incidents which, if the putative state of affairs had in fact existed, must inevitably have flowed from or accompanied it." This view is approved in the case of American Home Products Corpn. v. Mac Laboratories (P.) Ltd. AIR 1986 S.C. 137. Under section 17(1) read with section 2(g) and section 34 of the RDB Act, the Tribunal has the exclusive jurisdiction to recover these debts and, therefore, legal fiction will have to be deemed to have been extended t....
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....laries to the giving effect to the fiction. This being the position, as far as the provision under section 44A(1) of the Code of Civil Procedure is concerned, the fiction is to treat the judgment and decree of the superior Court as equivalent to those of District Courts for the purposes of execution in India. We, therefore, do not find that there is any unjustified extension of this fiction in the application made by the 1st respondent-bank that in view of the constitution of the Debts Recovery Tribunal, the jurisdiction gets transferred to the Debts Recovery Tribunal. The Act is a special Act to provide a complete mechanism for adjudication and recovery of certain debts of Nationalized Banks and section 34 gives it an overriding effect. We....
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....ree whereas under section 44A that is permitted. Mr. Rana then drew our attention to the observations in Para 12 of the judgment of the Apex Court in the case of N.P. Ponnuswami v. Returning Officer, Namakkal Constituency, Namakkal AIR 1952 SC 64 which was in the context of Representation of the People Act where the judgment in the case of Wolverhampton New York Works Co. v. Hawkesford has been quoted, which states that where a liability not existing at common law is created by a statute the remedy provided by the statute must be followed as it is. Mr. Rana submitted that whereas under section 44A read with section 13 in the District Court, the Appellant was entitled to raise its objections as a matter of right when it comes to the Tribunal....