During the course of hearing of this petition, the learned counsel Mr.Ashok L. Shah for the petitioner heavily relied upon a recent pronouncement of the Supreme Court in the case of Sheelkumar Jain v. The New India Assurance Company Ltd. and others, reported in AIR 2011 SC 2990. This judgment has been relied upon by Mr.Shah, as according to him the entire issue stands squarely covered in favour of the petitioner taking into consideration the dispute and the question of law involved.
Mr.Bhatt, learned advocate appearing on behalf of the respondent-Bank, prays for some time to study the said judgment so that he can meet with the contention of Mr.Shah on the point in question.
Prima facie it appears on plain reading of the judgment that the issue is squarely covered. Since time is prayed for and the matter is being adjourned beyond vacation, it will be open for the bank authorities to look into the judgment of the Supreme Court in the matter of Sheelkumar Jain (supra), which has considered earlier judgments of the Supreme Court in the case of UCO Bank and others, etc. v. Sanwar Mal, etc., reported in (2004) 4 SCC 412 and the judgment in the case of Reserve Bank of India and another v. Cecil Dennis Solomon and another, reported in (2004) 9 SCC 461, which have been relied upon by Mr.Bhatt in opposing this petition.
The matter is adjourned to June 16, 2012.
( J. B. Pardiwala, J ) Aakar Top