Summary: The Bombay High Court recently made a decision on a complicated money disagreement between the State Bank of India (SBI) and Asean International Limited. The case was about claims of unpaid money and following legal rules. Let's break it down.
The case was heard in the Bombay High Court, with Justice Gauri Godse in charge. The main people involved were the State Bank of India, Asean International Limited, and several other banks and money-related companies. Asean International, a company based in Dubai, claimed that SBI and other banks owed them a lot of money.
Asean International said that SBI and other banks owed them over Rs. 83 crores and USD 6.3 million. These amounts were supposedly for fuel supplies to Varun Resources Limited, a company that is now closed down. Asean International argued that the banks had agreed to pay this money as part of a plan to reorganize debt.
"The plaintiffs have claimed recovery of monies from the defendants towards the monies advanced by the plaintiffs and for the supply of bunker fuel to the vessels of Varun."
SBI argued that the lawsuit should be thrown out because Asean International did not follow the required steps to try and solve the issue before going to court. According to SBI, the attempt to solve the issue privately did not follow the rules. Also, SBI said that the claims were too old to be valid in court, as the bills dated back to 2014-2019.
Justice Godse decided that the case could not be thrown out for these reasons. The court noted that the rule about trying to solve the issue before going to court became mandatory only after the case was filed. Moreover, the question of whether the claims were too old needed more examination and could not be decided right now.
"The suit is therefore well within the limitation period, and the pleadings and cause of action would warrant a trial."
The case will go to trial, where the claims and defenses will be looked at closely. This decision shows how important it is to follow the rules while also making sure that real claims are given a chance to be heard in court.
The court decided not to dismiss the case based on the arguments presented by SBI. The case will move forward to trial to further examine the claims and defenses.
