2003 (4) TMI 410

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..... ORDER 1. This case should be an eye opener to the law makers of the nation and those who control the fiscal discipline of public finances. Time after time, this High Court has brought it to the notice of the governments in administration that there is something serious which needs to be addressed on the non-performing assets, that is to say, of loans which have been taken from public finan....

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....mount in this particular case was taken as a loan in 1986. It was Rs. 4,95,016.15. Today, it is 17 years and counsel was unable to answer the inquiry of the Court whether any part of this amount was returned. Learned counsel stated that he had no instruction on this. The result is on the record. Of the debt which was not cleared, the bank had to file a suit for recovery of this money. The suit was....

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....bts. This is a theme which goes on and on and it brings discredit to the nation. The nation also has a reputation that its banks lend monies and its debtors do not pay. The appellant is one of them. 4. Now, the Court is called upon to answer the question that this suit should have been transferred to the Tribunal upon coming up of the Act. Legal architecture is being made on how to avoid the de....