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Judgment
VIDE orders dated 14.2.2000 and 25.2.2000 the Forum dismissed the execution case as not maintainable on the ground that the respondent herein has approached the Company Law Board, Eastern Region Bench for appropriate order. According to the Forum, Sections 45Q and Section 45QA of the Reserve Bank of India Act bar the jurisdiction of the Forum in the matter of executing the order. The Forum observed that the petitioner/decree-holder may approach the Company Law Board for relief, if so advised.
BEING aggrieved thereby the petitioner/decree-holder has appealed. It is contended on behalf of the appellant that the Forum was not justified in dismissing the execution case. In obedience to the notice issued by this Commission, the respondent has sent a petition dated 4.7.2000 wherein it has been stated that the Company has been declared a "Sick Industrial Company" under the provisions of S.I.C.A, 1985 by the Hon''ble B.I.F.R. As per the order of the said Authority a revival scheme under Section 17(3) of the Act has been submitted to IDBI, the Operating Agency. The Company submitted that the revival scheme includes the matter of repayment of dues to the fixed deposit holders and the said scheme will be finally approved by the aforesaid Authority. It has been further stated in the said letter that the repayment of the dues of the fixed deposit holders shall be made in accordance with and in terms of the final order of B.I.F.R. The respondent herein has also enclosed a copy of letter addressed to the Forum dated 13.12.1999 wherein it has been stated that the Company Law Board has already passed necessary order in respect of around 800 depositors. It appears that in view of the submission made by the respondent who was the opposite party before the Forum the latter declined to execute its previous order decreeing the claim.
We have considered the submission of both sides and think that the Forum was quite justified in refusing to execute the order. We agree with the views expressed by the Forum to the effect that the appellant may approach the Company Law Board for appropriate relief, if so advised. Sections 45Q and 45QA of the Reserve Bank of India Act stand in the way of further proceeding with the execution case. In the event the execution case proceeds, there will be multiplicity of proceeding and conflicting decisions. Accordingly, we think that the impugned order does not require any interference. The same is hereby affirmed and the appeal be dismissed on contest. Appeal dismissed.