Indian Bank vs Abs Marine Products Pvt. Ltd

The Supreme Court upheld the decision of the Calcutta High Court, affirming that the suit filed by the borrower against the Bank was maintainable under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, specifically Section 19. The Court established that the suit was not a counter-claim but a separate suit, thus the High Court had jurisdiction to entertain it. The appeal by the Bank for transfer of the suit to the Debt Recovery Tribunal was dismissed, maintaining the High Court's orders dated 24.1.2001 and 13.3.2001.