{"id":239993,"date":"2008-01-28T00:00:00","date_gmt":"2008-01-27T18:30:00","guid":{"rendered":"https:\/\/www.legalindia.com\/judgments\/national-textile-corpn-dr-p-vs-bank-of-rajasthan-ors-on-28-january-2008"},"modified":"2016-04-21T22:51:24","modified_gmt":"2016-04-21T17:21:24","slug":"national-textile-corpn-dr-p-vs-bank-of-rajasthan-ors-on-28-january-2008","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/judgments\/national-textile-corpn-dr-p-vs-bank-of-rajasthan-ors-on-28-january-2008","title":{"rendered":"National Textile Corpn. (Dr & P) … vs Bank Of Rajasthan & Ors on 28 January, 2008"},"content":{"rendered":"
Supreme Court of India<\/div>\n
National Textile Corpn. (Dr & P) … vs Bank Of Rajasthan & Ors on 28 January, 2008<\/div>\n
Author: . A Pasayat<\/div>\n
Bench: Dr. Arijit Pasayat, P. Sathasivam<\/div>\n
           CASE NO.:\nAppeal (civil)  721 of 2008\n\nPETITIONER:\nNational Textile Corpn. (DR & P) Ltd.\n\nRESPONDENT:\nBank of Rajasthan & Ors.\n\nDATE OF JUDGMENT: 28\/01\/2008\n\nBENCH:\nDr. ARIJIT PASAYAT & P. SATHASIVAM\n\nJUDGMENT:\n<\/pre>\n
J U D G M E N T
\n(Arising out of SLP (C) No. 20337 of 2005)
\nWith<\/p>\n
CIVIL APPEAL NO. 720 OF 2008
\n(Arising out of SLP (C) No.7681 of 2006)<\/p>\n
Dr. ARIJIT PASAYAT, J.\n<\/p>\n
SLP ( C) No. 20337 of 2006<\/p>\n
1.\tLeave granted.\n<\/p>\n
2.\tChallenge in this appeal is to the judgment of Learned
\nSingle Judge of the Rajasthan High Court at Jaipur Bench
\ndismissing this Civil Writ Petition filed by the appellant.\n<\/p>\n
3.\tBackground facts in a nutshell are as follows:\n<\/p>\n
     The Sick Textile Undertaking Nationalisation Act, 1974
\n(in short the Act) became operative with effect from 1.4.1974.
\nOne Textile Undertaking i.e. Mahalaxmi Mills Ltd. Bewar
\nvested in the Central Government under the Act.  The same
\nwas transferred to the National Textile Corporation (in short
\nthe Corporation) and thereafter to the present appellant
\nwhich is a Subsidiary of the Corporation i.e. National Textile
\nCorporation (Delhi, Punjab, Rajasthan) Ltd.  Appellants stand
\nwas that in terms of Section 3 of the Act, with effect from the
\nappointed date i.e. 1.4.1974, every sick textile undertaking
\nand the right title and interest of the owner in relation to such
\ntextile undertaking stood vested absolutely in the Central
\nGovernment and in turn to the Corporation.  Section 4 of the
\nAct sets out the general effects of vesting.  Under Section 5 of
\nthe Act, deals with the liability of the owner of the sick textile
\nundertaking and clearly provides that every liability other than
\nthe liability specified in sub-section (2) of Section 5 of the
\nowner of a sick textile undertaking in respect of any period
\nprior to the appointed date was a liability of the owner and
\nshall be enforceable against him and not against the Central
\nGovernment or the Corporation.  On 25.5.1978, respondent-
\nBank filed claim before the Commissioner for Payment (in
\nshort the Commissioner) raising demand of about Rs.34.72
\nlakhs. After examining the claim the Commissioner allowed
\nthe claim to the extent of about Rs.21.22 lakhs i.e. the amount
\noutstanding against the owner on 31.3.1974 i.e. a day prior to
\nthe appointed date.  The claim towards interest was rejected
\nby the Commissioner.  An appeal was also preferred by the
\nrespondent-bank before the District Judge under Section 23 of
\nthe Act.  By order dated 20.8.1987 the District Judge held that
\nfor a period subsequent to the appointed date liability would
\nbe of the owner and held that respondent was entitled to
\ninterest at the contractual rate for a period subsequent to
\n31.3.1974.  The matter was remanded to the Commissioner to
\nwork out the details.\n<\/p>\n
4.\tThe order was challenged before the Rajasthan High
\nCourt.  The controversy was restricted to the question of
\npayment subsequent to 31.3.1974. The order was
\nunsuccessfully challenged before the High Court and this
\nCourt.  The Commissioner passed an award for an amount of
\nabout Rs.16.70 lakhs.  Again an appeal was preferred before
\nthe District Judge wherein their stand was that the
\nCommissioner had not calculated the amount of interest as
\nper the earlier directions of the District Judge and the interest
\nwas to be calculated on the basis of six monthly rest. The
\nDistrict Judge allowed the appeal and again sent the matter
\nback to the Commissioner.  A revision was filed before the
\nHigh Court on the ground that the District Judge had erred in
\nawarding interest after 1.4.1974 on the liability of the
\nerstwhile owner overlooking the position of law as contained in
\nSections 3, 4, 5 & 11.  A transfer petition was filed before this
\nCourt with a request to stay further proceedings in different
\nHigh Courts as common points were urged.\n<\/p>\n
5.\tThis Court by order dated 15.3.2004 directed the High
\nCourt to follow the decision of this Court in Civil Appeal
\nNo.2314 of 2000 and connected matters.  An application was
\nfiled by one of the respondents in TP Nos.155-58 of 2004.
\nThis court clarified that the matters pending in the High Court
\nwould await the decision in which the issues arising for
\ndecision are the same or similar to those involved in Civil
\nAppeal No. 2314 of 2000 on 21.7.2005.  The High Court
\ndismissed the writ petition as noted above. It was of the view
\nthat the matters agitated before the High Court have already
\nbeen concluded by the High Court.\n<\/p>\n
6.\tIn support of the appeal, Mr. G.E. Vahanvati, learned
\nSolicitor General, submitted that unfortunately there was no
\nappearance before the High Court because of some mis-
\nunderstanding.  In any event the decisions of this Court in
\nState Bank of Indore v. Commissioner of Payment &
\nOrs.[2004(11) SCC 516] and in National Textile Coprn. (Guj.)
\nLtd. v. State Bank of India & Ors.<\/a> [2006(7)SCC 542] have not
\nbeen taken note of.\n<\/p>\n
7.\tLearned counsel for the respondent No.1-Bank on the
\nother hand submitted that the issue had attained finality and
\ntherefore the High Court was justified in dismissing the writ
\npetition.\n<\/p>\n
8.\tIn State Bank of Indore v. Commissioner of Payment &
\nOrs.[2004(11)SCC 516] the Bank had filed the appeal before
\nthis Court. It was inter alia observed in the said case as
\nfollows:\n<\/p>\n
A glance at the provisions of the Act,
\nextracted hereinabove, shows that by virtue of
\nSection 3 the right, title and interest of the
\nowner in sick textile undertakings stands
\ntransferred to and vests in the Central
\nGovernment. Section 4 provides for the effect
\nof such vesting. It shows that the liability,
\nwhich vests in the Central Government, is only
\nliability specified under sub-section (2) of
\nSection 5. This position is further clarified by
\nSection 5(1) which states that except for
\nliabilities mentioned in sub-section (2) of
\nSection 5 all other liabilities would continue to
\nbe the liabilities of the owner of the sick textile
\nundertakings and shall be enforceable against
\nthe owner and not against the Central
\nGovernment or the National Textile
\nCorporation. Thus by virtue of Section 5(1) the
\nremedy for recovery of any liability is against
\nthe owner. Undoubtedly, the word liability
\nwould include not just the loan amounts but
\nalso the amounts due by way of interest of
\nsuch loan amounts.\n<\/p>\n
Sub-section (2) of Section 5 specifies which
\nliabilities are taken over by the Central
\nGovernment. Sub-section (2)( a ) talks of loans
\nadvanced by the Central Government or the
\nState Government. Thus, the legislature is now
\nmaking a distinction between the terms
\nliability and loan. When the term loan is
\nused it is specified that the loans would be
\ntogether with interest due thereon. The same
\nclarification can be found even in Section 5(2)(
\nb ). This indicates the intention of the
\nlegislature. Thus even though the term
\nliability includes liability for the interest
\namounts also, the term loan does not include
\nthe interest amount unless specified otherwise
\nin the Act. This position is fortified by Section
\n9 wherein on the amounts paid to the owner
\ninterest at the rate of 4% is also payable. Thus,
\nwhere the legislature wanted to specify that
\ncertain amounts would carry interest, it has
\ndone so specifically.\n<\/p>\n
Section 21 provides that the amounts set out
\nin the Second Schedule are to be paid in
\npriority. The relevant portion of the Second
\nSchedule reads as follows:\n<\/p>\n
THE SECOND SCHEDULE
\n(See Sections 21, 22, 23 and 27)<\/p>\n
Order of priorities for the discharge of liabilities
\nin respect of a sick textile undertaking
\nPART A
\nPost-Takeover Management Period
\nCategory I\n<\/p>\n
(a) Loans advanced by a bank.\n<\/p>\n
(b) Loans advanced by an institution other
\nthan a bank.\n<\/p>\n
(c) Any other loan.\n<\/p>\n
(d) Any credit availed of for purpose of trade or
\nmanufacturing operations.\n<\/p>\n
Category II\n<\/p>\n
(a) Revenue, taxes, cesses, rates or any other
\ndues to the Central Government or a State
\nGovernment.\n<\/p>\n
(b) Any other dues.
\nThus, the heading of the Second Schedule
\nprovides priorities for the discharge of
\nliabilities. The term liability as stated above
\nwould include interest. It would include a loan.
\nIt would also include credits availed of. It
\nwould include revenue, taxes, cesses, rates
\nand other dues. However, the payment in
\npriority is for a loan. The distinction in
\nlanguage makes it very clear that what was to
\nbe paid in priority was only the amount of the
\nloan i.e. the principal amount and not the
\ninterest amount due thereon. Of course,
\npayments towards interest would remain
\nliabilities. But for recovery of that the remedy
\nwould be to proceed against the owner\/surety.
\nIt is thus clear that the interest amounts are
\nnot to be paid in priority under the provisions
\nof this Act. In this view, strictly speaking, even
\ninterest up to 31-3-1974 was not payable in
\npriority. However, as the respondents have not
\ncome up in appeal we see no reason to
\ninterfere with that portion of the impugned
\njudgment which directs payments of interest
\nup to 31-3-1974. <\/p>\n
9.\tAgain in National Textile Coprn. (Guj.) Ltd. v. State Bank
\nof India & Ors.<\/a> (2006(7) SCC 542) after referring to State Bank
\nof Indores case (supra) this Court observed as follows:\n<\/p>\n
There exists a difference between a loan and
\nliability; whereas the principal amount would
\ncome within the purview of priority claim,
\nclaim of interest would not.\n<\/p>\n
The High Court in its impugned judgment
\nrelied upon State Bank of India v. Edward
\nTextile Mills Ltd. The said decision was
\nreversed by this Court in State Bank of Indore
\nv. Commr. of Payments, holding: (SCC p.   522,
\nparas 9-11)
\nThus, the heading of the Second Schedule
\nprovides priorities for the discharge of
\nliabilities. The term liability as stated above
\nwould include interest. It would include a loan.
\nIt would also include credits availed of. It
\nwould include revenue, taxes, cesses, rates
\nand other dues. However, the payment in
\npriority is for a loan. The distinction in
\nlanguage makes it very clear that what was to
\nbe paid in priority was only the amount of the
\nloan i.e. the principal amount and not the
\ninterest amount due thereon. Of course,
\npayments towards interest would remain
\nliabilities. But for recovery of that the remedy
\nwould be to proceed against the owner\/surety.
\nThis Court has in Industrial Finance Corpn. of
\nIndia Ltd. v. Cannanore Spg. and Wvg. Mills
\nLtd. held that by virtue of the provisions of the
\nAct the liability of the principal debtor and that
\nof the surety does not come to an end. It is
\nheld that if the compensation to be paid by
\nvirtue of Section 21 and the Second Schedule
\ndoes not satisfy the full claim then the creditor
\nis not barred from filing a civil suit for the
\nbalance. Further, in Punjab National Bank v.
\nState of U.P.<\/a> it has been held that even though
\nmode of recovery, against a surety, may be
\naffected the liability of the principal debtor and
\nthe guarantor does not get affected by the
\nprovision of this Act. Not only are these
\nauthorities binding us but we are in complete
\nagreement with what is laid down therein.
\nIt is thus clear that the interest amounts are
\nnot to be paid in priority under the provisions
\nof this Act. In this view, strictly speaking, even
\ninterest up to 31-3-1974 was not payable in
\npriority. <\/p>\n
10.\tWe find that there was no appearance before the High
\nCourt and, therefore, the relevance and applicability of the two
\ndecisions presently relied upon had not been considered.\n<\/p>\n
11.\tWe, therefore, set aside the impugned order and remit
\nthe matter to the High Court to hear the matter afresh and
\ndecide the matter in the light of what has been stated in State
\nBank of Indores case (supra) and State Bank of Indias case
\n(supra).  It is made clear that the parties shall be permitted to
\nplace materials in support of their respective stand.
\nSLP(C) No.7681 of 2006\n<\/p>\n
12.\tLeave granted.\n<\/p>\n
     So far as this appeal is concerned, the matter has been
\nremanded to the Commissioner by the impugned order of the
\nBombay High Court at Nagpur Bench. It is needless to
\nhighlight that the Commissioner while deciding the issues
\nafresh shall keep in view the decisions in State Bank of
\nIndores case (supra) and State Bank of Indias case (supra).\n<\/p>\n
13.\tBoth the appeals are accordingly disposed of. No costs.<\/p>\n","protected":false},"excerpt":{"rendered":"
Supreme Court of India National Textile Corpn. (Dr & P) … vs Bank Of Rajasthan & Ors on 28 January, 2008 Author: . A Pasayat Bench: Dr. Arijit Pasayat, P. Sathasivam CASE NO.: Appeal (civil) 721 of 2008 PETITIONER: National Textile Corpn. (DR & P) Ltd. RESPONDENT: Bank of Rajasthan & Ors. DATE OF JUDGMENT: […]<\/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-239993","post","type-post","status-publish","format-standard","hentry","category-supreme-court-of-india"],"yoast_head":"\nNational Textile Corpn. 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