Partly allowed

Punjab National Bank v. Indian Centre For Advancement Of Research And Educacation Icare And Ors.

DRAT23 Jun 2022

Case brief

AI extract

What is this about?

The Debts Recovery Appellate Tribunal heard an appeal and an application for stay. While disposing of an IA regarding cause title amendment, the Court addressed a plea for staying an impugned order directing payment and return of title deeds. The order was stayed pending disposal of the appeal.

What did the court decide?

Stayed operation of the impugned order and proceedings in the O.A. till disposal of the appeal.

Punjab National Bank versus Indian Centre For Advancement Of… — Banking and Recovery | DRAT (2022)

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IN THE DEBTS RECOVERY APPELLATE TRIBUNAL AT KOLKATA

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(Diary No. 12 of 2022)

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(Arising out of S.A. 167 of 2015 in DRT, Visakhapatnam)

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THE HON’BLE MR. JUSTICE ANIL KUMAR SRIVASTAVA

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CHAIRPERSON

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23.6.2022 Punjab National Bank … Appellant -VsIndian Centre for Advancement of Research & Education ICARE & 3 Others … Respondent Ms. Aparaajita Rao, Learned Counsel for Appellant Mr. Siddhartha Ghose led by Mr. A.K. Dhandhania, Learned Senior Counsel for Respondent No. 1

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THE APPELLATE TRIBUNAL :

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I.A. 165 of 2022

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Learned Counsel submits that vide Notification dated 4^th of March, 2020, published in the Gazette of India, New Delhi, under the Amalgamation Scheme of 2020, Syndicate Bank amalgamates with the Canara Bank.

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Learned Counsel to carry out necessary amendment in the cause title in course of the day.

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I.A. 165 of 2022 is disposed of.

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Heard the Learned Counsel for the parties. Learned Counsel for the Appellant has prayed for stay of operation of the impugned order dated 24^th December, 2021 wherein Defendant No. 1, i.e. Respondents were directed to make a payment of Rs.27,33,836.00 as the delayed payment and

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directions were also issued to the Appellant to return the title deeds.

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At the very outset, Learned Counsel for the Appellant submits that the impugned order is against the material available on record. It is submitted that OTS was between the parties. The last date was 31^st August, 2020 while necessary compliance was not made by the Respondents by depositing the due amount. Subsequent payment made by the Respondents could not be said to be in accordance with the settlement arrived by and between the parties. Hence, the Learned Tribunal below has passed an order which is against the material available on record without considering the facts and the law. Learned Counsel has placed reliance upon a judgment of the Hon’ble Supreme Court, in the matter of Bijnor Urban Cooperative Bank Limited, Bijnor & Others -vs- Meenal Agarwal & Others, reported in 2021 SCC Online Hon’ble Supreme Court 1255.

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Learned Senior Counsel for the Respondent No. 1 submits that OTS was made by and between the parties wherein even after 31^st August, 2020 payments were made by the Respondents which were duly accepted by the Appellant. Accordingly, it would be expected that payments were made in terms of the conditions of the OTS. Further he has placed reliance on Section 55 of the Indian Contract Act wherein it is submitted that the time is not the essence of OTS/contract.

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Having gone through the materials on record, I find it a fit case wherein legal points are involved which requires consideration. However, since the impugned order is in force, it would be in the interest of justice that operation of the impugned order be stayed till the disposal of this appeal.

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Objection filed by the Respondents be taken on record. Rejoinder, if any, be filed in the meantime.

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Operation of the impugned order and proceeding in the O.A. shall remain stayed till the next date of listing. List the matter on 25^th July, 2022 for hearing.

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(Anil Kumar Srivastava,J) Chairperson

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Dated: 23^rd June, 2022 06/ac

Punjab National Bank v. Indian Centre For Advancement Of Research And Educacation Icare And Ors.

Case brief

What is this about?

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Punjab National Bank v. Indian Centre For Advancement Of Research And Educacation Icare And Ors.

Case brief

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