Court : Orissa
Decided on : Feb-29-2008
Reported in : AIR2008Ori88; 106(2008)CLT324; 2008(I)OLR659
..... or financial institution or any consortium or group of banks or financial institutions and includes-(i) debenture trustee appointed by any bank or financial institution; or(ii) securitization company or reconstruction company, whether acting as such or managing a trust set up by such securitization company or reconstruction company for the securitization or reconstruction, as the case may be; or(iii) any other trustee ..... transaction of a prior date.15. the definition of 'financial institution' under section 2(m) of the said act has several classifications. section 2(m)(i) is meant for public financial institution within the meaning of section 4a of the companies act. section 2(m)(ii) is meant to include any institution specified by the central government under sub-clause (ii ..... ) of clause (h) of section 2 of the recovery of debts due to banks and financial institutions act and under section 2(m)(iii) means the international finance corporation ..... the madras high court in the case of digivislon electronics ltd. v. indian bank reported in (2005) 126 company cases 630 (madras). in that judgment also reliance was placed on the same principle that section 17 of the securitization act provides for a remedy before the debts recovery tribunal. in that judgment an observation was also made that the writ .....Tag this Judgment!