In Brief
UCO Bank sought recovery of a claimed amount against National Textile Corporation Ltd. and another. The Division Bench had restrained the Arbitral Tribunal from proceeding, concluding the respondents were not liable. The Supreme Court set aside this conclusion, holding that the question of liability and recovery method should be decided by the appropriate forum. The appeal was partly allowed, permitting the proceedings to continue and allowing UCO Bank to bring the respondents on record as judgment debtors/defendants, with all contentions left open for substantive determination.
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