Ms Png Projects Pvt. Ltd. v. Idbi Bank and Ors.
Case brief
What is this about?
This matter was heard via video conferencing to determine locus standi and pre-deposit requirements for a third party appealing an order under the SARFAESI Act. The bank was directed to restrain itself from taking possession of the property pending the outcome, and the appellant was directed to file an undertaking.
What did the court decide?
Bank restrained from taking possession of property pending order; appellant directed to file an undertaking within two days.
What the court decided
DEBTS RECOVERY APPELLATE TRIBUNAL, DELHI
Misc. Appeal No.54/2021 Arising out of S.A.No.185/2020(DRT-III, Delhi)
M/s PNG Projects Pvt. Ltd. Vs IDBI Bank & Ors.
04.05.2022 Hon’ble Mr. Justice BrijeshSethi
Present: Mr. KirtiUppal, Ld. Sr. Advocate along with Mr. Sidharth Chopra, Mr.NavneetThakran, Ldcounsel for the appellant.
Mr. Rajive R. Raj, Ld. Counsel for the Respondent no. 1.
Mr. ArvindJadon, Ld. counsel for Respondent no.5
Mr. R.P.Agarwal, Ld. Counsel for the Respondent no. 7.
This matter has been taken up by me through Video Conferencing.
Despite service, none has appeared on behalf of respondents 2 and 4
Learned counsel for respondent no.7 states that since the appellant is not aggrieved by the order within the meaning of Section 17 of the SARFAESI Act, it has no locus to file the present appeal. He further submits that for the entertainment of any appeal, the appellant has to first cross the hurdle of predeposit. The learned counsel for the appellant, on the other hand, submits that the appellant being a third party it is not required to make any pre-deposit.
Issues for consideration
3 issues framed by the court
Whether a third party who is not aggrieved by an order under Section 17 of the SARFAESI Act has locus standi to file a recovery appeal.
Whether a pre-deposit by the appellant is mandatory for the entertainment of the appeal.
Whether the recovery tribunal should order the bank to restrain from taking possession of the property pending the appeal.
Parties & counsel
- appellant
M/s PNG Projects Pvt. Ltd.
- respondent
IDBI Bank & Ors.
Coram
Brijesh Sethi
Case details
As recorded by the court registry
All orders in this case
13 orders share this CNR
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