Southern Petrochemicals Industries ... vs Administrator Of Specified ...

The Supreme Court upheld the decision of the Bombay High Court affirming the jurisdiction of the Debts Recovery Tribunal under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993. The Court determined that the respondents, Administrator of Specified Undertaking of Unit Trust of India and UTI Trustee Company Private Limited, qualify as 'financial institutions' under Section 2(h)(i) of the DRT Act. Consequently, the appeal by M/s. Southern Petrochemicals Industries Corp. Ltd. was dismissed, affirming the Tribunal's authority to entertain the debt recovery claims against the appellant.