{"id":205049,"date":"1997-12-10T00:00:00","date_gmt":"1997-12-09T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/united-bank-of-india-vs-b-t-w-industries-ltd-ors-on-10-december-1997"},"modified":"2016-10-22T15:37:00","modified_gmt":"2016-10-22T10:07:00","slug":"united-bank-of-india-vs-b-t-w-industries-ltd-ors-on-10-december-1997","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/united-bank-of-india-vs-b-t-w-industries-ltd-ors-on-10-december-1997","title":{"rendered":"United Bank Of India vs B.T.W. Industries Ltd. &amp; Ors on 10 December, 1997"},"content":{"rendered":"<div class=\"docsource_main\">Supreme Court of India<\/div>\n<div class=\"doc_title\">United Bank Of India vs B.T.W. Industries Ltd. &amp; Ors on 10 December, 1997<\/div>\n<div class=\"doc_author\">Author: S Agarwal<\/div>\n<div class=\"doc_bench\">Bench: S.C. Agarwal, S. Rajendra Babu<\/div>\n<pre>           PETITIONER:\nUNITED BANK OF INDIA\n\n\tVs.\n\nRESPONDENT:\nB.T.W. INDUSTRIES LTD. &amp; ORS.\n\nDATE OF JUDGMENT:\t10\/12\/1997\n\nBENCH:\nS.C. AGARWAL, S. RAJENDRA BABU\n\n\n\n\nACT:\n\n\n\nHEADNOTE:\n\n\n\nJUDGMENT:\n<\/pre>\n<p>(WITH CIVIL APPEALS NOS\t 8596 &amp; 8597 OF 1997 arising other<br \/>\nS.L.P.(C) Nos. 9726 of 1997 and 9792 of 1997})<br \/>\n\t\t      J U D G M E N T<br \/>\nS.C. AGARWAL, J.\n<\/p>\n<p>     Special Leave granted.\n<\/p>\n<p>     These appeals  are directed  against the  orders  dated<br \/>\nJuly 16,1996  passed by\t the  Calcutta\tHigh  Court  on\t the<br \/>\napplications  submitted\t  by  the   United  Bank   of  India<br \/>\n[hereinafter referred  to as the appellant-Bank&#8217;] in pending<br \/>\nappeals. The  appellant-Bank had  extended credit facilities<br \/>\nto the\tthree companies\t who are  respondent No.  1 in these<br \/>\nappeals against\t hypothecation of stocks, book debts movable<br \/>\nassets and  personal guarantees\t of the other respondents in<br \/>\nthe appeals. Three suits (O.S. No. 306 of 1993, O.S. No. 309<br \/>\nof 1993\t  and  O.S. No.\t 308 of\t 1993)\twere  filed  by\t the<br \/>\nappellant-Bank against\tthe respondents\t in these appeals on<br \/>\nthe original Side of the Calcutta High Court. In these suits<br \/>\nthe learned  single Judge was pleased to appoint a Receiver,<br \/>\ninter alia, over the hypothecated movables. The Receiver was<br \/>\nsubsequently  redesignated   as\t Special   Officer  and\t was<br \/>\ndirected to  make an  inventory of hypothecated movables and<br \/>\ninspect the  accounts of  respondent No. 1 in these appeals.<br \/>\nThe appellant-Bank  also submitted an application before the<br \/>\nlearned single Judge for appointment of a Charted Accountant<br \/>\nand a  Timber Expert  to assess\t the value of securities. On<br \/>\nJanuary 10,  1994 the learned single Judge passed decrees in<br \/>\nall the\t three suits  upon admission and awarded interest at<br \/>\nthe rate  of 6%\t per annum of the decretal amount and it was<br \/>\ndirected  that\t the  amount  shall  be\t paid  in  quarterly<br \/>\ninstalments and\t that the  defendants will  go on paying the<br \/>\nsaid instalment\t together with\tinterest on reducing balance<br \/>\nand that  in the  event of  defendant falling to pay and two<br \/>\ninstalments, the  plaintiff-Bank will  execute the  decretal<br \/>\namount then  remaining due  and in  that event\tthe  balance<br \/>\ndecretal amount\t will carry interest 16.5% per annum. It was<br \/>\nalso directed  that the Special Officer would continue until<br \/>\nthe entire  payment is\tmade and  if the defendants make any<br \/>\ndefault as stipulated therein, the Special Officer will take<br \/>\npossession of  t he assets charged. Since the amount claimed<br \/>\nby the\tappellant-Bank was  much more  than  the  amount  of<br \/>\ndecree passed in each suit, the appellant-Bank filed appeals<br \/>\nagainst the  said decrees passed by the learned single judge<br \/>\nbefore the  Division Bench  of the  High Court.\t In the said<br \/>\nappeals the  appellants-Bank   has challenged the decrees on\n<\/p>\n<p>(i) the\t quantum of  decree; (ii)  the rate of interest, and\n<\/p>\n<p>(iii)  the   direction\tfor  payment  of  decretal  dues  by<br \/>\ninstalments. It appears that the defendants-respondents have<br \/>\nfailed to  pay the  dectetal dues as directed by the learned<br \/>\nsingle\tJudge  and  the\t appellant-Bank\t filed\tapplications<br \/>\nwherein the  appellant-Bank has\t prayed\t that  &#8220;the  Special<br \/>\nOfficers be directed to take possession singly or jointly of<br \/>\nthe suit  properties being  the securities  of the Bank with<br \/>\nthe direction to appoint Timber Expert, Chartered Accountant<br \/>\nand Engineer  as the  Special Officer  (s) may\tdeem fit and<br \/>\nproper for  the purpose\t of making  meaningful and  complete<br \/>\ninventory about\t quality, quantity  and realisable  value of<br \/>\nthe  properties&#8221;.   The\t said\tapplications  filed  by\t the<br \/>\nappellant-Bank have  been disposed  by the Division Bench of<br \/>\nthe High Court by the impugned judgment dated July 16, 1996.<br \/>\nThe High  Court has  rejected the  said applications  as not<br \/>\nmaintainable and has observed:-\n<\/p>\n<p>     &#8220;Upon    consideration    of    the<br \/>\n     contextual we  deem it expedient to<br \/>\n     record that  in the  event of there<br \/>\n     being a  challenge to  the\t decree,<br \/>\n     question of  further order from the<br \/>\n     Appellate Court on the basis of the<br \/>\n     decree itself  does not  and cannot<br \/>\n     arise. The\t Appellant shall have to<br \/>\n     exercise it option, to with, either<br \/>\n     to\t accept\t  the  decree  and  then<br \/>\n     proceed to\t take steps  to\t execute<br \/>\n     the  decree  or  prefer  an  appeal<br \/>\n     against the  decree  the  appellant<br \/>\n     having  chosen  the  second  course<br \/>\n     ought not to be allowed to move the<br \/>\n     Appellate\tCourt\twith   such   an<br \/>\n     application which\tis solely  based<br \/>\n     on the  decree  as\t passed\t by  the<br \/>\n     Learned  Trial   Judge.  Court  can<br \/>\n     appreciate the  blowing of\t hot  or<br \/>\n     hotter but not blowing hot and cold<br \/>\n     and appropriate  and  reprobate  at<br \/>\n     one in  the same  time.  Since  the<br \/>\n     decree is\tunder challenge question<br \/>\n     of obtaining  any benefit under the<br \/>\n     decree does not arise.&#8221;\n<\/p>\n<p>     Shri  V.R.\t Reddy,\t the  learned  Additional  Solicitor<br \/>\nGeneral, has  submitted that  the High Court was in error in<br \/>\nholding\t that\tthe  appellant-Blank   could  not  move\t the<br \/>\napplication before the Appellate Bench of the High Court for<br \/>\na direction  to the  Special Officers  to take possession of<br \/>\nthe suit  properties during the pendency of the appeals. The<br \/>\nsubmission is that such a direction is necessary in order to<br \/>\nsafeguard the security for the advance that was furnished by<br \/>\nthe residents  to the appellant-Bank and that the High Court<br \/>\nwas in\terror in  holding that such an application could not<br \/>\nbe moved  in a\tpending appeal. Shri Shrish Kumar Misra, the<br \/>\nlearned counsel\t appearing for\tthe respondents, has, on the<br \/>\nother hand,  supported the  impugned judgment  of  the\tHigh<br \/>\nCourt and  has\turged  that  since  the\t appellant-Blank  is<br \/>\nseeking to  enforce a  direction  contained  in\t the  decree<br \/>\npassed by the learned single Judge the proper course for the<br \/>\nappellant-Blank was  to move  for the  execution of the said<br \/>\ndecree and  such an  application could\tnot be\tmoved in the<br \/>\nappeals filed against the decree.\n<\/p>\n<p>     We find it difficult to accept the aforesaid submission<br \/>\nof Shri\t Misra.\t since\tthe  claim  of\tthe  appellant-Blank<br \/>\nexceeds the  amount for\t which the decree had been passed by<br \/>\nthe learned  single Judge  and the  appeal  relates  to\t the<br \/>\nbalance amount\tof the said claim of the appellant-Blank and<br \/>\nthe security  furnished by  the respondents  is towards\t the<br \/>\nentire claim,  the appellant-Blank,  in order to protect its<br \/>\ninterest as  regards the  claim\t in  respect  of  which\t the<br \/>\nappellant-Blank has  filed the\tappeals, could\thave  sought<br \/>\ndirections from\t the Appellate\tBench of  the High  Court to<br \/>\ndirect the  Special Officers  to take possession of the suit<br \/>\nproperties which  are the securities for the appellant-Blank<br \/>\nso that the said securities remain available in the event of<br \/>\nthe appellant-Blank succeeding in the appeals. The fact that<br \/>\nthe appellant-Blank  could seek\t such a\t direction by moving<br \/>\nfor execution  of the  decree passed  by the  learned single<br \/>\nJudge could  not, in  our opinion,  preclude  the  Appellate<br \/>\nBench of the High Court from giving an appropriate direction<br \/>\nduring the  pendency of\t the appeals in order to protect the<br \/>\ninterest of the appellant-Blank.\n<\/p>\n<p>     As regards\t the preparation  of the  inventory  of\t the<br \/>\nstock of timber and appointment of a Timber Expert to assist<br \/>\nthe Special  Officers for  the purpose, it has been urged by<br \/>\nShri Misra that the said inventory had already been prepared<br \/>\nby  the\t Special  Offers  and  no  further  inventories\t are<br \/>\nrequired to  be\t prepared.  In\tthis  context,\tthe  learned<br \/>\nadditional Solicitor  General has  submitted that  after the<br \/>\nmaking of  the said  inventories there has been considerable<br \/>\nchange\tinasmuch   as  the   goods  mentioned  in  the\tsaid<br \/>\ninventories have been sold and, therefore, fresh inventories<br \/>\nare required  to be  prepared and  that the appointment of a<br \/>\nTimber Expert  to assist  the Special  Offers would enable a<br \/>\nmeaningful and\tcomplete inventory  about quality,  quantity<br \/>\nand realisable\tvalue of the suit properties being prepared.<br \/>\nHaving regard  to  the\tfact  that  the\t appellant-Blank  is<br \/>\nseeking direction  that the  Special Officers be directed to<br \/>\ntake possession\t of the\t securities, including\tthe stock of<br \/>\ntimber, the  High Court,  if it\t gives such a direction, may<br \/>\nalso  consider\t the  request  of  the\tappellant-Blank\t for<br \/>\nappointment of\ta Timber Expert to assist the Special Offers<br \/>\nin preparing  an inventory  of the  stock of timber of which<br \/>\npossession is  taken by\t them in  pursuance of the direction<br \/>\ngiven by the High Court.\n<\/p>\n<p>     The  appeals  are,\t therefore,  allowed,  the  impugned<br \/>\norders of  the Appellate  Bench of  the High  Court are\t set<br \/>\naside and  it is directed that the applications submitted by<br \/>\nthe appellant-Blank for direction to the Special Officers to<br \/>\ntake possession\t of the\t securities and for appointment of a<br \/>\nTimber Expert to assist the Special Officers for the purpose<br \/>\nof preparing  an inventory  of\tstock  of  timber  shall  be<br \/>\nconsidered by the High Court merits. No orders as to costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Supreme Court of India United Bank Of India vs B.T.W. Industries Ltd. &amp; Ors on 10 December, 1997 Author: S Agarwal Bench: S.C. Agarwal, S. Rajendra Babu PETITIONER: UNITED BANK OF INDIA Vs. RESPONDENT: B.T.W. INDUSTRIES LTD. &amp; ORS. DATE OF JUDGMENT: 10\/12\/1997 BENCH: S.C. AGARWAL, S. RAJENDRA BABU ACT: HEADNOTE: JUDGMENT: (WITH CIVIL APPEALS [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[30],"tags":[],"class_list":["post-205049","post","type-post","status-publish","format-standard","hentry","category-supreme-court-of-india"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>United Bank Of India vs B.T.W. 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