TaxTMI 
TaxTMI 
2013 (4) TMI 566
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.... a banking company carrying on its business in India as well as in Singapore having its branch office thereat. The case of the appellant is shortly put hereunder:- In or about May 2008 one Wealth sea Pte. Limited approached ICICI Bank Limited, Singapore for availing of foreign currency term loan facility (in short FCTL) with an overall limit of USD 125 million. After negotiation and discussion the appellant at its Singapore branch sanctioned aforesaid facility in the shape of back to back Stand By Letter of Credit Facility (hereinafter in short SBLCF) of USD 125 million. Hence in India, the appellant issued the said letter of credit facilities in favour of the branch of the appellant at Singapore at the behest of Shalini Properties an....
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....hem their client is bona fide mortgagee for value without any notice. There has been no transaction with the Dunlop India Limited respondent company herein and this Bank. The mortgages were created by the separate companies which have got different and distinct entities, to secure amount of loan advanced to the aforesaid companies. According to them there was no warrant to make any comment or observation with regard to legality, validity and enforceability of the mortgage property vis-à-vis title of the mortgagor. The direction given upon the official liquidator to take legal steps to recover amongst other mortgaged properties has really sealed the fate of the bank's claim as a mortgagee. In effect the learned Trial Judge has decl....
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....o file the same. The appellant is not the mortgagee in respect of Mumbai and Chennai property. One 3i Infotech Trusteeship Services is the mortgagee in respect of the said properties. The appellant has deliberately not disclosed the copies of the title deeds of the suit properties in question. In any event the appellant had no reason to be aggrieved. The appellant should have moved the application before the learned Trial Judge. Since the sale of the said properties by the company were void ab initio, non est in the eye of law and nullity as such the title has not passed at all to the company. On behalf of the appellant/Dunlop Company no argument was advanced. We have considered the respective contention of the learned counsel for the....
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....in this appeal whether the appellant before us can derive any title on the strength of the aforesaid document apparently executed in favour of 3i Infotech Trusteeship Services Limited. Thus on prima facie reading we cannot say that appellant is aggrieved rather the said recorded mortgagee might be aggrieved who has not approached us. Under those circumstances we think that the direction given by the learned Trial Judge at the instance of the appellant cannot be deleted. However reading the judgment and order of the learned Trial Judge we feel that it will be great injustice if observation recorded and direction given by the learned Trial Judge are allowed remain in the impugned judgment and order. Admittedly the parties who might be affe....